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Any of you guys into investing/ trading?

tommyguns2

tommyguns2

Senior Moderators
Staff Member
Dec 25, 2010
5,952
4,265
I have 3 different brokerages I use Etrade , Interactive Brokers , and Centerpoint. I do a lot of short selling these days so like with a stock like TSLA that is around $800 or better shorting a 1000 shares and not going into margin can be expensive so I will do 500 with etrade, 500 with IB and 500 with Centerpoint. I keep 100k in each so I can mix what I am doing on a given day. Sizing is what important. So if I short sell 500 TSLA and it reverses, I can buy 500 on a different brokerage so I stay green.
No criticism at all, but how long does it end up taking you to prepare the various schedules for the annual tax return on all that short term capital gains? Do you file quarterly estimates on all your trades?
 
Warhead14

Warhead14

TID Board Of Directors
Jul 23, 2011
1,169
762
No criticism at all, but how long does it end up taking you to prepare the various schedules for the annual tax return on all that short term capital gains? Do you file quarterly estimates on all your trades

No criticism at all, but how long does it end up taking you to prepare the various schedules for the annual tax return on all that short term capital gains? Do you file quarterly estimates on all your trades?
I have never done my own taxes... I do them annually and I prepare for 50%. I make a grand, or 50 grand, half goes right in my tax account THAT DAY lol. I never mess with the IRS.
 
tommyguns2

tommyguns2

Senior Moderators
Staff Member
Dec 25, 2010
5,952
4,265
I have never done my own taxes... I do them annually and I prepare for 50%. I make a grand, or 50 grand, half goes right in my tax account THAT DAY lol. I never mess with the IRS.
Prudent, but sad nevertheless....
 
Warhead14

Warhead14

TID Board Of Directors
Jul 23, 2011
1,169
762
Invest, yes. Trade, no.
I do both, I have long portfolio I never even look at but once a year. My typical tax rate from day trading ends up around 38% which between 2016 and 2022 has made made me over 800k net that I just have in 3 separate banks who will pay the best interest. My accountant sets it all up, I just do my best and keep my debt at zero which is actually not good for my credit score but whatever. I have one credit card just in case and 150k miles on my truck. Being shiny with waxed eyebrows and trendy car aint my style.
 
R

rawdeal

TID Board Of Directors
Nov 29, 2013
3,767
2,805
Credit scores piss me off. Two of my credit cards give me a free monthly update on my RICO. They vary slightly each month, and with each other, but hover around 810-830, with the max possible being 850.

Thing is, old fashioned values say I'm a very good boy ... should be @ 850. Total of 5 credit cards, all over 20 yrs old, pay in full each month, never paid a dime of interest. Never late, not once.

But, the house has been paid in full since 2003, buy ordinary vehicles infrequently and pay cash when we do. Those monthly reports I get always cite "Lack Of Installment Loan Information" as the reason I'm not @ 850, shit.

The credit industry punishes you if you don't use credit by the only means they have at their disposal.
 
Warhead14

Warhead14

TID Board Of Directors
Jul 23, 2011
1,169
762
Credit scores piss me off. Two of my credit cards give me a free monthly update on my RICO. They vary slightly each month, and with each other, but hover around 810-830, with the max possible being 850.

Thing is, old fashioned values say I'm a very good boy ... should be @ 850. Total of 5 credit cards, all over 20 yrs old, pay in full each month, never paid a dime of interest. Never late, not once.

But, the house has been paid in full since 2003, buy ordinary vehicles infrequently and pay cash when we do. Those monthly reports I get always cite "Lack Of Installment Loan Information" as the reason I'm not @ 850, shit.

The credit industry punishes you if you don't use credit by the only means they have at their disposal.
The whole system is total piece of shit. Ron Paul is still right.... just sayin
 
I

Iron1

VIP Member
Jul 7, 2021
106
171
I do both, I have long portfolio I never even look at but once a year. My typical tax rate from day trading ends up around 38% which between 2016 and 2022 has made made me over 800k net that I just have in 3 separate banks who will pay the best interest. My accountant sets it all up, I just do my best and keep my debt at zero which is actually not good for my credit score but whatever. I have one credit card just in case and 150k miles on my truck. Being shiny with waxed eyebrows and trendy car aint my style.

I tried trading before and I either don't know what I'm doing or don't have the stomach for the risk involved. Any trades I've done have gone tits up likely because of my over-reaction to price movement and I got out with losses. Not to mention the capital I have isn't really going to do much if I day trade with it. Hard to justify the effort involved when it's returning maybe a couple dozen dollars at best.

Trading might be all well and good for some but I don't have the risk tolerance or capital for it.
 
Last edited:
Warhead14

Warhead14

TID Board Of Directors
Jul 23, 2011
1,169
762
I tried trading before and I either don't know what I'm doing or don't have the stomach for the risk involved. Any trades I've done have gone tits up likely because of my over-reaction to price movement and I got out with losses. Not to mention the capital I have isn't really going to do much if I day trade with it. Hard to justify the effort involved when it's returning maybe a couple dozen dollars at best.

Trading might be all well and good for some but I don't have the risk tolerance or capital for it.
Not uncommon, if you saw what your 401k did in a given day you may freak out as well. At least you know what your lane is. In the early days I took losses, but my sizing was very small. 25 shares or so and I would set a stop in te wrong spot etc. I get it. Thats why I dont involve myself with small caps and why I trade ONLY based on the chart.
 
S

SeanMillian

New Member
Sep 27, 2022
1
0
I had some ideas of starting to learn and get into crypto, bitcoin, etc. But I understood it's not the best idea, and investing in safer options is better. After some research, I concluded that the best idea is to invest in real estate.
 
J

johnjay06

VIP Member
Jul 22, 2011
418
79
I had some ideas of starting to learn and get into crypto, bitcoin, etc. But I understood it's not the best idea, and investing in safer options is better. After some research, I concluded that the best idea is to invest in real estate.
I've made 7 figures in crypto, but I've aged 30 years in the past 3. At least with the stock market, it's only 5 days a week, crypto is 24/7. You can make a killing shorting or longing if you can follow the charts well, but I don't. I just farm with an occasional short here and there
 
L

llanosline

New Member
Oct 27, 2022
1
0
Investing in real estate property is not a bad choice today since cryptocurrency prices fell this spring.
 
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