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Originally Posted by GregWeld
Glad you are enjoying the thread!
Day trading is the fastest way to lose money I can think of. That's about the purest form of gambling. Then at the end of the year you owe the IRS taxes... and it raises your ordinary income (if done in a taxable account). Many people don't understand the tax rules of "wash sales" etc. The only way to do this is really have a great base of normal savings and investments... and then just take your "extra" money and either go to Vegas or day trade. LOL
Quickly -- a WASH SALE is where you trade the same stock -- within 30 days and have a gain -- then a loss -- The loss doesn't cancel out the gain - so you owe taxes on the gain even though you had a loss. It's a nasty rule that bites many people in a arse. That's a real basic explanation BTW.
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Pretty much how my Dad lost his buttocks in the market. Sad, but true. My bro and i now "help" him out....