trader status gotcha

[Phil Lane <accumulator@xxxxxxxxxxxxxx>]

Trader status is great if you have short-term losses in excess of $3000 and
you'd like to use them against other income.

However, just in case somebody actually MAKES MONEY trading, trader status
will cause all your trading income to be taxed at the VERY HIGH short-term
rate - you lose the 60/40 split. And also once having elected trader status
you can't go back again without a major hassle!

This is my understanding - pls correct me if I'm wrong..

phil