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I have certain stock trading decisions I would like to automate. Has anyone figured out a way to do this? I know there are some brokerages that allow you to automate bits and pieces, but what if you have for instance a full blown strategy that you'd like to implement?
I am not a market timer, but I am a big fan of Tax Loss Harvesting, particularly with ETFs. I obviously don't have the time to keep a regular watch on my positions, but I'd like to bank the short term losses whenever they hit a certain %. This is easy to automate with stop-loss-orders but not as easy to do a "stop-loss, repurchase another similar ETF in same asset class".
For instance, say my RZV (small cap value index) holding drops 5%. I'd love to bank this short term volatility and repurchase VBR (small cap value index) to avoid the wash-sale-rule. Then if VBR falls below a certain magic number, bank the loss and buy IWN (yet another SC Val index) and so forth.
Anyone have any thoughts? There is such a veritable cornucopea of options for each asset class, that you could really improve your tax situation by implementing a strategy like this. (especially if your commissions are free or very low, like at Wells or Zecco)
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