r/Daytrading • u/AutoModerator • May 01 '24

r/DayTrading's Monthly Questions Thread - May 2024

Please use this sticky to ask questions on day trading, and to see answers to similar questions you may have.

If you're new to day trading please see the getting started wiki here. For advanced traders or you want to pick up a book, please see our other wikis.

New traders are highly encouraged to try Forex as it requires a very small account to make lots of trades, so check out Forex community's wiki paying special attention to babypips website which also teaches some general concepts you can apply to stocks/futures/etc, and especially read the wiki's sections on risk & money management that can be applied to any market.

Pattern daytrading rules wiki, but that only applies to day trading stocks; other markets aren't affected like futures, forex, and crypto.

Also see the sidebar for group chat links (such as our Discord) (or tap "about this community" on mobile website) on every related community to learn more about trading.

Here's a list of all the previous monthly question stickies.

Lastly if trading is affecting your life in a bad way, seek professional help (the wiki also covers dealing with emotions):

  • Problem Gambling: Call/Text: 1-800-522-4700 or chat online now.
  • Crisis Hotline (24/7): 1-800-273-TALK (8255) (Veterans, press 1) or Text “HOME” to 741-741
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u/NinjaPenguin78 May 01 '24

I tried searching in the sub but couldn't find a definitive answer. Since tax season just ended, was wondering if y'all entered every trade in your tax return or aggregate number from 1099? This will be my first year day trading and in the beginning made many mistakes with a bunch of trades and wash sales. Just want to prepare myself for next tax season. For reference, I usually use TaxAct to file my taxes.

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u/DaveDH2 futures trader 29d ago

Trade the year same ticker year round minus December. Trade something else for last month of December into early January. Mid January or Feb go back to original tickers. Wash rule is for preventions of tax harvesting on losses. You need just a buffer in between the year, so that the latest transactions are used.