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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,
This is just a way to avoid admitting a loss. If you sell at a lower
price in one account and buy higher in another account the same item and
size you have a net loss but you have avoided realizing the loss for
accounting purposes. It is still a loss and just adds to your delusion
of thinking you didn't lose when you did. If you want to be successful
at trading you must be willing to be brutally honest with yourself and
eliminate all the psychological games. To be a succesful trader,
"denial" can only be a river in Egypt. The only benefit that can accrue
from your current two account m.o. is that your broker will be able to
buy a new car sooner. The only reason I can recall for ever doing this
is if you had a position in you tax deferred retirement account, i.e.
IRA or 401K, and you wanted to trade against this position. But even
then, this M.O. serves to muddle and complicate your trading. Trading is
hard enough without screwing up your head with complications.
Candidly,
Norman
r
> Eric wrote:
>
> > Harley Meyer wrote:
> > >
> > > Thought I would give an update.
> > > Recap: Short 50 shares @ 52 in 1 account
> > > Long 50 shares @ 54 1/16 in another account
> > > Problem there was a $100+ loss locked in.
> >
> > Sorry I don't get why you use 2 accounts to simply daytrade a stock.
> >
> > Eric
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