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Strategies & Market Trends : Trading For A Living

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To: Len who wrote (1092)	8/11/1998 6:19:00 PM
From: new investor	Read Replies (4) of 1729

I recently converted my ira to a brokerage Roth IRA. I'm considering using the $33k to daytrade through this account. If successful, I would like to do this for a living, withdrawing only enough to live off of. I can withdraw the first 33k, with only a 10% penalty. Any profits over and above the 33k would be subject to taxes in addition to the 10% penalty if withdrawn during the first 5 years. After 5 yrs., all my profits can be withdrawn tax-free. Does this sound like a reasonable idea, and has anyone else considered using a Roth IRA as a vehicle for daytrading? I don't have any other non-retirement accounts.

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