i would like to roll some of my 401k to a brokerage firm where by i can have more control of my trading inputs the utility company i'm employed with i can only input one trade / it's for the eod price. i would like a brokerage acct where i can trade futures / stocks.thanks for the replys !
right now,i don't know with an ira give me the best option.the taxes is not a big issue with me because if you are earnig money on your trades you are profiting on other peoples money.
Are you still employed with the company providing the 401(k)? If so, I don't believe you can roll it anywhere unless they have a self-directed option with the plan. Some do offer such a feature (the majority don't), and if they do it will likely not be highly publicized. You'll need to dig into the details with your plan administrator. If you're no longer with the company you can roll it to an IRA without a tax penalty. Going into a regular brokerage account will trim 30-40% off for taxes before you get your hands on it. As for IRA's, you're limited in what you can do. Interactive Brokers offers futures within your IRA. Be aware however the account will be a cash account and will be nearly impossible to day trade stocks with the T+3 cash settlement rules. Dsiclaimer: Do NOT screw around with your retirement money. If you're learning how to trade save up some risk money and then go do it with that.
whoever they are they can tell you what options you have, they may offer lots of the services you are looking for w/ that money, though not likely for very active trading. they can also confirm what money, if any, is eligible to be rolled over to an IRA.
thanks for the replys.i'm an experience trader since 1985.as i stated earlier i'm looking to advance my return on my money that is in my 401k which only have limited funds to move my money base on the eod prices.be retiring in a couple of years.