cjsimon07

I had a lot of tax issues on my 2020 1099 because of TD. Long story short, I had several long and short trades on the same ticker in the same day and TD mixed and matched buys and sells. Apparetnly that's how their "gainskeeps" works... Since they combined orders my actual gains and losses was way different than they were reporting. My 1099 was all messed up. There were other errors on their end too. I spent weeks going through it with TD until they told me it was my responsibility to record my trades and report to the irs. My solution: I started using TradeLog accounting software. They can properly account for multiple long and short transactions on the same ticker. It also lets you run wash sale reports to see where you stand with wash sales. And most importantly they create a form 8949 you can use for your taxes. I highly recommend this software. Also wanted to clear up my earlier post which I think may be confusing. My understanding is if you close any position for a loss in the month of December and open a new position in that ticker within 30 days that will trigger a wash sale for that tax year. I don't think your net gain or loss on the ticker matters if you trade that ticker in that 30 day window. What I did this year using TradeLog, I checked which tickers may trigger a wash sale and the dates when that 30 day window is over. I did not trade the tickers that I had larger losses on until that 30 days was up significantly reducing my wash sales compared to last year. Bottom line trader taxes are complicated and your best bet is to work with an accountant who understands day trading.

I don't have any experience with those chairs. However, I did end up getting the SecretLab Titan XL and man do I love it. Still seems crazy to spend that much on a chair, but not really when you factor in how much time you spend sitting in it. I look at it this way, you spend a third of your life in bed and sleep is important so invest in a good mattress. You spend 8 hours a day in a chair, so invest in a good one. For me the combination of the chair and standing desk has been a game changer. I am able to stay focused much longer and trade most of the day.

I couldn't tell you exactly what my average R was because one of the problems I had was not using the same risk per trade. My risk was anywhere between $20-50 per trade, but most of my trades closed + or - $20 or less. I can tell you in June my average loss was around $68 and my average win was around $25. Working on things like never letting the price go past my stop and letting my trades play out helped bring those averages to about $29 average win and $25 average loss in August. I spent the fall working on my playbook and focused more on grading my trades like this: GT= Good trade. Good setup and followed my trade management plan B/E= trade was +/- less than 1r based on the risk on that trade F/S= full 1r loss B/M= bad management. I broke more than one of my trade management rules B/D= bad decision. Impulsive entry, bad setup, over trading... I grade each trade after I take it. This helps me manage myself during the trading day. My goal each week is to have less than 10% of my trades be B/D and less than 20% be B/M. Over time I'd like to get that even lower, but those goals are realistic based on my past few months of trading. Now I'm using fixed risk and my focus is on only taking my best setups and not chasing if I miss one or see it late. I'm taking fewer trades, but I think this will help me get better data on my playbook and help me to refine it further.

First, every trader is unique, so if this works for you then I say go for it. However, I think you are potentially opening yourself up to big potential losses. My guess is after several sample sets you will have more winners than losers, but your average win will be much smaller than your average loss. You will most likely take a lot of trades and not make a lot of money (at least not enough to justify the time invested). Hopefully I'm wrong, but that would be my guess based on my own trading experience. Second, I would recommend you take a good hard look at your playbook first. I think I understand where you are coming from though. I have often thought about a similar strategy to what you are describing, especially with my BHOD strategy. On slower up moves toward the HOD (not punching up) I still get the break, but they don't always move a lot higher, and if they do, they do slowly. Sometimes they break, move back down, then move higher. My plan is to take a 2r size at the break with my normal stop. Take half off the trade when the price stalls after the initial break and move my stop up to break even on the trade (no risk of loss and no gain if it falls) or my entry (to lock in profit). Then play it like my normal BHOD. I may still play with this in sim, but for now it's not my focus for one reason. My problem is in my playbook and/or execution of it. Once I started trading live most of my trades were around break even (+/- less than 1r). I was making a little money and my win rate was super high (80%+), but I was stopping out of most of my trades within 5 minutes. A lot of trades I stopped out in less than a minute. After listening to Peter talk about how he would make more money by letting his winners run, but it would drop his win rate I decided I needed to work on letting my trades play out. I lowered my risk and tried to do just that. And it worked. My win rate dropped, but my average win increased. This also brought up a bunch of other trade management issues I was unaware I had. I have been correcting those issues over the past few months. Now that I'm doing a better job managing my trades I have noticed something else. I'm getting a lot of 1 partial then stop at break even trades. I'm in the process of going through all my data again, but what I'm gathering is I need to work on my playbook. My setups are ok, but I think they are too broad. I like to take trades, so I tend to see setups even when they aren't the best. Or they have some, but not all of my criteria. I've eliminated quite a few plays from my playbook that just were not working for me for one reason or another. Now I have 5 plays in my playbook which is about half what I had before. If I only take those plays when they are good setups and I follow my trade management rules I make money. Sorry that was a long post and has more to do with my trading than your question, but I hope that helps you. I guess my main point is take a look at your playbook before you try a riskier strategy. Maybe there's something in your setups or management that is causing the results you are getting. If you do try this live be very careful with how much risk you take. Don't blow up your account trying to add a couple bucks to your trades.

Best bet is to talk to an accountant. However, my understanding of the wash sale rule is this: If you close your position and don't open a new one within 30 days there is no wash sale. Your gains are offset by your losses on each ticker. If the net of all your trades in that ticker is a negative amount then you can not trade that ticker for 30 days if you want to count the loss on your taxes. If you trade it again then you will be subject to the wash sale rules. For example let's say you've traded MARA 30 times this year. If you have $1000 in gains and $800 in losses on those 30 trades then you owe tax on $200. If you had $800 in gains and $1000 in losses you can either not trade MARA for 30 days and take the $200 loss on your taxes or continue to trade MARA and that $200 loss will not count on your 2020 taxes and be accounted for in your 2021 taxes. Again I am not an accountant, but I don't think there is a scenario where you would only be taxed on the gains if that's what you're asking.

After waiting way too long I'm finally making the switch to DAS. I am using DAS with TD and having some issues with hotkeys/buttons. First I want to use the fixed risk hotkeys. In Demo mode the buttons work as intended, but in my real account they do not automatically put in a hard stop. Taken right from the room drive, but adjusted to $10 risk instead of $20. This is the script I'm using: StopPrice=Price-0.01;DefShare=BP*0.97;Price=Ask-Price+0.01;SShare=10/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price= Ask+0.05;TIF=DAY+;BUY=Send;DefShare=400;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice-0.1 ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+; The freeroll hotkeys don't seem to work for me in demo or live accounts either. When I use the Stop B/E button or Trailing stop buttons it changes the order route to "stop" on the montage, so if I don't remember to switch it to Limit or Market none of my partial or all out buttons work. A little window pops up asking me for the numbers for a stop order which is not what I want. Is there a way to set it up so it doesn't change the order to "stop" or do I have to get used to switching it every time? Sometimes my partial hot keys don't work, but most of the time they do. Is there a fix for this or is it just a DAS/TD thing? Is there a "Flatten" hotkey script? One that closes your whole position whether you're long or short? My last 2 questions are about the DAS platform. Is there a way to set up a positions window that just shows positions from today? I'm using an account that has some swing and longer term positions in it, so I have to sort through about 15 positions to find the one I'm day trading. My plan is to move those positions to a separate account I have, but I need them in this account for now to keep my account above $30k. How do you make the line and price appear on the chart where the mouse is hovering over the chart? I've seen this in video's, but can't figure it out. I hate having to click and hold to see what price I'm at then click twice to use my hot buttons.

I assume you're talking about Andrew's youtube recaps? If so, I believe hes' taking 10% partials on very large positions size. Probably not where you want to start as a new trader. Risk, entry and exit points really depend on you. Your strategy, your psychology, your plan... You do not have to go all out at 1r, 2r. You can partial any way you want. You should plan your trade before you enter it. What is your risk? Where is your stop loss? How many shares can you take based on your stop loss, risk and entry point? Where are you going to take your first partial? How big is your first partial? Where and what size are you going to take additional partials? When do you move your stop to break even? Do you move your stop higher than break even? You should know the answer to all of these questions before you enter a trade, so you can calmly manage the trade once you enter. For example, let's say you're trading a reversal pattern. You enter the trade when you get your entry signal and take the appropriate number of shares based on the risk you have set. Let's say you are willing to risk $25 per trade. The stock your watching makes a hammer candle and you plan to enter if the next candle opens and moves higher. If the bottom wick of the hammer is your stop loss, say $99.75 and your entry is the break of $100 you have a .25 risk so you can take 100 shares to risk $25 on the trade. You enter the trade and plan to sell 50 shares at 100.50. That would be a 2:1 risk/reward. Say the trade goes your way. You take half off at $100.50. Now you have a realized gain of $25 or 1r and you still have half your share size left. Now you move your stop to break even at $100, so no matter what happens you won't let a winning trade turn red. Now you partial according to your plan. Say 20% partials at each level or whole/half dollar amount. The trade continues in your direction hitting 101. You take another 10 shares off. It moves up a little higher then pulls back below 100. You take another 10 shares off when the next 1 minute candle sets a new low. This is just a pullback and the trade moves back in your direction. You take another 10 shares off at VWAP, then another 10 at $101.50. Now you have 10 shares left. The trade seems to be running out of steam. Buyers are not coming in to move the price higher, so you move your stop just below VWAP. The price falls and stop you out. That's just an example. I know it's a lot, but hopefully that makes sense. Basically, you have to figure out what you are comfortable trading based on your strategy. It sounds cliche, but plan your trade then trade your plan.

Can you bring an long ethernet cable? That's what I do when I go to my in-laws. Their wifi cuts in and out which is obviously not great for trading, but since I started bringing my own cable it works just fine. From my personal experience I find it harder to trade while traveling. There's more distractions, different setup, less time... However, I watch fewer stocks and take fewer trades (maybe 1-3 a day) and have noticed that over a very small sample size I have a higher win rate, but at a lower dollar amount than normal.

Thanks for all the replies! I know the chair won't cure the problem. I'm looking for something that will allow me to work more comfortably for a longer period of time. The old (like 20 plus years) office chair I'm using doesn't offer the support I need. No lumbar support, no neck support, little to no padding left. I'm just trying to justify spending $400 on a chair vs $100. Looks like the choice is, like most things, personal preference. I've found having the proper tools helps me be a more confident trader, so I think I'm going to go for it. After doing way more internet research than I probably should have (I wish I could have just gone to a store and tried one) I'll be ordering the SecretLab Titan. I'll post feedback in a couple months when the chair actually gets here...

I've had good luck with a combination of chiropractic, massage therapy and acupuncture. Unfortunately, all three of those offices have been closed since March. I do daily stretches and try to walk or exercise every day. The standing desk has really helped too. I'm not looking for a miracle chair, but definitely something better than what I have.

Thanks for the replies! I find that if the chair doesn't have a high back I tend to slouch. I also like the idea of the memory foam pillow that attaches to the top of the Titan chair. I think that's what I'm leaning toward and hope that will help with neck support.

I finally upgraded my setup with an electric standing desk, new pc, and matching monitors, but I'm still using my old desk chair! I love the standing desk. I find standing at the open helps me stay focused, but as the day goes on I like to switch between sitting and standing. I have lower back and neck pain from a car accident years ago and I know I would feel better and stay focused longer with a better chair. As everyone advises, having the proper tools helps you do your job. I can't believe the difference with having the proper equipment, so I'm not procrastinating with the chair. After watching a ton of videos and reading reviews I think I've settled on the SecretLab Titan (I'm 6'2). https://secretlab.co/collections/titan-series?utm_source=google&utm_campaign=us-google-shop&utm_medium=cpc&utm_content=datafeed#titan_2020-stealth I know a few people here have SecretLab chairs and swear by them. So my question is, if you love your chair, what do you use and why do you love it? If you have the titan, is it worth the money ($400) and the wait (shipping june 24th).