Welcome to Access to Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey guys, good evening everybody. Welcome to another edition of the access to trader.com nightly wrap up show. Hope everybody is doing well. Hope everybody had a pretty good trading session.  I have about four brain farts a year. I'll share with you guys in a moment what my latest brain fart was. It really does show you no matter how long you're trading. We're not robots. You're going to make a mental mistake and I'll share with you guys in a second what mine was today. So let's talk about the market. Obviously the market continues to be out of its mind on fire, especially the NASDAQ composite. We're basically saying the same thing every single day. Semiconductors are just absolutely going bananas. Absolutely bananas. You can see here on the screen right now after hours, NVIDIA is up another three. Intel that I've been swinging now for three, four days is going out. Pretty out of its mind as well. It's approaching the $36 number. I started buying this thing the $32.80. Everything is good there, right? Everything is good. Semiconductors are good. The market is good. And then we were waiting for the PPI number to come out. And then we were waiting for Jerome Powell to kind of give us a hint of what is the Fed's next move. The initial number of the PPI didn't respond well compared to the CPI yesterday, but then it's true formation of the markets. The market continues to plow ahead, right? Doesn't make a difference what they say, what the news is, the market continues to plow ahead and continues to make amazing, absolutely amazing new highs. So the question is, what was the Fed going to do? Going into the meeting, I think we went over this a couple of times. The happy medium was that this was going to be the meeting that they were going to halt rates, right? And the question was, what would be the language going into the day? And we pretty much got that on par. They left rates alone. They did hint there possibly could be two more rate hikes up ahead, okay? And at one point they actually said there's a chance, right? There's a chance we might see some rate cuts next year. But then quickly, that language basically went away like nobody even mentioned that. And next thing you know, the market started getting hit, right? Getting hit. The downward down to two, three hundred points at one point. The Nasdaq lost all its gains. And just like that, you blinked your eye. Nasdaq went back to Greenland Day, led by the Semiconductor, led by the same culprits, and everything just went out of its mind again. It's just amazing. We go through the same thing every single day. And every single day you say, well, this could be the day. This could be the day. This could be the day. And it never is. It never is for the bears. Even if you have a good plan and if you guys remember three days ago, I had a plan, right? I had a plan of, hey, this was going to be a topping out process at least for today, at least for that day. I was going to look for the bottom of the range to look at some shorts. And again, it never happened. And it really does show you how aggressive this tape continues to be. Overall, it was a pretty hawker stance. I'm not an economist. All this economic stuff. And I don't want to be like that guy, but I don't care about the stuff. I really don't. I'm not into politics. I'm not into what the Fed is saying. It's all about price action. They could have dropped a balloon of diarrhea on somebody today. And the market still bought the dip at one higher. And that's kind of the market where we are right now. And again, if there is any bears left available to even have a conversation with, they would just probably rip out the last three strands of hair that they have left. But the question is, where is the potential, right? Where is the final potential, at least the market gives a little bit of a pause. And if you look at the upper Bollinger Band, it keeps on stretching, right? The last time I hit the Bollinger Band, the market paused and kind of had a three-day little bit of a reversal. This band keeps on rising. Going into today, it was around 66. If you see the high of the day, right? That's 366. But if you watched last night's video, we talked about 366 for potential measure potential on this move. And it got to 366. Now it's rising, the 368.5. The way NVIDIA is going nuts, the way Netflix, excuse me, the way Intel is going nuts, they're major components of the Nasdaq 100. There's a shot here that we do see this 268, 268.5 level going into tomorrow's session. The question is, will the market reject that level? It doesn't mean it's a concrete wall and we can go through it. It's just an area that if you trade pivots or you trade just anything and supply and demand, you'll realize that the Bollinger Bands, they're soft landing. They're not a wall, but they are soft landing. My God, if Intel could get to 36 tonight, I would really love to see that because I'd like to close out my position in the 36 area, but we'll see what happens there. Overall, the market started. It was good this morning. We'll get to the pivots in a second. It was good this morning. There were some really good moves that played out. You guys remember yesterday, we talked about Letter U, right? Yesterday, they came with the option flow of 40, 40.5s, 41s, right? The stock went nuts. They went to 42.5. We talked about yesterday. What else are we talking about? We talked about Nvidia potentially getting above this channel obviously exploded. I traded some AI today. I scalped some AI. I traded some UOL and messed that up. The video was pretty good in the morning, like two, two and a half points. That was fine in the morning before everything started coming in. There was a couple of things. Again, we'll get to the pivots in a second. Then let's go through the pivots first and I'll share a quick story with you what happened with me. Let's talk about the pivots really quickly, right? Here is the pivots going into today's trading day. Rivian, nice pop yesterday on Rivian. We were watching for the 1550 confirmation that never came. If you guys remember that never came, Letter U yesterday was a really nice pivot. Again, this is where we started tracking the option flow. 3790, 38 needs to build. Yesterday it traded to 3940s. This morning it needed to establish a new base above 3950 needs to confirm. Letter U went nuts. Letter U went nuts went as high as to 4230s. Again, congratulations for all you guys who caught the meat of the trade. I messed it up. Whatever. BBIO, 1685, 17 needs to build. Not a big move at all. 1680, 1720, I still like this thing. It still needs to confirm that 1720 for more upside. Nice little pop there. MRVL, 6370 needs to build. Never got there. AI, we didn't trade off this 4522 area just because it never got there. I traded off this really sneaky pivot right over here.  That's what kind of the PS60 theory is. You don't need to buy the tops. You don't need to short the bottoms. There's middle channels that we talk about. There's middle channels that we talk about that are sneaky pivots. You hear me talk about that? That's what AI kind of did. It took out the sneaky pivot. It got a nice little pop there.   There was nothing wrong with that. NVIDIA, I took off the second entry off 412. The initial move was fine. The initial move went up like $2.5. Here's the pop here. Excuse me. Hold on. Where are we? Hold on. I'll show you where we are. We're right here. You see this thing right here? The initial pop was like $2.5, $3, and then it came back in. Whatever. Nice little trade. There was nothing wrong with that. Obviously, later, NVIDIA just lost its mind and just went nuts. Again, completely different scenarios. The video was fine. Intel continues to be really good. I started buying this thing in the 3280s. It got above 34. Now I'm hoping I can get out of the balance today after the close. Hopefully, it's right now trading $35.70s. I'd like to see a push into the 36s would be nice, but great move. Again, how can I complain about nearly a $3 move on Intel? It's coming up to a $3 move on a $30 stock. It's a great, great move. Google, Google 21, 20, 21, if it goes below Conflush, obviously never got there. Here's where things became interesting. Let me set the stage. Everybody has rules. I have very specific rules. Here are my most basic rules. If you've been watching this broadcast for a while, you know where I'm going with this. I usually trade about 90, 95%, probably 99%, let's be honest, prior to lunch. The reason why I do that is because the morning channels are exaggerated. People are chasing. People are doing this. There's a lot of emotions involved. People are chasing prices at any level, and channels start to expand. In the afternoon, the reason why I usually don't trade, because the channels usually contract, because all those people who are chasing, chasing, chasing, they probably lost their shirts chasing, and there's nobody left to chase. You need people to chase price action for these channels to expand. The afternoon doesn't do that. I always have a rule, whatever you like in the afternoon, you're going to love in the morning. It's the same setup, just give you a better chance of measured potential. I broke that rule. I'll show you guys what I did in a second. I broke that rule. The second rule I broke was the most basic thing about the PS60 theory is second entries. When a second entry basically means is, let's just say a pivot is $100. It doesn't mean you're buying at $100. It means let it go through $100, let it put in a new high, let it retrace back at least 50, 60, 70 cents. Once it goes through the new area in the new high price, that is the entry. That's exactly what I did today in the video. 411 was the pivot. It traded up to 411.75, retraced. Once it got above 412, I got long and that was the second entry. Second entry, trading the afternoon, I didn't do either. I didn't do either. The third rule that I broke was I had a really good plan. I had a really, really good plan. Let me tell you what my plan was. Let's set the stage here. Tesla for experienced traders only, 255 if it builds below can bring more selling. That was the pivot. Here is Tesla. It took out 255, it traded down to 250.5. You're probably asking yourself, what's the problem? That's a nice trade. It would have been a great trade if I would have shorted at 255, but I did not. What I wanted to do was I kind of changed my mind, which I never do. I never changed my mind. Again, if you're changing your mind, that means you're trading emotional. You're not trading with a level head.  I didn't short off the 55. Instead, my initial plan was I want to do a remount. I want to do a remount off of the 253. Basically, what a remount is, let it get through the 253, let it get below, and when it remounts to 253, get long. I didn't do that. I didn't do that. If I did that, it ran up about $2.5, $3. I would say in about 40 seconds, I did not do that. So I broke three rules very, very quickly. Don't trade in the afternoon, didn't do the second entry, and never, never, never stray away from your initial plan. I did all three. So instead of shorting Tesla at 55 or remounting at 53, which both were played out great, instead, I shorted the move into the previous channel's low. And what happened? Guess what happened? It squeezed me back. It's not the money. It's always the money, but it's not the money. I had a good day, blah, blah, blah. It's been a great run, blah, blah. The point is, you know, society is built on rules and regulations, right?  If you cheat on your spouse, they'll probably leave you, right? If you break a rule, you break a law, there's ramifications. Well, why the F did I think possibly today, okay, was going to be any different. When you break not one, two, three rules, you break them all at the same time. Well, what do you think is going to happen, right? And not obviously never anything good would happen.  Okay, the same way I had discipline to lose 40 pounds, the same discipline that I've been trading for 24 years, the same discipline that usually keeps me out of trouble. I broke everything today, broke everything today, got squeezed back again. Is it a big deal? It's really not a big deal. It's more of like, what are you doing? You amateur F, right? What are you doing? You absolutely knew you were doing it wrong. You knew three different things.  You switched your bias in between the interval, which is a cardinal rule for a disaster. You did all three and then you're hoping the trade's going to work. Never hope, guys. That's the whole point. That's why I was really pissed off at myself. It wasn't the point of losing money on trade. I could lose money on trade. I lose money on trades all the time. There's nothing to do with that. The idea is stay disciplined, be disciplined, and usually things organically are going to, organically are going to play out.  Maybe you won't do 15 years to life or a double murder, but you will lose money. And that's the name of the game. You'll always lose money if you break rules, especially if you break three rules and exactly the same trade. It's going to be a disaster. And the most important part is just don't. I know it's hard. 99% of the year, I'm really, really focused. I will never do that. Today was my brain fart moment. I usually have about four or five brain fart moments throughout the year. And unfortunately, I know exactly what I did wrong. I'm conscious of it. And guess what? Hopefully, in the next brain fart moment, it won't be for a very long time. So again, guys, live by rules.  Never mix both. There's just never a good formula. So tomorrow, look, the market continues to be good. Hopefully, by the time we end this broadcast, hopefully, Intel could get above 36 for me so I can get out. But if that doesn't happen, it's not a big deal. A really, really good move there, neither way. So let me give you guys some ideas for tomorrow. Let me give you guys some ideas for tomorrow. Let me see where I want to start out with. Let me see where I want to start out with here. It's great when you're doing a video and you're trying to find an idea to share with the public. All right. So let's talk about some ideas. Keep an eye on workday. Workday had really good numbers. They came out with really, really good numbers. Kind of took profits for the last couple of weeks. Watch this earnings hive. Workday can start building above this earnings high. This thing can wake up. Keep an eye on that. Overstock. Interesting looking charts. It looks like I think they bought some assets from Bed Bath and Beyond. I believe so, unless I'm completely wrong. Keep an eye on this thing for the next couple of days. If it starts getting above this channel, again, there's nothing really left here as far as supply. If it gets above this channel, keep an eye on this thing. Maybe this thing can start waking up. Shopify. Shopify in the last few days has some short-term $70 calls being traded. Let's watch this thing above this channel. So far, this channel has been rejected three times. So let's keep an eye on this thing. Obviously, a runaway train on NVIDIA. NVIDIA is up another $3 after the close. Intel continues to go higher. Microsoft, not that far away, by the way. Microsoft, not far away from the top of the channel either. We should definitely keep an eye on that as well. So there's a lot of good action. I like this IoT for the next couple of days.  Big spy consolidation. Hopefully we can see a new high on the next move. Forward. So that's it, guys. That's it. I wish every day could be peaches and cream.  And no matter what happens, our biggest enemy is always ourselves. So again, word to the wise, guys. Stay disciplined. Stay professional. Okay. Stay patient. Stay humble. More important. Stay in business. Guys, God bless. I will see you all tomorrow. Take care.


I mean, let's be real. When we have over 70,000 thoughts per day, it's impossible and exhausting to monitor every single one. Wouldn't it be great if you could though? But one of those like bark hollers on these for dogs and you have it on it, zap to you every time you have an opposing thought, like, oh, I don't have enough money. I'm unworthy, boom. Did I just come up with my first million dollar idea?


QuickBooks Online 2023, mileage tracking for taxes overview. Get ready to earn the skills needed to boost your bank books on up with QuickBooks Online 2023. Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category further broken out by course. Each course then organized in a logical reasonable fashion making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. Here we are in our QuickBooks Online test company file using the accountant view as opposed to the business view you can toggle between the two views by going to the cog up top and switching the view down below. We're going to duplicate some tabs to put our major financial statement reports in that being the balance sheet and income statement which we will do basically every time right click on the tab up top to duplicate it right clicking on the duplicated tab to duplicate it as the one to the right is thinking I'm going to tab to the middle and go to the reports on the left hand side open up one of the big favorite financials that being the balance sheet which should be in the favorites it's everybody's favorite report so it'll be in the favorites it should be if it's not put it there then we're going to go to the tab to the right and we're going to go down to the reports on the left hand side and this time the P in the L otherwise known as the profit and loss or income statement I'm going to close the hamburger up top will change the range then I'm going to go from 010123 to 123123 run it tapping to the left scrolling up closing the hamburger changing the range to the same range 010123 to 123123 and let's run that as well and then I'm going to tab to the left this is the setup process we will generally be going through every time this is the workflow I usually think of when working within QuickBooks Online having my data input here my reports open on the right we now want to think about the auto miles tracking options within QuickBooks Online mainly geared to help you with your tax preparation to be able to take the auto deduction using the standard mileage rate although you can think about other uses for this tool as well you might want to track your personal miles for example for your own budgeting purposes and it can be used for that purpose as well we'll talk about the way auto expenses are typically deducted for say a schedule see business a bit in future presentations so you can see how this system might fit into your overall system to help you with your tax preparation at the end of the year right now let's just take a look at an overview of where it is located so we're on the left hand side we're looking for the mileage this is in the accountant view where you have it located here under mileage note that if you're in the business view it'll be located under apps I'm going to go back up to the dashboard so we can see that and go to the cogs tab and I'm going to switch to the business view and then under the business view it's going to be down here under the apps now that could be a little bit confusing at first because it kind of leads you to think that you have to actually basically connect to the app before you're going to see this mileage item here and that's not the case in other words you might be thinking well that means that I have to go into this apps area and then search for the QuickBooks Online auto application that's not the case it'll generally be here just with the normal QuickBooks Online I believe the logic of putting it under the apps area is that then you could integrate this with an app on your phone so if you want to integrate it with an app on your phone then you do have to download the app on your phone and that can help automate the tracking of the miles which we'll talk a little bit about in future presentations I'm going to go back to the switching the view to the accountant view let's go back on into the accountant view and then I'm going to go to the mileage on the left hand side so this is what the screen looks like when you just first go into it says track mileage automatically and get 0.655 dollars a mile that's 65 and a half cents a mile and don't forget that hey penny because it adds up when you have a lot of miles in any case where do they come up with that 0.655 in essence they're taking that from the tax code for auto deductions if you're using a mileage method generally geared towards an aimed at sole proprietor types of businesses that report their taxes with the help and use of a schedule C so that's kind of the primary target for this tool we'll talk more about how to deduct automobile expenses for a sole proprietorship in future presentations because I think that'll help us see how we might integrate this system into our bookkeeping system that might help us to make our tax preparation a little bit more easy at the end of the year but you can also use this tool for other purposes as well you might want to track your personal trips so that you can get a better idea of the personal costs and habits and so on on the personal trips and it does that as well so it says here get the free QuickBooks mobile app point your device's camera at the code and a link will pop up so here's where the application comes into play remember this here I didn't I didn't add an application to get to this on in QuickBooks we're just going into QuickBooks in order to see this but if you want to link and integrate this onto the phone then you're going to have to have the app on the phone that will integrate with your QuickBooks and of course the QuickBooks is on the cloud so you can get into QuickBooks either on the phone or on some other device such as a desktop so me I would imagine using this type of system having the integration on the phone and then and then tracking the miles and then on the desktop typically when doing the bookkeeping I would manage the miles and then allocate the trips to either business trips or personal trips so in essence if you have the app on the phone then the phone can kind of automatically track your miles and track where where you are going and then you can either on the phone or in your desktop computer now that it is integrated go into your system here and allocate all of your trips as business or personal now that's pretty neat pretty cool that it can it can do that because then it's going to track all of the places that you've gone and you can basically allocate those out although it's also can be a little bit weird when you're not used to that because it's like it's tracking basically everywhere you go obviously it's you that's tracking it it's not like the government's following you all around but but still it seems a little bit weird at first but it could be a quite useful information both on the personal side and on the business side just for your own you know decision-making purposes and obviously once you have the business information then you can use that to help with your taxes now note that you do not have to have this mobile app turned on in order to use this system you might simply do manual input into your system for those business types of trips that you're going to be doing so that you can track the business trips and you have a log of the business trips that you have done so that you can get to the total miles that you need for the for the calculation of the taxes and you also have some evidence of the trips that you have have taken that at least you've logged them down right so if you want to go into the mobile app then on your phone then i you can use this picture to hopefully that'll pop it up or it's the QuickBooks mobile app here so i'm going to go ahead and skip this and here's the overall mileage page that we have so we've got the mileage up top i'm going to close up the hamburger and then if i hit the drop down here we've got our years that we're tracking the mileage for and then it kind of gives you a summary up top we'll do some data input into it in future presentations but we have the potential deduction for 2023 now where is it coming up with that deduction you would think it's just using the tax code mileage rate so it's taking this mileage rate now the first thing you might be thinking is well how how is that going to affect my financial statements right because when i do my taxes i'm pulling the information in from my financial statements and that's one of the issues we'll try to dive into it a little bit more in future presentations because uh you need to know a little bit about about how the taxes are calculated to better understand that in other words when you have an expense for auto expenses then that might be your actual expenses but instead of using the actual expenses you might use your miles to deduct the expenses now you you're going to deduct most likely the actual expenses when you buy gas and what not for the car so so then there's going to need to be some kind of adjustment that needs to be happening for taxes if we're not taking the actual expenses but rather taking the mileage method so note that this isn't actually posting anything to your financial statements it's just tracking that information so that you can come up with the total mileage now you could come up with a system and we'll talk about how you might integrate that into your quickbook system to kind of think about what the tax deductions would be we'll kind of play around with that but this isn't actually posting anything it'll just give you the the information so then we've got the the total business miles the total miles here the vehicles and then the per mile you're driving towards a sizable amount and then down here we've got unreviewed so once you start adding trips whether that be through your actual mobile app when you're driving around or if if you're just adding manually they they could go into the unreviewed area and you could sort them by vehicle on the drop down and then these are going to be your business trips so this will be the one that are allocated to the business side so in other words once they're here we will allocate them either business or personal and then you can track your business and personal and then here's all of them business and personal and then up top you've got your drop down where we can add a trip we can manage the vehicles we can uh import trips we can download uh trips uh we can manage favorite locations and you've got the man manage mileage rules so the vehicles of course will be the vehicles that that you're driving you can have multiple vehicles here we'll add vehicles later but I've got two vehicles in here we want to set one as the primary typically and then we've got the download trips which will in essence give you a CSV file which usually opens for most people in like an excel file that gives you some of the trip data which can help you to put together your own little report on the total miles if you need if you need that for whatever reason to give to your tax preparer to help them out or in the case of an audit or something like that that give you some of your data and then you've got your favorite locations which is kind of neat because if you're especially if you're doing manual uh well you can use the favorite locations to to to set a standard location right and then and then you can you could possibly set rules to be allocating if it's a business or personal oftentimes is the main thing with the rules which might be more useful if you're integrating that with like the mobile app so that it basically automatically kind of picks up uh if you're going from one place to another that that's going to be a business versus personal so you have a little bit less toggling as that data pulls into here now remember that you could if you're using the mobile app then then theoretically the if you have locations turned on then the thing's going to track all of your miles all right so which is which again it's kind of cool but it makes me kind of feel like like someone's following me all the time but obviously you're following yourself so that's okay so that's not the government that's tracking you everywhere you go but uh but the information as an accountant uh is intriguing because then you can pull in all the information and you've got a nice audit trail of everything of everywhere you know you have gone so that you can and then you can sort that out and and basically think about how much you're spending and how much maybe even how much time you're spending in particular locations which is kind of interesting but then uh it can pull into here and then you've got and then you can allocate whether they're going to be business but if you don't have the mobile app on or if you don't you know turn your location tracking on all the time if you're paranoid and like i'm not turning that location tracking off i turned the phone off completely i'm not doing it then you can add the trips manually up top so we've got the trips here that you can you can add manually so in future presentations we'll start to add a couple trips and we'll talk more about uh what it what it means to be deducting or how you deduct auto expenses for taxes just to get an idea of how you might use this tool