If you've followed the "phoenix" thread, you know that I have only recently brought my portfolio to the green side. Now I kind of need to start over.
Now that the end of the year is coming, I need to take some of the unrealized losses. I've already begun to do so here and there.
Some of my positions are so far down that it may not even be worth it to sell them. On the other hand, I figure I might as well go ahead and take some losses so that I do not have to pay as much capital gains tax. I don't want to sell off just to lower my tax though. I'd like to do this only with those losers that probably have NO chance of coming back.
Here's a list. Which would you hang on to and which would you definitely get rid of. This is not ALL of my losers, but they are the ones I am considering tossing out.
AMEP - Down 63% $89.00 remaining $130.00 loss FPPL - Down 90% $58.00 remaining $432.00 loss MGGV - Down 97% $7.00 remaining $300 loss NDOL - Down 87% $72.00 remaining $355.0 loss NNRF - Down 97% $34.20 remaining $527.00 loss PGPM - Down 83% 47.00 remaining $138.00 loss XLPI - Down 68% $75.00 remaining $136.00 loss XSNX - Down 79% $162.52 Remaining $597.52 loss
I'm thinking that the strategy here would be to sell the positions that have the biggest dollar amount of losses, rather than those that have the most money remaining, but I'm not sure that is the way to go.
Are there any of these that you might hang onto or are there any of these that you think have NO CHANCE IN H*LL of rebounding any decent amount?
Jo
Posted by Machiavelli on :
i would probably go with the biggest dollar amount in losses but I'm not a accountant.. best to consult your account to lower your tax bill... just start over completely.. sell them all off... forget the rebound... that is just my advice.. others will probably try to pump some of your holding because they themselves are holding a loss and do not want you to sell off just yet... anyways i do not know if i recommended this site to you before Jo but try it out:
Well, im pretty sure the most you can right off as far as capital gains go is $3000, then you can carryforward the rest to the next year until it is extinguished
Posted by Jo4321 on :
Well, you can use more than $3,000 to offset your gains, if it is advantageous for you to do so.
I looked at the site Mach recommended to find this:
quote:As a general rule, you can deduct capital losses up to the full amount of your capital gain plus $3,000. If your capital losses exceed your capital gains by more than $3,000, the excess is carried forward to the next year.
I'll probably try to offset as many capital gains as I can this year, cause my dh had a lot of OT this year, which could affect us. I don't think he'll be working as much next year.
Jo
Posted by Jo4321 on :
Well over the past few days, I got rid of some of my losers: ACTC, BCLC and PRVH.
They weren't even on the list on my original post, cause they were not down as much percentagewise. But I decided to sell those positions that had at least $150 to $200 left. I'll probably just leave losers with less that $100.00 in my account until right before the end of the year, in hopes of a miracle.
The next one on the radar to get rid of is:
NMKT - Down 50% - $310.00 remaining $310.00 loss
Jo
Posted by Machiavelli on :
Really Jo as you had heard me so many times before. Just cut your losses and get rid of all your losers and start over. Why bother holding them? You are showing a emotion and attachment to both your money and stocks. In this game you should be as emotionless as possible and cut your losses. You are also showing another emotion: Hope. Hope that these losers will turn around. Cut your losses and start over. Trade less positions while having large shares in those positions. You'll make everything you lost back that way. Limit your losses and protect your profits.
Posted by Jo4321 on :
I understand what you are saying, Mach. Really, I do.
On most of these, I have mentally written them off, so I am not really "attached" to them.
Those that have such low balances, there really isn't any harm in keeping them on the off-chance that they may rebound. I'm only talking about those that don't even have $100.00 left, I'm not too worried about losing the rest. It would only be a total of about $800.00 if every one of them went to $0.! But I would like to sell them at the most optimum point even with losses.
As luck would have it, I sold DGTP a few days ago and the next day it went up 41%.
But I'm not looking back.
Jo
Posted by Machiavelli on :
It's better to have something then lose $800 if they go to zero. With whatever you have left you can buy a good stock or two and rebuild. If you keep them then you are attached to them because you are not willing to give them up in the "hopes" that they may rebound.
Posted by Jo4321 on :
quote: If you keep them then you are attached to them because you are not willing to give them up in the "hopes" that they may rebound.
Maybe I *should* have been attached to these ones:
BCLC up 95% since I sold DTGP up 34% since I sold ACTC up 20% since I sold
I took losses on all of them. If I'd have held them, I would have been green in the first two.
Can I just say this: ARRRRRRGGGGGHHHH!!!
Jo
Posted by ian_green on :
I do believe, they say, "There will always be a next time" or in this case - another stock.... We all kick ourselves at some point for some reason. If you read the GMSC thread you will find out where I was kicking myself.... GL
Posted by Jo4321 on :
Wise words, Ian.
Jo
Posted by gagged_n_burried on :
Jo,
I had increased my money of 1500 almost by 10 times, and then lost almost $7000 over very short period of time, since I couldnt pay enough attention since I got little busy. I have decided to get out of pennies after this experience, just because my job has gotten very busy and penny trading is almost a full time thing to do. I shall be back into pennies in March though, since March to August is the best time to make money in pennies.
My advice, cut your losses. I would hang on with XSNX since it will bounce back to 0.7-0.8 sometime soon hopefully.
Hang onto your oil/gas stocks, since they might bounce back, once elections are over and gas prices sour. this decrease in gas prices is short term and prices will bounce back hopefully. NNRF.. sell nad save whatever you have. go out and get a nice night dinner with that money ..
Posted by Jo4321 on :
LOL on NNRF! What's left could probably get me an "okay" dinner at a chain restaurant, but my husband would have to pay for his own meal! It's that bad!!
I'll probably sell that one on December 29th, though, just for the loss this year.
Jo
Posted by dacollecter on :
Penny market, not for you
Posted by Machiavelli on :
quote:Originally posted by Jo4321:
quote: If you keep them then you are attached to them because you are not willing to give them up in the "hopes" that they may rebound.
Maybe I *should* have been attached to these ones:
BCLC up 95% since I sold DTGP up 34% since I sold ACTC up 20% since I sold
I took losses on all of them. If I'd have held them, I would have been green in the first two.
Can I just say this: ARRRRRRGGGGGHHHH!!!
Jo
Plan your trade and Trade your plan. Yes perhaps those stocks did go up after you sold but they could of easily have gone down further as well. By cutting your losses you were establishing discipline. Discipline and the lack of emotions when trading is what will make you a successful trader in the long run. Do not kick yourself in the head over the ones that regained because you could not predict the future. No one can in this market. We can only make educated guesses. I prefer to follow trends then make guesses . You should consider it as well.
Posted by bb money on :
Jo4321 I wouldnt get rid of mggv trading fees alone would wipe that out you might as well hold on to it and see if amything ever happened to it. The $7 dollars it is worth now is the charge scottrade applies just to sell not to mention penny stock commision. JMO i would hold on to this you have nothing to lose at all!
Posted by T e x on :
quote:Originally posted by Jo4321:
quote: If you keep them then you are attached to them because you are not willing to give them up in the "hopes" that they may rebound.
Maybe I *should* have been attached to these ones:
BCLC up 95% since I sold DTGP up 34% since I sold ACTC up 20% since I sold
I took losses on all of them. If I'd have held them, I would have been green in the first two.
Can I just say this: ARRRRRRGGGGGHHHH!!!
Jo
As Mach implies...that's not trading...that's simply buying & selling, which you can do at garage sales...
NOT a put-down...
a reaffirmation for all: know WHY, have a PLAN...
Lord knows I did my share of "impulse shopping"
Posted by Jo4321 on :
Got some more cash. Sold all my JLG at 27.85. The buyout offer is for $28.00 but for the amount of shares I have, the .15 wasn't worth the wait til January 2007, especially since I will have a loss in some of those shares that I'd rather have in 2006.
Next on my chopping block are STTK and XKEM.
Jo
Posted by paulbest on :
jo I just now see your topic "taking losses" Read this thread (which I haven't) and think about PYPR. Good luck
Posted by beechwood on :
I only keep about 12%(1/8)of my portfolio in pennies for all the reasons mentioned above. I've made a profit less than half the time. However, I made a killing in LFZA so that more than made up the difference. It only takes one home run to cash in big.
Posted by paulbest on :
Yeah I came on board right after the LFZA run. and every other run for than matter. Like last spring when i joined this board I bought into the hot topic stocks. Not nothing anything. Green as they come, and lost alot of money Well brothers, I'm back. And I know how to read a candle chart. I can't wait til 2007. We all are even then. All stocks have taken their yr end nose dive and we get everything at sale prices. You know "the after christimas sales" Everything's half off.
Posted by Jo4321 on :
STTK is now gone from my portfolio, for a 70% loss. Kind of melancoly about that one cause it was the very first stock I bought. LOL, what a pick that was!
Also got rid of PTSC for a 50% loss and PAIM for another 70% loss.
Anyone see any reason on the horizon to keep FPPL, NTTM or AMEP? Those are additional really big losses that would probably be good to sell before the end of the year to offset my gains. (can you believe it!! I have gains!! I'm so excited!!)
Jo
Posted by BooDog on :
Congrats Jo! Green is good! Do you have another symbol for NTTM?
Posted by paulbest on :
Jo on AMEP you may want to hold through this week. American Bulls has it as a BUY and look at the chart It may have a little run soon
(All three of those other stocks I sold went up slightly.)
Jo
Posted by BooDog on :
they were watching you Jo... you caught them this time!!!
Posted by Jo4321 on :
Posted by MoneyMoneyMoney on :
Make sure you know what tax bracket you are included. This way if you have a stock with somewhat potential it might be better to hold that stock and pay the extra few hundred dollars on capital gains instead of losing say 3grand.
AND DON'T forget about the WASH rule!!! I have a few grand in wash sales that I may not use to offset some capital gains. Sucks but I learned the hard way. For ex CSHD. Made 5k and sold out then rebought 1k worth of stock. I cannot use that even if I did sell for the loss now .
Posted by Jo4321 on :
I have a dumb question concerning short term capital gains. I don't have them yet, but JUST in case. Ok.. I heard that the short term gains are taxed like your regular pay. Of course, if the gains are substantial, it puts you in a higher tax bracket. Long term gains are taxed less. Anyway, my question is this. Let's say someone made $100k to $500k in short term gains.. I heard that if any/all short term cap. gains were put into buying a primary residence, there would be no capital gains taxes on it. Does anyone know for sure if this is correct?
Posted by Jo4321 on :
I think you may be getting capital gains earned from sale of a home mixed up with capital gains earned from sales of stock. AND, you may be thinking of an older rule, as well.
It used to be that if you sold your primary residence and made a gain, you had to roll your gains over into a new residence to qualify for a tax exclusion, but that is no longer the case. Now you qualify basically if the following applies: From IRS publication 523:
quote: Maximum Exclusion You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.
You meet the ownership test.
You meet the use test.
During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.
If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.
You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true.
You are married and file a joint return for the year.
Either you or your spouse meets the ownership test.
Both you and your spouse meet the use test.
During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home.
Jo
Posted by Superbee383 on :
Hi Jo4321, I knew about the capital gains from selling one residence, and buying another, and the 2 yr rule for the gains. But I did hear about capital gains from stocks being used for a primary residence and not getting taxed. I'm guessing I heard false information? And thanks for the answer!
Posted by Machiavelli on :
www.fairmark.com for such questions...
Posted by Superbee383 on :
Thank you very much for the link, Mach!
Posted by Jo4321 on :
Well, I took my loss on NTMM yesterday at .013
Then this today, up to .02 now. Once again, my stellar sense of timing in play.. -------------------------------------------- NT Media Corp. Joins the Blockbuster Affiliate Program
LOS ANGELES, Dec 13, 2006 (BUSINESS WIRE) -- NT Media Corp. (OTCBB:NTMM), a diversified media and entertainment company, announced today that it has joined the Blockbuster (NYSE:BBI) Affiliate Program. Through the program NT Media will be able to display the Blockbuster logo and its website and generate commission by subscriptions made through links to the Blockbuster site. NT Media will be able to link its website to over 40,000 DVD titles available on Blockbuster as well as have access to cutting-edge marketing material provided by Blockbuster.
"Joining the Blockbuster affiliate program will allow us to enhance our site and generate revenue from subscribers to Blockbuster through our website," said Ali Moussavi, CEO of NT Media Corp.
About NT Media
NT Media Corp. is a publicly traded diversified entertainment and Media Company based in Los Angeles, California with operations in film and television production and finance.
Posted by BooDog on :
What did you expect??? We are being watched Jo... They are playing the newBies. new money pops it up and out they go. Then you're left hangin. Looks like you're doing a lot better now overall though!!
Posted by SherriT on :
I really like this thread....poor Jo, you have taken some doosies this year! I have taken my hits as well, but doing much better since I started....
Planning my trade, and trading my plan
Good Luck to All!
Posted by Jo4321 on :
SherriT "Doosies" Yeah, that's the word LOL!
I'm in there with you with CSHD, however, I actually took profits with that one and then bought shares with my profits. So I'll be about break even on that one if it stays at current levels (which looks probable, eh?)
I'm also doing much better since I started. I'll definitely be in the green this year, I just need to decide how many more of my losses to put on this year's taxes and which ones to get rid of.
Jo
Posted by Jo4321 on :
Selling spree continues.
PBLS .01 for 13% loss RKLC .07 for 27% loss
Running out of time for any of my losers to rebound before end of the year, but you never know, miracles do happen. I was down 33% in SIGA at 2.70 and it went up yesterday and I got out at $4.40 with a 4% gain. I can breath a sigh of relief on that one.
Jo
Posted by hedfe on :
quote:Originally posted by Jo4321: If you've followed the "phoenix" thread, you know that I have only recently brought my portfolio to the green side. Now I kind of need to start over.
Now that the end of the year is coming, I need to take some of the unrealized losses. I've already begun to do so here and there.
Some of my positions are so far down that it may not even be worth it to sell them. On the other hand, I figure I might as well go ahead and take some losses so that I do not have to pay as much capital gains tax. I don't want to sell off just to lower my tax though. I'd like to do this only with those losers that probably have NO chance of coming back.
Here's a list. Which would you hang on to and which would you definitely get rid of. This is not ALL of my losers, but they are the ones I am considering tossing out.
AMEP - Down 63% $89.00 remaining $130.00 loss FPPL - Down 90% $58.00 remaining $432.00 loss MGGV - Down 97% $7.00 remaining $300 loss NDOL - Down 87% $72.00 remaining $355.0 loss NNRF - Down 97% $34.20 remaining $527.00 loss PGPM - Down 83% 47.00 remaining $138.00 loss XLPI - Down 68% $75.00 remaining $136.00 loss XSNX - Down 79% $162.52 Remaining $597.52 loss
I'm thinking that the strategy here would be to sell the positions that have the biggest dollar amount of losses, rather than those that have the most money remaining, but I'm not sure that is the way to go.
Are there any of these that you might hang onto or are there any of these that you think have NO CHANCE IN H*LL of rebounding any decent amount?
Jo
how long do you hold for? like xsnx or amep you've must of been holding for a while to be down 60 or 70 percent I rarely hold for more than a few days, if i'm down more than 10 percent usually I average down or sell at a small loss as opposed to holding and hoping that it bounces back because pinks and otcbb rarely do lol
Posted by Machiavelli on :
quote:Originally posted by hedfe:
quote:Originally posted by Jo4321: If you've followed the "phoenix" thread, you know that I have only recently brought my portfolio to the green side. Now I kind of need to start over.
Now that the end of the year is coming, I need to take some of the unrealized losses. I've already begun to do so here and there.
Some of my positions are so far down that it may not even be worth it to sell them. On the other hand, I figure I might as well go ahead and take some losses so that I do not have to pay as much capital gains tax. I don't want to sell off just to lower my tax though. I'd like to do this only with those losers that probably have NO chance of coming back.
Here's a list. Which would you hang on to and which would you definitely get rid of. This is not ALL of my losers, but they are the ones I am considering tossing out.
AMEP - Down 63% $89.00 remaining $130.00 loss FPPL - Down 90% $58.00 remaining $432.00 loss MGGV - Down 97% $7.00 remaining $300 loss NDOL - Down 87% $72.00 remaining $355.0 loss NNRF - Down 97% $34.20 remaining $527.00 loss PGPM - Down 83% 47.00 remaining $138.00 loss XLPI - Down 68% $75.00 remaining $136.00 loss XSNX - Down 79% $162.52 Remaining $597.52 loss
I'm thinking that the strategy here would be to sell the positions that have the biggest dollar amount of losses, rather than those that have the most money remaining, but I'm not sure that is the way to go.
Are there any of these that you might hang onto or are there any of these that you think have NO CHANCE IN H*LL of rebounding any decent amount?
Jo
how long do you hold for? like xsnx or amep you've must of been holding for a while to be down 60 or 70 percent I rarely hold for more than a few days, if i'm down more than 10 percent usually I average down or sell at a small loss as opposed to holding and hoping that it bounces back because pinks and otcbb rarely do lol
Averaging down - the worst thing to do in trading no matter what... as for the rest that you had said to her she has already heard it from me many times... I had already given her advice to sell it all off and cut your losses and start with a clean new slate... "Hope" is the worst thing to strive for in trading other then Greed and Fear...
Posted by Jo4321 on :
When I first started trading, I held too long. That is why I ended up with the losses I had. I've recovered though and have learned to get out when things start heading south.
The only losers I have left are ones that have so little in them, it's worth a gamble to hold them until December 29th, just in case. I'm not losing much more by not selling them til then.
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ARRRRRRGGGGGHHHH!!! ![[Smile]](smile.gif)
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