Daytrading from your Roth IRA account...

Quote from crackedback:



Cool, just wanted your viewpoint on the subject....

Funny thing that there has been the destruction of quite a bit of wealth in retirement accounts in the past few years. I wonder whom my mother can litigate against for buzzsawing her IRA in half....... :mad:

Thanks

Cracked
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Pm me and i will give you the names of several who will take it on contingency..40% of whatever they win....on second thought, never mind...I don't ant to contribut to the lawyers...
 
I just realize I can cash out my conversion Roth IRA without paying tax or penalty because

1) it has been 5 year - since 1998

2) I already pay tax on it when I do conversion.
 
Directly form Interactive Brokers


"Futures Trading in IRA Accounts
As previously announced, effective July 1st, 2003, IB will allow trading of futures in an IRA (cash) account. To upgrade an IRA account to trade futures, go to Account Management/Account Capabilities. After upgrading your capabilities to Futures, which requires overnight approval, you will have the opportunity to add futures trading permissions and market data subscriptions. As with all cash accounts, you will only be able to trade in a single currency as multi-currency capabilities require borrowing, which is not allowed in an IRA (cash) account. In addition, there will be no 50% margin benefit during normal liquid trading hours as with futures margin accounts. "

http://www.interactivebrokers.com/index.html
 
Daytraded my IRA last year while going to school (had the time off then). As long as I stayed within my cash account limits there wasn't any problems. My experience was that as long as the trade was intraday and consequently never made it to the clearing firm, the T3 rule didn't effect me. On overnight holds you will have to track your capital for T3 purposes (now swing trading this account so I do track for T3 compliance). This may not be the intent of the law, but it seems to be the rule for some online brokerages - competition is a great thing...

TM_Direct - When you trade this $2K high-risk IRA account will you chronicle it here for us in a journal? Would be interesting to watch! You could even trade based on reader input, astrology, coin toss, etc. after all, you get it all back anyway...
 
Quote from mktman:

Hmm.

Roth or any IRA is on a cash basis not margin.
Correct?

Therefore, T +3 applies.

Correct me if I am wrong.

mktman
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I trade in my Roth IRA.

The T + 3 questions applies to reg way settlement regardless of whether transaction takes place in margin or cash account unless it is a "for cash" transaction which would settle the same day. I'm not sure if this is what you were getting at. Maybe you were stating that one could not utilize margin in a Roth or trad IRA which would be correct.

At any rate, yes, you can trade in an IRA, but unfortunately not with the use of leverage.
 
Quote from uptik2000:



Yes, you can split the assets in an IRA. What you need to do is open another IRA somewhere, have the Edward Jones cut you a check from your existing IRA and then be sure to deposit it in the new IRA...I think it must be done within 30 days. I forget exactly how many days you have.
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60 days, but wiser to just contact the institution you are going to transfer to and have them do the transfer, then you don't have to worry about the time rule.
 
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