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Is it true that you have to wait for 30 days before you can buy back the stocks you sold? If it is then how do the day traders get around this law?

***It is not true that you have to wait 30 days. You can buy and sell within minutes, or hours! However, there is a wash sale rule that applies to taking LOSSES on such sales and repurchases (of the same, or substantially identical, stock) 30 days before or after a disposition. In this case, the LOSS is added to the basis of the newly repurchased stock. Dealers who are not trading in their own personal accounts are subject to a whole 'nuther set of rules.

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