Trade Confirmations??

Discussion in 'Professional Trading' started by EqtTrdr, Nov 10, 2002.

  1. Just wondering what everyone does with all their paper trade confirmations...

    I just started scalping and never realized how these annoying pieces of paper just start to pile up...

    do you really have to open al these envelopes to organize and file each trade confirmation seperately??

    I you only make 2-3 trades a day..ok

    but what about fast scalping 50-100 times a day???
    Thats a lot of wasted

  2. DTK


    Most brokerages these days have electronic statements and/or paper confirmation suppression.

    The information you probably need is also probably contained in monthly/quarterly/annual statements in a consolidated fashion that would be much more useful to you.

    Hope this helps.

  3. How does one prove things to the tax people without a paper trail? And even how does one prove that his account exists at the brokerage at all?
  4. DTK


    You will receive tax statements for the year regarding your transactions.

  5. If your account doesn't exist, you can pay your taxes with non-existant money ...
  6. You can either request the brokerage to send them to you electronically or file them away. If you get audited, you will need the paper copies if they aren't being stored electronically by your broker. Or you'll have to pay, in most cases, the brokerage to send you copies later if you thrown them out.