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Trading out of an IRA

  • #21
  • Jan 16, 2008 5:41am Jan 16, 2008 5:41am
Quoting Lou
Is anyone trading out of an IRA account?
If so I would like to learn more about how it is set up.

Thanks

Lou
Great thread discussion Lou. I had heard it wasn't possible in forex.

Great info everyone. Thanks!
Robonacci com
  • #22
  • Jan 16, 2008 8:06am Jan 16, 2008 8:06am
Quoting blueruby
They do their best to save us from ourselves, haha.
from the sound of this thread, "they" arent doing a very good job:
Relax and be happy.
  • #23
  • Jan 16, 2008 8:07am Jan 16, 2008 8:07am
I have a retirement account (called RRSP in Canada) which is essentially a tax-deferred account (like IRAs I believe). This account is with a stock brocker. For trades that can take advantage of long-term swings in currencies, the following ETFs on the NYSE do the trick:
FXE - EUR
FXB - GBP
FXC - CAD
FXA - AUD
FXY - JPY
etc.

For example, I bought FXY a few weeks ago to take advantage of the bearish CADJPY chart (i.e. betting on the yen appreciating).

There are also a number of ETFs for commodities, countries, etc.
  • #24
  • Jan 16, 2008 9:52am Jan 16, 2008 9:52am
Quoting bluemeasure
I have a retirement account (called RRSP in Canada) which is essentially a tax-deferred account (like IRAs I believe). This account is with a stock brocker. For trades that can take advantage of long-term swings in currencies, the following ETFs on the NYSE do the trick:
FXE - EUR
FXB - GBP
FXC - CAD
FXA - AUD
FXY - JPY
etc.

For example, I bought FXY a few weeks ago to take advantage of the bearish CADJPY chart (i.e. betting on the yen appreciating).

There are also a number of ETFs for commodities, countries, etc.
How are you doing with those? I had looked into them but since they are relatively new there has not been a lot of liquidity and the spreads seem a bit high.
Same Whore .... Different Dress
  • #25
  • Jan 16, 2008 6:00pm Jan 16, 2008 6:00pm
Quoting johnedoe
How are you doing with those? I had looked into them but since they are relatively new there has not been a lot of liquidity and the spreads seem a bit high.
These are best used for long-term swings only for the reasons you mention and also because you can only trade them while the NYSE is open (9:30-4:00 EST), not 24/5 as with a Forex broker. That said, these ETFs give me extra flexibility in my retirement account I wouldn't otherwise have by allowing me to trade futures and forex type instruments. At this time, as the stock markets are heading south, ETFs allow you to redirect funds to more profitable areas and even reverse index type ETFs so I use them quite a bit.
  • #26
  • Jan 19, 2008 12:19am Jan 19, 2008 12:19am
Quoting WHTenn
I will have information in a few days that is related to 401K's, I.R.A.'s for forex traders and also updates on I.R.S. new Forex Tax Law changes from a Forex Tax Attorney. He is away for a few days and when he returns, he will share some very interesting info for us. I was told that we will be very pleased.
Any news on this yet?
Same Whore .... Different Dress
  • #27
  • Jan 19, 2008 6:33am Jan 19, 2008 6:33am
Quoting merlin
from the sound of this thread, "they" arent doing a very good job:
... and from the looks of my "safe and secure" funds this week, too!
  • #28
  • Jan 19, 2008 11:13pm Jan 19, 2008 11:13pm
Here is a link to green traders tax page “tax Reduction And Reform Act Of 2007” (h.r. 3970)

Bottom line..... it's still a can of worms and we are all still paying WAY too much in taxes.
Same Whore .... Different Dress
  • #29
  • Jun 2, 2010 9:46pm Jun 2, 2010 9:46pm
Digging this one up as I move forward weighing LLC, INC, IRAs vs paperwork, wealthbuilding, taxes, deductions, write offs and overhead.

A friend turned me onto the idea of IRA vs a corporation due to my consistant income from my career which allows me to clear my overhead and focus on building my trading accounts. Hence my trading accounts aren't required for my living expenses which takes some psychological stress off allowing me to focus on choice set ups and not make bread everyday.

An interesting note for SEP IRAs are for 2009 you could contribute up to $49000 tax free.
$49ooo compounded tax free over 3-5years with additional $49ooo contributed per year can quickly build up...not counting the profits from trading accounts to $147ooo-$245ooo.

IRS page on SEP IRA
http://www.irs.gov/retirement/articl...7850%2C00.html

A list of some types of IRAs and comparison between brokers
http://www.doughroller.net/investing...count-brokers/
http://www.fool.com/retirement/ira/compare.aspx

SEP overview
http://www.doughroller.net/retiremen...bution-limits/
http://www.theentrustgroup.com/retir...plans/sep_ira/

Interactive brokers page
http://www.interactivebrokers.com/en...n/faqs/ira.php
MB IRA page

IRAs and Real ESTATE
http://www.realtor.org/archives/featuresept03ira
  • #30
  • Last Post: Aug 8, 2012 12:40pm Aug 8, 2012 12:40pm
I know this thread is a bit older, but it has some relevant information relating to IRA's. I was considering rolling some funds out, but the process seems a bit painful as far as paperwork goes though. Does anyone have any suggestions from the past that went smooth as far as transfers and fees went?

thanks in advance,
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