Gains & losses are calculated net of fees. If you're bitchin & complainin about fees, you need a day job. There are ways around trading fees also. Fidelity charges no trading fees on 25 iShares ETFs (EEM, IWM, IVV, etc). Charles Schwab has their own ETFs where they charge no trading fees (SCHX, SCHA, SCHE, etc). Scottrade charges $7 per trade. Zecco charges $4.50 per trade, etc.