Daytrading from your Roth IRA account...

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

  1. 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...
     
    #31     Feb 7, 2003
  2. nkhoi

    nkhoi

    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.
     
    #32     Aug 3, 2003
  3. 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
     
    #33     Aug 3, 2003
  4. 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...
     
    #34     Aug 3, 2003
  5. sammybea

    sammybea

    #35     Aug 3, 2003
  6. ortega

    ortega



    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.
     
    #36     Aug 3, 2003
  7. ortega

    ortega


    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.
     
    #37     Aug 3, 2003