LOG IN
SIGN UP

FOMO_DEMON🤬

09/04/2020 18:38

$TESLA I wanted to cover one thing quick before we go into our 3 day weekend and that is wash sales.🤯 most people have no idea what they are , most newbies do it all the time without knowing it😵😩. so, what is a wash sale? well, it is when say for example you baught a stock at 100/share, then it dips to 80/share,a newbie would think " hey, if I sell for a loss at 80, then buy back at 80, I will be in the green again, yayyy!!!" this is very foolish indeed, this is called a wash sale, selling for a loss to buy back cheaper. usually most people who do this don't even break even and wonder why they keep losing money.🚨 that is why I always preach to keep a high cash balance, to buy the dips, take profits on rips.wash selling also charges you more out of your pocket come tax time.😳 make sure not to do this, if you buy a dip and a stock dips further, either average down , or just simply hold. 🔥🔥my only goal is to help new and average traders, if you don't care for the information I share, PLEASE FEEL FREE TO BLOCK ME lol!Good luck to all and have a great weekend.🤑🤑🤑🤑🐂 $DOCUSIGN $Shopify $Amazon.com $Apple $Alphabet $Square $ZOOM VIDEO $TWILIO $SPDR® S&P 500 ETF Trust $Trade Desk $Chipotle $PayPal $Facebook $Microsoft $TELADOC HEALTH $Roku $Fastly $Netflix $Peloton Interactive Inc
Disclaimer: The comments, opinions and analysis expressed herein are for informational and educational purposes only and shoulk not be considered as individual investment advice or recommendations. Webull is not responsible or liable in any way for comments posted by pur users.

Like

Share to:

Download the Webull App and join community for discussions about the post. Download

All Comments(26)

ahy***com09/09/2020 02:03
i really appreciate the info you just gave. i had to learn by trial and error. I didn't lose too much but enough to figure that out finally. Any advice on how to set a profit target on an option call?

Like

Thunderdomemaster09/08/2020 21:33
I did this with Tesla all the way down. I now have 206 shares and out of money, holding til next summer

Like

FOMO_DEMON🤬09/06/2020 02:25
sorry for the confusion. what I mean is if you buy high at 100/share for example any company, then you sell at a loss when the company is at 80/share . your loss would be 20/share right?? so then say you buy right back at 80/share after you sold for a loss. that would be a wash sale of negative 20/share sold. then your new cost basis for tax purposes would be 100/share even if you bought at 80. I know, kinda confusing. the main thing I'm getting across is to not sell at a loss only to buy the same stock back

jmuli5609/08/2020 12:52

Sell with profit (realized profit) = Pay taxes
Sell with loss (realized loss) = no taxes
Keep stock in market with gain (unrealized profit) = no taxes. Only when you sell it.

MalonAkane 09/07/2020 20:26

Why is it more tax time? also if i lost on stocks and not gained anything what do i do? Im down 3k on gnus stock, do i file tax

Like

None09/05/2020 15:06
Lol So what your saying is if i sold tesla at $550 it wouldnt be a good idea to buy it back at $350 and miss the free whole dip? In a cash account pdt rule does not apply.

FOMO_DEMON🤬09/06/2020 02:21

no , that's not what I said. if you sold high and buy low, that's the goal. lol what u don't want to do is for example:buy at 525, sell at a loss at 390, then buy right back at 390. that would be a loss, and a wash sale,. a wash sale is when u buy high,sell low at a loss,then buy right back

Like

sin***com09/05/2020 03:55
Are you serious ? Are People that dumb acually exist here?

FOMO_DEMON🤬09/05/2020 07:00

😐

Like

kka***com09/05/2020 01:28
Thank You

Like

Cmokshyal09/05/2020 00:34
Every Demon has a heart😅

Like

Cmokshyal09/05/2020 00:31
I RESPECTT you Sir.

Like

EddieB09/04/2020 23:54
well TRADERS should never add to a losing trade. But another good tip is to buy puts on your long positions. hedge you plays and protect capital at all costs

FOMO_DEMON🤬09/05/2020 07:01

definetly.

Like

Mredden81009/04/2020 23:03
averaging down in general somtimes isnt even good. people dont think of it as taking an entirley seperate trade to try to offset the lose of the first. most times if people didnt have the original losing possition, they wouldnt have choaen that stock, at that moment, to place that 2nd trade. always sending good money after bad. if your going to take an entirely seperate trade to make up for a lose, you minds well pick ur favorite one on the whole market.

Bez09/05/2020 21:22

Ive seen people blow their accounts up in one day averaging down on these volatile small caps, let alone the tech giants... its a sad state of affairs.

Like

EasyMoneySwiper09/04/2020 23:00
thanks pal!!

Like

ohm***com09/04/2020 22:53
Yeah, all it is doing is giving the appearance of doing better. The loss is still there.

Like

joa***com09/04/2020 22:48
Thank u for ur advice I really Appreciat it I'm a Newbie I thought of doing just what u said but I didn't have a great weekend

Like

ama***com09/04/2020 22:30
Thank you so much!! Your posts have been very helpful. much appreciated!

Like

Misa😁09/04/2020 20:50
Thank mr.fomo

Like

More
Hot Article
#Tesla Battery Day $TESLA’s big battery event was ended on Tuesday evening with some big news about the pricing of Tesla's future cars and the announcement of a new ultra-fast version of today's Model S.

Here are the main takeaways from Tesla’s 2020 battery day:

1.TABLESS BATTERY CELLS WILL IMPROVE TESLAS’ RANGE
2.MODEL S PLAID WILL COST $139,990 AND BE AVAILABLE IN 2021
3.A NEW CATHODE PLANT IS COMING... EVENTUALLY
4.NO MORE COBALT IN THE CATHODES
5.A $25,000 CAR IS A NEW GOAL

Discussion today: What's your thoughts and concerns on Tesla's big battery event and the big announcements?

What’s your predictions on the price of $TESLA in the upcoming weeks?

Sound off in the Webull community and discuss with other investors. Let your trading knowledge inspire others! Webull News 09/23/2020 09:51
$TESLA Holding bags from $527 and im not selling. Ask me anything YOLO 09/25/2020 21:59
$Sunworks still holding 😝 ... this stock needed a lil break, and today was red because a lot of people are scared to hold shares for the rest of the weekend , i decided to add more cheap stocks... if dow and and s&p500 opens red on next weekend this stock is going to flysam***com 09/25/2020 21:09
$Apple bearish af right now. tell me im wrong.Charles Marlowe 09/25/2020 22:22
$JUST ENERGY down over 1k now but they aren't getting my fucking shares. I don't care. I quit trading.Despised Icon 09/25/2020 18:39

Trading US Stock with 0 Commission

Get FREE Level 2 Advance (Nasdaq TotalView)
access and FREE stocks!