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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Mad Bomber who wrote (969)	7/19/1998 9:41:00 PM
From: Eric P	Read Replies (1) \| Respond to of 1729

You may need to be careful about daytrading from your IRA account. I have heard that such active trading in an IRA could invalidate the tax free status of your IRA account, possibly including penalties, etc. I am not certain, but you may want to consult a good trading accountant. I know that "Robert A. Green, CPA" is an SI member and seems to know a lot about how the law applies to traders. Let me know if you find out anything informative. -Eric

To: Mad Bomber who wrote (969)	7/20/1998 12:03:00 AM
From: Darren	Respond to of 1729

How many positions do you typically have open at one time? I have multiple accounts, but only two day-trading accounts. One is for 1-3 day stuff using the web broker routine, one is for pure day-trading, using the advanced Cybertrader software. I could only manage one daytrading account at a time, but I know people that manage multiple accounts. I do not day-trade with IRA money, only Risk Capital. My day-trading account typically never has more than 3 positions open at any one time. All other accounts hold only one position each, including IRA's. This setup is probably somewhat unusual...some people put all their positions in one or two accounts.