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Iam a graduate student making $18000 a year, so i obviously fall in a very low income bracket. Now if i buy and sell a particular stock in a span of few days would it significantly affect the taxes i pay?? Also could somebody please elaborate more on the capital gains tax and the one year ceiling that one should follow to avoid being excissively hit by captial gains tax?

Short term capital gains are taxed as ordinary income at your marginal tax bracket and might push you into a higher bracked. I suggest you read about long term capital gains vs. short term under the FAQ and repost if you have questions after doing your homework.
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