Omni,
I am a little worried about taxes. I have never owed money before this point because in my first few years in the market I lost more than I made. In fact I am still "carrying over" my losses from 2001. However, this year I began with $2,000 in my portfolio in March (using tax rebate and house refinancing money -- and selling all my remaining IParty stock at a paltry .25 cents a share or so!) and I have turned that into $22,000 as I write this. (Jones Soda just put me over the magic $20 K mark. So that was an 11-bagger for me in 9 months thanks in part to my spending many many hours studying the fundamentals and stories behind HUNDREDS of companies (I held SSTR for three months this summer before getting bored with it and selling it right before it broke out and quadrupled!) but also due in no small measure to Traders Nation, and to you, Bill, and Lance Berger and what you teach about breakout trading on this board. The most thrilling part of it all is that I FEEL LIKE I CAN DO IT AGAIN next year... and 10 or 11 times 22 is... getting ahead of myself I fear.
But here is my question: Roughly how big a chunk will the Taxman take out of my portfolio? And does experience tell you to wait the six months maximum before paying it?
Thanks for any response on this.
Johnny C from Boston
