I am moving my margin account , probably to TN-MB. Anyone know how they handle IRA's. They say no daytrading on their website. How do they apply that? If I buy something and exit on the same day, say my stop loss was elected, is that daytrading and what do they do about it?
You can day trade the IRA, but you can only spend the cash amount once per day. So if you had $30,000 in an IRA, and you bought 1000 shares of a $30 stock, you could sell it that same day but you would be locked out of trading the account for the rest of the day. Currently, all IRA trades have to be called in but I'm told that trading IRAs will be offered through realtick soon.
Baron, Thanks, that puts switching it into question. Not really sure why they handle IRA's differently. Trading them seems to make sense to me as there are no tax consequences.
all IRA trades have to be called in but I'm told that trading IRAs will be offered through realtick soon. When I first opened my DAT accounts the lack of IRA trading prevented me from going with Realtick even tho they were my first choice. Went with Cyber instead as they've always allowed IRA trading online. Also opened a margin account with Cyber since I was forced to open my IRA there (and they allow you to combine the total trades of the two accounts towards software/data fees). Ahhh, but now if Realtick starts allowing daytrading an IRA account online (with the normal cash account limitations) then I'll seriously look at switching all my accounts over. Anybody with information on this, please keep us posted. Thanks.