how to daytrade and invest on the same stock and on the same account with IB?

I'm currrently daytrading QQQQ only, however as the market seems to bottom out soon, i would like to invest in QQQQ as well, doing both under the same account. But, the problem is once i invested in QQQQ, if i then daytrade QQQQ, my QQQQ position would get swapped every time i daytrade. my investment would not get the tax benefit as a long term investor. Is there a less complicate way where i can set aside an account just for investing, perhaps a sub-account?

Talking to IB customer service is useless and they always unpleasant to deal with.


thanks,

 

invest in QQQQ
daytrade QLD

 

One alternative you may consider is to purchase a QQQ ETF Single Stock Future. This position will move in tandem with the underlying and at expiration will expire into a long ETF position or you could roll the future out into time.

OneChicago offers trading in both the 100 multiplier (QQQM1C) and the 1000 multiplier (QQQQ1C). Both are available via the TWS offered by Interactive Brokers.

This will leave you with the ability to buy/sell the QQQ ETF itself intraday.

Best.

 

Wouldn't the SSF be subject to the 60/40 tax rule, though? He still wouldn't get the full benefit of long-term capital gains.

 

That is correct. SSF are taxed at short term and are not even given 60/40 treatment like other futures. (As an aside can you all write your congress representatives on this topic)

So Buy the QQQQ ETF and buy/sell the SSF ETF.

Best.

 

thanks for all the inputs, it seems using qqqq and gld combination works for me, as i'm not comfortable trading futures yet.