Daytrading from your Roth IRA account...

Discussion in 'Trading' started by Nelson1980, Feb 6, 2003.

  1. If you decide to break one Roth IRA into two, can you deposit $3000 each year for both of them.?
    #21     Feb 7, 2003

  2. you are wrong....IRA means CASH on hand for all trades 100%...most firms won't even let you run a trade if it's not cash available....also, what type of leverage can you get in an ira? cannot get intraday bp of 4:1 even if you had 25k in he account.
    #22     Feb 7, 2003
  3. You can trade Futures In an IRA Account!

    Millenium Trust is the Custodian for several of my clients IRA Accounts through GNI or Man. I am sure that IB offers this!


    #23     Feb 7, 2003
  4. Show me a firm that allows futures trading in an account, and I'll show you a firm that will be a) in hot water with regulators or 2) out of business soon when the lawyers start bringing arbitration against them.
    #24     Feb 7, 2003
  5. No. You are limited to a total cumulative deposit of $3,000 into IRA accounts.

    You may have 100 IRA accounts, however, currently you can't deposit more than $3,000 into them during any tax year. You could deposit $30 into each of your 100 accounts or $3,000 into one of the 100 accounts.

    Hope this helps.....


    #25     Feb 7, 2003
  6. Why would they be in trouble with regulators. You aren't shorting or buying anything on margin when trading futures.

    Lawyers would go after their own mothers if they thought they could score a buck........ :D


    #26     Feb 7, 2003
  7. Whamo


    I emailed millennium Trust twice and never received a response back. (I received an email acknowledging the receipt of my email.)

    I told them I had an IRA that I wanted to transfer to them and trade futures with half of it. I told them I was concerned with the fact that they have the word margin all over the applications/contracts that you are to sign and I asked them to explain to me how I won't get in hot water with the IRS. Strange how they never answered...
    #27     Feb 7, 2003
  8. LOL
    An IRA buy definition is a conservative account for long term investing and planning and is always viewed with the highest standard of "know your customer"....If a client trades actively a retirement account and out...the NASD and the lawyers will ask the firm to show what they did to protect the clients funds, why did they allow him to trade actively ect....I would go so far as to say this: If they allow futures trading and active trading in the account....I'll open an acct. with them.....I can't lose!!! I'll throw 2k in , trade like a maniac and if I make a bunch of $$ great...but if i lose the $$, I'll get not only the 2k back but probably punitive and legal fees of about 5k on top of that....Hmmmmmmm:D
    #28     Feb 7, 2003
  9. zxcv1fu


    When is the deadline to convert traditional IRA to Roth IRA for 2002?
    #29     Feb 7, 2003
  10. 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:


    #30     Feb 7, 2003