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Author: mpell Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121163  
Subject: Re: Tax Preparation Date: 12/22/1998 5:22 PM
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Thanks to all for the very clear replies!
to Dick Smith:
"Are you sure you made money?" Yup. I mean I have about 25% more money in my trading account than when I started investing in Feb. so, I figure I made $$$...!!!

"How many trades was it? So you went crazy, did you?" Not crazy exactly... but I tend to learn only when real $$ is on the line, so I wanted to give myself permission to try different things and see what felt right to me (taking small profits, cashing out positions when news on a company's practices made me doubt their management, even a few day trades, cashing out losing positions to put the money to work elsewhere where I anticipated better return... several times I'd lost $ because I was afraid of taking profits and paying taxes. I decided taking profits is sometimes a fine activity when a stock seems to have peaked and the market very volatile...

All in all it was a great experience, and now I'm turning more towards long term holds on the few stocks I really like (they tend to be companies whose management seems most solid), especially in my taxable account. But I don't want to ever be afraid to sell when I feel fundamentals on a stock have changed, or when the market in general is so shaky that I don't feel comfortable holding all my positions...

"You did save the broker's confirmation sheets, right?"
Yes, I did save every one and will keep them safe!

thanks again,
mpell


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