I have never been accused of being detail oriented....as such, I often get caught up in the action and care goes to the dogs and the aftermath yields some poor record keeping....
Thankfully, Scottrade as with any brokerage I'm sure, keeps records for me and I can reconcile what's happened for good or ill and when. I was so employed this morning and pleasantly surprised to find that my in and out transactions on some of my test buys, while being net negative, were less than $200 down.
What most concerns me...is that on a couple of occasions I have pulled the trigger on transactions that while very positive to the overall net of my accounts, in the process, I have still managed to shoot myself in the foot...
I am managing money in a couple IRAs of my wife's..(playing with her money really relieves a lot of pressure ;-)...
One account is a traditional IRA with the greater amount of funds...and the other is a ROTH. I try not to split buys of a single asset across both accounts...but in the case of uwti and ugaz, I have had to do so to keep my buy-downs going when settled funds were only available in the alternate account. No problem...except...
What I have managed to do on a couple of occasions now is sell out of my ROTH account where the assets have had a higher basis. While I know my overall basis....the transactions were profitable....but in the ROTH account, they ended up being net negative. The effect of this was essentially to transfer money from the ROTH account to the Traditional....not a good tax strategy.....so, I just HAVE to be more careful in making the sells from the appropriate accounts.
Thankfully, Scottrade as with any brokerage I'm sure, keeps records for me and I can reconcile what's happened for good or ill and when. I was so employed this morning and pleasantly surprised to find that my in and out transactions on some of my test buys, while being net negative, were less than $200 down.
What most concerns me...is that on a couple of occasions I have pulled the trigger on transactions that while very positive to the overall net of my accounts, in the process, I have still managed to shoot myself in the foot...
I am managing money in a couple IRAs of my wife's..(playing with her money really relieves a lot of pressure ;-)...
One account is a traditional IRA with the greater amount of funds...and the other is a ROTH. I try not to split buys of a single asset across both accounts...but in the case of uwti and ugaz, I have had to do so to keep my buy-downs going when settled funds were only available in the alternate account. No problem...except...
What I have managed to do on a couple of occasions now is sell out of my ROTH account where the assets have had a higher basis. While I know my overall basis....the transactions were profitable....but in the ROTH account, they ended up being net negative. The effect of this was essentially to transfer money from the ROTH account to the Traditional....not a good tax strategy.....so, I just HAVE to be more careful in making the sells from the appropriate accounts.