Day Traders, Help Needed

monsee said: "I am facing a problem in my day trading. Let's assume that I but a stock at 50 but then it falls to 47 and I bought some again at 47 and sell it at 49. Then according to scootrade rules, unless I call them and tell them that I want to sell my second lot , they will sell sell the lot that was purchased earleir and they will show the lost of 1 $ instead of showing 2 $ profit for lt of 49. I called them and they have told me that I should call them before and let them know which lot I want to sell which is not very easy job for day trader because I am always looking for some quick opportunities. How do you people deal with this situation ?? Thanks in advance Monsee"

thezster said: "I use E-trade... which allows you to identify which lot you prefer to sell when making a trade.... Works for me!!"

LongArm said: "Why do you want to sell the second lot?"

monsee said: "[QUOTE=thezster]I use E-trade... which allows you to identify which lot you prefer to sell when making a trade.... Works for me!![/QUOTE] Z so you may select it online ??? How much do you pay for e-trade ?? Does e-trade allow to short stocks under value 5 $ ? If you say yes for these answers, I am switching to e-trade. I have around 500 trades for a year."

thezster said: "[QUOTE=monsee]Z so you may select it online ??? How much do you pay for e-trade ?? Does e-trade allow to short stocks under value 5 $ ? If you say yes for these answers, I am switching to e-trade. I have around 500 trades for a year.[/QUOTE] 1. Yes... you pick which lot you want to sell on your screen. 2. I pay $7.99 as a frequent trader... I make around 1000 trades/year... for 600 trades/year, you get the Platinum Group - which includes the $7.99 price. 3. You are not allowed to short stocks under $5.00. I know of no broker that allows such trades."

LongArm said: "[QUOTE=LongArm]Why do you want to sell the second lot?[/QUOTE] (Crickets.) I'll take that as an "I don't know?""

thezster said: "LA... I use the LIFO method of trading often.... when I want my account to show profits... and my portfolio to show a lesser profit - or greater loss - on paper. Towards the end of the year is when I will move those earlier lots to the front of the line to provide some tax losses (or lessen my profit numbers). Part of it is mental.... and part of it is to attempt to make some of my gains "long term" vs "short term"... (not that the zster has ever shown a long term gain on his taxes....))))) Pffffftttttttttttt........................ It's easier for me to remember that I bought something too "high" when it's sitting in front of me than when it's a part of history....."

monsee said: "[QUOTE=thezster]1. Yes... you pick which lot you want to sell on your screen. 2. I pay $7.99 as a frequent trader... I make around 1000 trades/year... for 600 trades/year, you get the Platinum Group - which includes the $7.99 price. 3. You are not allowed to short stocks under $5.00. I know of no broker that allows such trades.[/QUOTE] TD Ameritrade and InteravtiveBroker allows you to short stock under 5"

thezster said: "[QUOTE=monsee]TD Ameritrade and InteravtiveBroker allows you to short stock under 5[/QUOTE] I stand corrected!!"

monsee said: "[QUOTE=thezster]I stand corrected!![/QUOTE] how so ????"

BenHouston said: "he claimed that no brokers allow you to short stocks under 5$ and you proved him wrong :whacky011:"

LongArm said: "[QUOTE=thezster]LA... I use the LIFO method of trading often.... when I want my account to show profits... and my portfolio to show a lesser profit - or greater loss - on paper. Towards the end of the year is when I will move those earlier lots to the front of the line to provide some tax losses (or lessen my profit numbers). Part of it is mental.... and part of it is to attempt to make some of my gains "long term" vs "short term"... (not that the zster has ever shown a long term gain on his taxes....))))) Pffffftttttttttttt........................ It's easier for me to remember that I bought something too "high" when it's sitting in front of me than when it's a part of history.....[/QUOTE] I can understand some end-of-year LIFO to take losses or profits for tax purposes, especially if they're longer-term trades like what you're describing. But Monsee asked about daytrading. I'm trying to figure out why a daytrader, during the normal course of trading during the day, would be worried about selling certain lots. Using his example, if the price eventually goes back up to, say, 50, and he finally sells the first lot, he hasn't gained anything by selling the second lot first. He's made the same overall profit either way. So I'm just wondering why he's troubling himself over something that has no effect on the bottom line."

thezster said: "[QUOTE=LongArm]I can understand some end-of-year LIFO to take losses or profits for tax purposes, especially if they're longer-term trades like what you're describing. But Monsee asked about daytrading. I'm trying to figure out why a daytrader, during the normal course of trading during the day, would be worried about selling certain lots. Using his example, if the price eventually goes back up to, say, 50, and he finally sells the first lot, he hasn't gained anything by selling the second lot first. He's made the same overall profit either way. So I'm just wondering why he's troubling himself over something that has no effect on the bottom line.[/QUOTE] You're correct Sir! For daytrading purposes... it would make no difference whatsoever. If he's contemplating holding for more than the day, then tactics might come into play..."