I made a lot of money and also lost a nice chunck of the money on stocks back in the day, ..getting back in thinking it will run higher and the play(s) wasnt over.
I have also loss a lot of money being unknowledgable about wash sales. I had to learn the hard way when tax time came a while back (years ago), that once you sale a stock at a loss, if you get back in it before 30 days, you cant claim that loss on your taxes.....this ties into what you are saying...yes it doesnt apply if you get back in after profiting, but if you sell at a loss, and buy back before 30 days.....you cant claim the loss on the end of year taxes. Hope a newbie is reading this and learn something....I wish someone would have shared this info with me....