Improve Limit Repurchases Setting Feature and Wording
The Limit Repurchases settings needs to be improved:
1. Improve the feature:
Currently: it will simply not repurchase any stock in the number of days whether you had a loss or a gain. The Wash Sale rule only applies to losses.
Future: allow the limit repurchases of losses only in the number of days. There is no need to limit repurchases of stock with gains. better still, make a checkbox for each and users can choose.
- Improve the wording:
Currently: there is confusion amongst subscribers and support staff about the wording "Don't repurchase the same stock for 30 days after sale". Does this mean 30 trading days or 30 calendar days? No no one seems to know exactly. VV Help electronically is poor and does not address this. (There is another feature enhancement!)
Future: reword this phrase to reduce ambiguity and say
"Don't repurchase the same stock for 30 trading days after sale"
"Don't repurchase the same stock for 30 calendar days after sale".
(based on the actual function).
Let's get clear on what this setting is so we can stay lawful traders/investors. Also, if the wash sale rule is based on calendar days, then wouldn't you want to have the software be the same? i.e. you wouldn't have the software based on trading days when the law is based on calendar days. That's inconsistent.
I've spent a bit of effort on this in the past with support. It's a little challenging doing it from Australia. I hope that the dev team and other subscribers can see the logic in this simple improvement request wouldn't shouldn't need a lot of votes to see it through or years of waiting like many other pieces of feedback in here. Remembering we are continually paying for this service.
Charles Warda commented
Thanks Timothy. Come to think of it, it was actually in Portfolio Genuis where I first experienced this whilst live trading.
Since you now know its calendar days, please update the wording in the GUI so the end-user is clear on what the software will do. Therefore you want: "Don't repurchase the same stock for 30 calendar days after sale" in the case of the slider being moved to show 30.
I look forward to the update. Thanks too for such a quick response.
On Friday, we released a fix to the Portfolio Genius, so now it is based on calendar days, not trading days. The BackTester will be updated shortly to match this behavior.
Thanks for the suggestions for better Wash Rule behavior, we will investigate this.