Stock buying/selling question

I have an account on scottrade. I don't know if I like using them or not but Ill ask that another time. So heres my problem e.g. say I purchase 10 shares of XYZ at $10 and I purchase another 10 shares of XYZ $8 all my shares or both orders are put together in the same bunch as 20 shares instead of 10 at $10 and 10 at $8. When it comes time to sell I cannot choose to sell the 10 shares I bought at $10 or the 10 shares I bought at $8. I know they are the same stock but I wish i was able to choose which bunch I want to sell. Is there a way to sell my orders seperately or are all online platforms pretty much the same? Thanks

The distinction is irrelevant. They are just numbers. The shares are all just numbers and the prices are just numbers. It would be like asking the bank to give you back the same 100$ bill you gave them a month ago.

The platform will show your over all P/L. Or you can calculate your avg cost by simply dividing the total amount paid (180$) by how many shares you own (20) and that gives your avg cost per share (9$). Which means your break even is 9$....anything above is a profit...anything below is a loss.

No matter how you slice it the numbers all come out the same. If that is your current position then you are long XYZ at 9$ per share. You just have to learn to see it that way because if you in turn sell 100 shares at 8.25 your not up in one position and down in another....you just locked in a .75 loss on those 100 shares. It is important to see it that way so you don't get lost on where you are at.
If you did it in another brokerage it wouldn't change a thing except fees. (it would cost more to sell the whole position at once.)

Actually, you can change from FIFO to LIFO if you request it. BUT its only for tax purposes. It will not change the value of your account.

So, if you bought a stock, averaged up, but the stock went down, you could, by adjusting your reporting basis to LIFO take the loss on the second block you bought and continue to hold your first shares.

I don't have a scottrade account, but a quick Google search got the pages you want to study:

https://research.scottrade.com/know....382b5727c248e6

http://research.scottrade.com/Knowl....8b908d17e7a860

I honestly don't recommend changing your tax settings though. You'll start second guessing every sell and asking yourself how to setup the tax strategy. Way more effort and extra stress per trade. Just stick with the standard. It'll make yours or whoever does your taxes life easier too.

Just focus on making good trades. Taxes will be paid regardless. Make your money, give Uncle Sam a few bucks. Trade On, Good Luck.