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.