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

To: new investor who wrote (1120)	8/11/1998 6:41:00 PM
From: Ken Adams	Respond to of 1729

Newbie, Better check with that broker. If by "daytrade" you mean in and out several times per day, you probably aren't going to be able to do it in that account. FWIW, I'd give one helluva lot of thought to paying that 10% penalty to get my hands on the money. Especially if you truly are a "new investor". Leave that money sit in the Roth, safely, while you visit the library for some reading. New investors rarely go directly into daytrading and do it successfully. With no other retirement funds out there, be careful!! Ken

To: new investor who wrote (1120)	8/11/1998 7:45:00 PM
From: Len	Respond to of 1729

Hey "new"... are you sure about that? I thought you couldn't touch any of the Roth IRA until it was open for five years. Hope you checked on this. As to your question, since you asked, I'll give you my advice, for what it''s worth. Don't even consider daytrading that money. If it's truly for retirement, then you're playing with a type of trading that is inherently way too risky for a beginning daytrader.Frankly, most beginning daytraders suffer significant losses while they're learning the craft. You MUST have money that you can truly afford to lose. Also, since you can't use margin in that account, you will only have buying power limited to what you begin the day with in cash, generally. Not only that, many brokers only allow one round trip per day in an IRA account. In any event, while you CAN trade with only $30K, it really doesn't give you the ability to trade blocks of shares large enough that make small movements worth your while. Now, if you are already well squared away for the future, and you have confirmed that you can trade that actively in that account, then maybe you can give it a try. My advice would be to try some position, or swing trading at first, so you can get a feel for the ebbs and flows in a few stocks that you decide to follow, not to mention getting used to doing electronic trades, , reading charts, Level II if you use it, etc. Just my opinion, so get some other advice, too. Good luck Len

To: new investor who wrote (1120)	8/11/1998 8:45:00 PM
From: Robert Meany	Read Replies (2) \| Respond to of 1729

Special tax laws are in effect for daytrading. Usually IRA's cannot be daytraded exclusively. Go to IRS, Tax related strategies--Traders, SI thread for some guidance. Bob

To: new investor who wrote (1120)	8/13/1998 1:35:00 AM
From: BLACK CROW	Read Replies (2) \| Respond to of 1729

I will do you a favor by not pulling any verbal punches, so hear it is and don't forget it! YOU ARE AN IDIOT(If you do it that is)!!!! Stick with what type of business that allowed you to accumulate that kitty in the first place. If you want to learn to become a trader as a profession do it right by working your way up in a firm so you really understand what you are up against. I don't even know you and the thought of seeing somebody pissing away their retirement still kills me. I guess because I along with other tax payers will be footing the bill for poor planning now by others who run out of money in their later years. INVEST! Love the market and the excitement that goes along with it but do your homework first. The market really is at a top when we hear this. Please take this in a positive manner.