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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: MaryinRed who wrote (31881)4/21/1999 8:00:00 PM
From: If only I'd held  Read Replies (1) of 122087
 
Mary, that is correct. Are you using Townsend Analytics by any chance?? If you shorted something in your IRA, then you must have entered the trade as a margin trade rather than cash. You have to be careful about that. i have bought stock on margin in my IRA by accident and actually created a call. The software doesn't always catch it, but you could be at risk of not having control of your account the following morning. And yes, it is a rule that you can not trade with money made from an overnight position in your IRA. It is the same as using proceeds in your margin account. The cash is available but basically, you have 1/2 the buying power after the sale until the next morning. The IRA proceeds are not available at all. Be careful if you are learning a new trading system. You can get into trouble quick. Make sure you understand the rules very clearly. Professional daytrading firms do not play by the same rules as Ameritrade, Etrade, etc... Also, you must know that if you create an overnight RegT call, you must wire in funds to cover it or you often have to take a strike against your account. 1st strike is a warning. 2nd strike and your margin is restricted for 90 days. 3rd strike and you are cash only. It's confusing at first. But don't get all 3 strikes before you even understand the rules.
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