Tuesday, April 15, 2008

Apr 15, Tax Day, Gap up with Bearish open

I expected a bullish morning today, but the market decided to chop and drop for the time I traded. I've got work early this morning, so I'm leaving trading early today.

I filed my taxes yesterday. I waited until the last day to turn them in because I had to pay around $10,000 from the money I made in the market last year (the majority of my profits that I so fortunately lost all in 1 day,,,January 21). Paying these taxes off has given me a feeling of relief. I'm now preventing from having more stupid mistakes like this by taking out a certain percentage of my trading profits every month so I will have money that will go towards paying off taxes in case I blowup again. So far, no blowups. My goal this month is no blowups, and to be profitable everyday, even if the profits are small like they are today. I also put in a letter with my tax returns, electing for Trader Tax Status. I'm not sure how Trader Tax Status works exactly, because it's vividly described in IRS tax documents, but I think it would be of benefit to me, so I can make tax deductions next year for all my trading business related expenses.(ie computer, news feeds, software, etc.)

Here's a link about Trader Tax Status. (thanks to Tapeworm)

Averaged in 50s at a time on FSLR long, looking for retest of highs.
Got a good base buy signal on JNJ and got stoped out for 13 cent profit.
Bearish open after small gap up on the indices.


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