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Strategies & Market Trends : DAYTRADING Fundamentals
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To: M CAHILL who wrote (1660)7/8/1999 10:40:00 PM
From: Dominick  Read Replies (1) of 18137
 
MCAHILL:
Day trading IRA accounts depends who the broker. Some say OK
others say it's illegal. None can give me the specific regulation
stating pro or con. Money Managers trade pensions and IRAs.

Any mistake made in your account by you should be classified as an
error for NASD purposes,(I believe that's a special account). You must notify your broker if your aware of your error so they can correct it immediately. Some brokers have programs that prevents you
from making these kind of errors. Bottom line, you are responsible
for your account.

Here's an example that happened to me. I SOLD 1000 shares when I
wanted to BUY 1000 shares. The stock went up 1 point. I quickly
covered and notified my broker. It went into their error account
and the mistake was cleared by charging me commissions of $500 to buy and $500 to sell to make up for the $1,000 loss. Whenever I had any gains they gave me free trades until I was even.

As I said more brokers are implementing programs to prevent the above.

Dominick
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