Etchasketch's Weekly Penny Stock Picks!

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Props Slaps
 8 years ago '08        #161
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 theman200234 said:
i just did it once so i'm good
you can do it as many times as you want as long as you don't lose. so i mean you can keep buying and selling.

but if it ends up going down and you sell it don't buy any more for 31 days.
 11-12-2009, 10:48 AM         #162
theman200234 
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huh??
 8 years ago '08        #163
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 theman200234 said:
huh??
lol google "Wash Sale rule"
 11-12-2009, 10:55 AM         #164
theman200234 
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i did, so let me get this straight if i buy the stock at 0.0003 and sell at 0.0005 and then the stock goes to 0.0002 i can't buy it until after 31 days?
 8 years ago '08        #165
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 theman200234 said:
i did, so let me get this straight if i buy the stock at 0.0003 and sell at 0.0005 and then the stock goes to 0.0002 i can't buy it until after 31 days?
No....

Okay let's say you buy the stock at .0003 and it ends up going down to .0002 and decide to dump it to cut your losses so you sell them at .0002.

Since you took a loss, you can claim that loss on your taxes so you won't have to pay taxes on that stock because you didn't gain any money.

But...if you buy that stock back within 31 days, you'll have to pay taxes on that stock from the previous sale of .0002 plus your 2nd purchase of it (your current holding).

So you'll end up paying twice as much in taxes according to the law.
 11-12-2009, 11:02 AM         #166
theman200234 
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wouldn't that show up on my year statement from scottrade at the end of the year so i can give it to me tax person?
 8 years ago '08        #167
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 theman200234 said:
wouldn't that show up on my year statement from scottrade at the end of the year so i can give it to me tax person?
Well yeah you could do that I guess. But I'm saying..if you break that law you have to pay twice as much.
 11-12-2009, 11:19 AM         #168
theman200234 
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ok i think i got thanks
 8 years ago '08        #169
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 theman200234 said:
ok i think i got thanks
No problem.

And another warning if any of you guys day trade on a margin account, with Zecco you can't make more than 3 trades per 5 days.

If you make more than 3 trades, your account will be suspended. I'm sure it's the same with Etrade, Ameritrade, etc. They'll label you as a day trader and will suspend your acct. You can usually call them if it ever happens and they'll let it slide the first time, but after that you're screwed.
 8 years ago '05        #170
Crazballer13 
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$198 | Props total: 0 0
 o7media said:
No problem.

And another warning if any of you guys day trade on a margin account, with Zecco you can't make more than 3 trades per 5 days.

If you make more than 3 trades, your account will be suspended. I'm sure it's the same with Etrade, Ameritrade, etc. They'll label you as a day trader and will suspend your acct. You can usually call them if it ever happens and they'll let it slide the first time, but after that you're screwed.
I am a lil new to the investing , and i appreciate the info o7 but i do have a question.

Is there a certain type of account you are supposed to have for day-trading because i know there are people out there who day trade as a career.
 8 years ago '08        #171
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 Crazballer13 said:
I am a lil new to the investing , and i appreciate the info o7 but i do have a question.

Is there a certain type of account you are supposed to have for day-trading because i know there are people out there who day trade as a career.
If you have a cash account, which is what I have and I'm sure everyone else on here has, then you can make as many trades as you want. But of course to make a lot of day trades with multiple stocks, you need to have a lot of money in your cash account because the funds have to settle after you sell.
 8 years ago '05        #172
Crazballer13 
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Thanks for breaking that down for me!
 8 years ago '05        #173
SupremeG56 
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$809 | Props total: 78 78
FRHV blew my mind away I couldnt believe the moves it was making to bad I missed that run still waiting for my funds to clear :banghead:

hopefully the next one will be fruitful as well this team is the truth
 11-12-2009, 11:56 AM         #174
theman200234 
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Possible Merger talks with MJNA!!!!!!!!!!!!!!!
HESG ROCKS!!!!!!!!!!! GET IN WHILE U STILL CAN !!!!!!!!!!!
HESG
 8 years ago '04        #175
getyagameup 24 heat pts24
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$4,044 | Props total: 27 27
FRHV is up to 0.038 from 0.005 or 600%+ since we were first alerted. This investment club is the truth!! I'm shiftin' in my seat waitin' for the next pick!! :dancingcool:
 11-12-2009, 03:14 PM         #176
BreatheEasyy 
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when you guys buy shares of these penny stocks, how much exactly are you buying.
 8 years ago '08        #177
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 eljesserocks said:
when you guys buy shares of these penny stocks, how much exactly are you buying.
It all depends on how much you want to invest... I usually put about $1,000 into each stock. And the amount of shares depends on the price per share.
 8 years ago '08        #178
o7media 47 heat pts47
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$30,278 | Props total: 8679 8679
 getyagameup said:
FRHV is up to 0.038 from 0.005 or 600%+ since we were first alerted. This investment club is the truth!! I'm shiftin' in my seat waitin' for the next pick!! :dancingcool:
:applause:

If I had listened, I would have made $7,600 :angry12:
 11-12-2009, 03:21 PM         #179
BreatheEasyy 
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so im thinking of opening an account. you guys convinced me. how much should i start with?
 8 years ago '04        #180
getyagameup 24 heat pts24
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$4,044 | Props total: 27 27
 eljesserocks said:
when you guys buy shares of these penny stocks, how much exactly are you buying.
I put up about just under $800 because I was playing it safe.
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