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MDawg
MDawg
Joined: Sep 27, 2018
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July 29th, 2020 at 2:01:42 PM permalink
Hi! and hope you have been well.

I've been following the KODK story lately! but no I've never owned any shares.

And you are absolutely right, "market timing" doesn't work. Looking back, all the trading I've done, I would have been better off in most all cases just buying additional shares and holding versus rapid fire trading.

However, in that I hold both long term shares, and trade additional shares without letting loose of the old time shares, I convince myself that I am enjoying the best of both worlds. It doesn't take a genius to make money trading a stock like AMZN, TSLA, GOOGL, etc. that keeps hitting new all time highs. 🏆

One thing you do need to do if you trade additional shares in the same account you hold long term of the same is set your basis for LIFO - last in, first out. Sounds like an IBM computer processor from the 1960s, but what it does is make sure that the basis for the newest shares you sell is applied against the basis of the newest shares you bought - otherwise, your long term share tax basis will be altered constantly and your long term shares will end up not considered "held" long enough to get the benefit of long term capital gains.

Typically a stock account is set for FIFO basis - first in, first out, such that if you held say 100 GOOGL (GOOG actually, GOOGL didn't exist yet in 2005 I don't think) from 2005, and then bought 100 additional shares later, and sold those additional shares the same day, the basis of what you sold would be applied against the basis of what you bought FIRST (in 2005), and the shares bought more recently would remain in your account.

So - traders - LIFO! - Or, you need to maintain two different accounts - one for long terms, one for trading.

Soopoo, do you hold all your stocks in an IRA or in a regular account? I have a friend who keeps his in some kind of IRA where even if he sells the tax owed is deferred (but - I think he has to keep all funds in there if he withdraws he must pay tax). He's actually pretty young only about 50 so he doesn't expect to withdraw anytime soon, I imagine.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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MDawg
July 29th, 2020 at 2:42:48 PM permalink
Quote: MDawg



Soopoo, do you hold all your stocks in an IRA or in a regular account?


4/5 in IRA type account.
1/5 in taxable account

I do not make a trade in the taxable account without first considering the tax consequences.
1/3 of my present portfolio is in what I call the "WoV" portfolio, which I post about in its own thread periodically. It is my best performing account, with TSLA, COST, AAPL, and a few other big winners.
MDawg
MDawg
Joined: Sep 27, 2018
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July 29th, 2020 at 3:55:47 PM permalink
A tax event that makes you think about selling something is more along the lines of long term holds. It usually doesn't make sense to sell a long term hold, pay the tax, and then buy it right back, absent some other tax justifications or strategies.

But with "trades" all you should be concerned with is making money. You pay tax against profit on an ongoing basis. Trades by nature are short term and taxable immediately whenever profitable, which if your trades aren't consistently profitable you shouldn't be trading anyway.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
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MDawg
July 29th, 2020 at 4:17:59 PM permalink
Welcome back MDAWG.
It's not whether you win or lose; it's whether or not you had a good bet.
MDawg
MDawg
Joined: Sep 27, 2018
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July 29th, 2020 at 4:41:42 PM permalink
Hi Wizard. Thank you!
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
darkoz
darkoz 
Joined: Dec 22, 2009
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MDawg
July 29th, 2020 at 4:58:39 PM permalink
Quote: MDawg

Hi Wizard. Thank you!



The truth is this is the place to be.

Anybody who posts hundreds of pages on why WOV isn't a great place clearly wants to be here.

Welcome back

For those who don't follow VegasCasinoForums MDawg and I made a truce over there :)
For Whom the bus tolls; The bus tolls for thee
billryan
billryan
Joined: Nov 2, 2009
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MDawg
July 29th, 2020 at 5:58:43 PM permalink
Quote: darkoz

The truth is this is the place to be.

Anybody who posts hundreds of pages on why WOV isn't a great place clearly wants to be here.

Welcome back

For those who don't follow VegasCasinoForums MDawg and I made a truce over there :)



I will sleep better tonite.
Marcusclark66
Marcusclark66
Joined: Mar 26, 2020
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MDawg
July 29th, 2020 at 6:39:54 PM permalink
Quote: darkoz

The truth is this is the place to be.

Anybody who posts hundreds of pages on why WOV isn't a great place clearly wants to be here.

Welcome back



You are exactly correct without a doubt.
MDawg
MDawg
Joined: Sep 27, 2018
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July 29th, 2020 at 7:18:10 PM permalink
Dark is talking in general about the variously authored "Wizard of Vegas is Dying" threads at the other forums. Even there I don't think any one person posted hundreds of pages on the topic. Freddy might be the only one who has come close.

The only subject I've ever posted hundreds of pages about...is me...but even there I couldn't have done it without the posting support of my fans.

The Dark/MD truce is on, which means no more cracks about buses or ketchup.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
MDawg
MDawg
Joined: Sep 27, 2018
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July 29th, 2020 at 7:29:52 PM permalink
DarkO is this like something you ever used?


I realize it's 8mm - it's one of many pieces of "junk" I have around the maison that I must have inherited from a prior generation - but still, it's your era - "film," no?
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.

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