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I need an online stock brokerage - for my IRA

  • Post #1
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  • First Post: Feb 4, 2009 4:11pm Feb 4, 2009 4:11pm
  •  FrankTheTank
  • | Joined Jan 2007 | Status: Member | 246 Posts
I would like to transfer some of my IRA into a broker such as e-trade and trade it on my own.

My four main criteria are:
-Must allow 401k or IRA accounts
-Must have low commissions
-Must have good customer support
-Must have above average execution speed

Any ideas?

Thank you.
  • Post #2
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  • Feb 4, 2009 6:50pm Feb 4, 2009 6:50pm
  •  Rabid
  • Joined Jan 2008 | Status: Lunatic Supreme | 1,840 Posts
I use ThinkorSwim and Etrade.
 
 
  • Post #3
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  • Feb 4, 2009 9:27pm Feb 4, 2009 9:27pm
  •  Skyhook
  • | Joined Sep 2006 | Status: Elevating the way to success | 585 Posts
Interactive Brokers is another good choice as well. They will also let you trade forex in your IRA too.
 
 
  • Post #4
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  • Feb 4, 2009 10:32pm Feb 4, 2009 10:32pm
  •  howdytest
  • | Joined Jan 2007 | Status: Member | 95 Posts
i use thinkorswim too...i switched from etrade because their service was terrible. 3 weeks to get money in. 3 months and they still wouldn't enable options trading for me...

i've been with thinkorswim for nearly 6 months and haven't had any issues.
 
 
  • Post #5
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  • Feb 5, 2009 11:57am Feb 5, 2009 11:57am
  •  Danoid
  • | Joined Mar 2008 | Status: Member | 56 Posts
Go with Fidelity or Schwab (...as I am planning, probably with Fidelity). Stay far away from e-trade!!

Fidelity and Schwab are also choc full with financial advisors, so you can talk with one to iron things out.
 
 
  • Post #6
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  • Feb 5, 2009 4:39pm Feb 5, 2009 4:39pm
  •  FrankTheTank
  • | Joined Jan 2007 | Status: Member | 246 Posts
Thanks Guys,

I note that Think or Swim does not allow short stock trades with IRA accounts. Is this normal?
 
 
  • Post #7
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  • Feb 5, 2009 5:59pm Feb 5, 2009 5:59pm
  •  Rabid
  • Joined Jan 2008 | Status: Lunatic Supreme | 1,840 Posts
Yes, IRA accounts can't short and can't trade w/ margin.
 
 
  • Post #8
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  • Feb 11, 2009 3:44am Feb 11, 2009 3:44am
  •  Money-RX
  • | Joined Jul 2007 | Status: Member | 855 Posts
I use Trade King and highly recommend.
BTW, I wouldn't trade any stocks right now without a detailed insider trading report.
History is written by the victors.
 
 
  • Post #9
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  • Mar 25, 2009 12:31pm Mar 25, 2009 12:31pm
  •  nickj
  • | Joined Jan 2009 | Status: The Lazy Drone | 50 Posts
Quoting FrankTheTank
Disliked
Thanks Guys,

I note that Think or Swim does not allow short stock trades with IRA accounts. Is this normal?
Ignored

No broker will allow shorting Stock or naked short options in an IRA account (today).

You can place complex option spreads in your IRA via ThinkorSwim though. So you'd be able to do a synthetic short that way. I would recommend ThinkorSwim for all your trading needs.
 
 
  • Post #10
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  • Jun 2, 2009 3:59pm Jun 2, 2009 3:59pm
  •  dkmb92
  • | Joined Jul 2008 | Status: Member | 200 Posts
what would be the advantage(s) of opening an ira acct to personally manage your trades vs. any other type of account? if you cant short or trade w/ leverage, then how much can this limit your personal strategies? would it not be better to just open a regular or other type of account so that you could take advantage of these options? i mean if one knows how to trade, then they dont need to pay any else to do it for them right?
 
 
  • Post #11
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  • Last Post: Jun 2, 2009 8:04pm Jun 2, 2009 8:04pm
  •  Rabid
  • Joined Jan 2008 | Status: Lunatic Supreme | 1,840 Posts
IRAs aren't really designed for trading, they're more for long term investing. If you have strategies for that, then by all means use them. But trying shorter term trading strategies in an IRA will only end up frustrating you.
 
 
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