Retirement Account for Day Traders

P

poker.a

I’m trading full time and would like to open some kind of retirement account.

I did a lot of research and so far ROTH IRA seems to be the best.

The other option would be to open an LLC account and pay social security and Medicare.

What is really the best retirement option for day traders?

I really don’t know much about either option so any help would be appreciated.
 
Quote from poker.a:

I’m trading full time and would like to open some kind of retirement account.

I did a lot of research and so far ROTH IRA seems to be the best.

The other option would be to open an LLC account and pay social security and Medicare.

What is really the best retirement option for day traders?

I really don’t know much about either option so any help would be appreciated.
More...

Open a Roth IRA. If you trade futures/forex, do it through InteractiveBrokers. "Trust" me...
 
Quote from poker.a:

I’m trading full time and would like to open some kind of retirement account.

I did a lot of research and so far ROTH IRA seems to be the best.

The other option would be to open an LLC account and pay social security and Medicare.
More...

You need earned income, sometimes called compensation income, in order to contribute to a Roth IRA or any other currently available retirement plan.
 
Here is my situation:

I only scalp trade stocks and know nothing about long term investments.

I was thinking about opening a ROTH IRA with my wife since she works full time.

Is it a good idea for us to…..?

A. Start this with a bank such as BoA and let them manage it for us?

B. Open an account with a brokerage firm such as IB and manage the funds on our own?


Trader Zones, did you mean to open an IB ROTH IRA and let them manage it for you or did you do it on your own? Thanks for your reply by the way.

Which IRA (stocks, options or mutual funds) is the best one?


LLC seems to be a lot more paper work so this option is off of the table.


Thank you all!
 
Quote from nickdes:

I wish I would have opened a Roth instead of a traditional ---or at least opened 1 Roth,
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You can easily convert it to a Roth. I converted a Traditional to Roth last year in a day or so with MB. Took the tax hit and now it'll be tax-free forever. And have already made 20+% profits since conversion in December.
 
Quote from Bob111:

correct me if i'm wrong, but you can't short anyting on IRA account..
More...

Correct but you can buy ETF's like SDS (2 x inverse of S&P) and many more that are short/bear oriented.
 
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