| |
Berney,
You, or your friend, made the mistake of not asking M.B. up front if you could transfer an IRA. Otherwise, how should they be expected to know your intentions? Also, when you filled out the application, it should have been quite obvious that it wasn't an IRA account application form. I think you share as much responsibility, if not more, for what you call "a joke."
Regardless, however, you're lucky. Knowing how highly risky and speculative trading is, particularly day trading, why would anyone want to use an IRA for that purpose? There would be a very real chance you would blow the entire account or have devastating losses soon enough. Most day traders do not succeed. Is it any wonder that M.B. apparently considers it not appropriate for an IRA? Maybe they did you a big favor.
Day trading is suitable for "risk capital" only, whatever that is. But I know it's not an IRA. You could, however, take a few bucks out of the IRA (or your bank account), open an M.B. account to trade, and keep the rest in some nice mutual funds, which you'll surely appreciate when you get older.
Bill
|
|
