There are several important differences between an IRA and a regular non IRA account that makes speculating and gambling with an IRA account a real bad idea.
Shit like Maximum IRA contributions for starters.
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MOFO OPEN reamed me again
- Thread starter darwin666
- Start date
There are several important differences between an IRA and a regular non IRA account that makes speculating and gambling with an IRA account a real bad idea.
Shit like Maximum IRA contributions for starters.
Quote from Don87109:
IMHO your IRA is one of the best places to day trade. No worries about tax reporting, wash sales, etc.
If you lose money I don't see the difference if it happens in your IRA or in a non-IRA account.
The critical factor is don't gamble if you can't afford to lose.
^this^
i trade a portion of my ira. it seems to generally work well.
Quote from Don87109:
I don't think broker did anything wrong.
How would they know that you wanted the long call closed?
Should they just assume you wanted it closed? I think not.
If they closed your long call and the stock went up on Monday you might complain that they cost you money.
IMHO, it's not reasonable to ask a broker to cope with your hedging strategies.
Don
no? provided this wasn't a time spread both sides were expiring and ITM so nothing needed to be done, right? instead broker breaks up the strategy leaving him with a long position and incurring 2 different transaction costs.
That's true, but most brokers don't try and figure out your hedge and unwind accordingly. What if he had other option positions that look like hedges, which one should the broker assume is the hedge?Quote from johnnyc:
no? provided this wasn't a time spread both sides were expiring and ITM so nothing needed to be done, right? instead broker breaks up the strategy leaving him with a long position and incurring 2 different transaction costs.
Unless the broker has the capability to identify hedge positions and agrees to treat them accordingly I don't see how you can claim they are wrong. If most brokers had this capability and it was the "norm" than you might blame the broker. But I'll bet very few brokers have that capability. Actually I don't know any that do and I would like to know if there are any.
Don
Quote from Don87109:
That's true, but most brokers don't try and figure out your hedge and unwind accordingly. What if he had other option positions that look like hedges, which one should the broker assume is the hedge?
Unless the broker has the capability to identify hedge positions and agrees to treat them accordingly I don't see how you can claim they are wrong. If most brokers had this capability and it was the "norm" than you might blame the broker. But I'll bet very few brokers have that capability. Actually I don't know any that do and I would like to know if there are any.
Don
I'm sure they can see how the position is paired, they would have to in order to determine the amount of cash he can spend vs how much they have to hold out in requirements. I know they do this in effort to reduce risk but they actually created risk in his case. What if the stock had opened 10-15 pts down Monday morning?