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I'll try this one more time. (this doesn't pertain to YHOO.) Let's say I
am short in one account. I feel that over the next 30 day the price is
going lower. But I see on the chart that there is going to be a couple
of up days and I want to take advantage of it without closing my short
position since. Since you can't be both long and short at the same time.
This is something new so I am learning along the way. It isn't something
I do al the time. It is more of seeing an opportunity when it comes.
Here is an example of a trade I took about a month ago. I was short ONSL
and saw that it was bottoming out intraday. I didn't want to cover
because you can get locked out trying to wait for the up tick. So I went
long in the other account and made a small profit.
Anyway we all approach trading differently.
Harley
Eric wrote:
> Harley Meyer wrote:
> >
> > If you are short and it goes against in the short run you can't go
> long
> > in the same account.
> > Harley
>
> What??!?!? If you are short 50 shares and it goes up and you don't
> want
> to be short 50 anymore, you buy the 50 back. If you want to be long
> 50
> instead of short 50, you buy 100.
>
> Are you better off holding 50 long at 54 and 50 short at 53 than
> taking
> the $50 loss in one account and having no position?
>
> I doubt this is a tax wash scam since the amounts aren't so small.
> Otherwise I can't think if any benefit of doing this.
>
> Eric
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