September 12, 2007
From now on, if I put up a post about buying a certain security, then you should go out immediately and sell it short or buy a put option on it. Vice versa: if I tell you that I am selling something, then go out immediately and buy it or buy a call option.
This spring I bought some shares in the Gold ETF (GLD) and it proceeded, immediately, to go down in value. Damn, I am good. Then a few weeks ago, after the market recovered from the dip, I sold my GLD shares for the same price I bought them: a wash sale. IMMEDIATELY the price of GLD shot upwards $5 a share. I am so good at this, I should do it for a living. The extra sting? I get to do the paperwork on my tax forms for a sale in which I made nothing, and can't claim a loss either.
The timing was impeccable.
I should become a mattress investor.
Posted by megabeth at September 12, 2007 09:37 AM
Well as they say, "It's not a matter of market timing but, your time in the market."
Posted by: southtrek at September 12, 2007 03:08 PM
The buy and hold strategy has worked better for me. I just thought that MAYBE I could make a hundred bucks here and there, but it would be easier to earn it behind the counter at McDonald's than make a damn c-note in the market with short term trading.
Posted by: megabeth at September 13, 2007 10:10 AM
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