I used to have small number of trades per year with Ameritrade per year, so I would print out a buy trade confirmation sheet when I purchase, and print out another sold trade confirmation when I close out the trade. I stabled two sheets and store in a 3 hole binder. I keep a spreadsheet also to do data entry into my Schedule D. This year, I am beginning to use IB to trade stocks and options. I found it difficult to keep track of the trades I made so far this year. I am making more smaller trades this year because of options trading. IB's trade confirmation page groups all the same day trades on the same page. So, in order to do what I use to do, I would have to print the same page multiple times and pacil the detail since IB does not show the total cost/total received. For those of you trade a lot and use IB, how do you keep your trade confirmation records?
Oh my God. You have to find a better way to track your trades. Now that you have switched to a better broker (IB) from Ameritrade, you will trade more as the low commission will allow you to get in and out more. If you do your old way of tracking your trades, very soon your room will be full of binders. Try to use Quicken software. It is difficult to use first but it makes your job much easier. Or try to make a spreadsheet and enter your trades, profits, time,... there and save them electronically. There is absolutely no need to have separate buy and sell slip for each trade and staple them together.
Thanks for the reply. When you file tax return, what paper record do you keep then in case you get audited by IRS?