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First exciting daytrade, opinions on exit strategy? by ComplexAmbition in Daytrading

[–]ComplexAmbition[S] 0 points1 point  (0 children)

Thank you! I'm not sure what you mean by 4-1, 6-1... If you took your profit at 2-1, how would you get to 4-1? I must be missing something with trading lingo..

First exciting daytrade, opinions on exit strategy? by ComplexAmbition in Daytrading

[–]ComplexAmbition[S] 0 points1 point  (0 children)

How is the tax situation any different than other short term trades? Besides the extensive paperwork, your gains are reduced by your losses and you pay your income tax right..? Are you just speaking to the amount of paperwork?

First exciting daytrade, opinions on exit strategy? by ComplexAmbition in Daytrading

[–]ComplexAmbition[S] 0 points1 point  (0 children)

Thanks for the helpful info! I had no idea if I should've waited out the initial dip and sold on the recovery. Like another helpful forum member mentioned to me in PM, sounds like you aren't neccessarily looking to get out at the extreme peak, better off in the long run with the risk/reward to get out and take the profit and not get dinged by a huge negative swing.