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Author: jeffy3 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76420  
Subject: Re: IRA and Daytrading Date: 12/8/1999 1:08 AM
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MiniMe wrote: thanks bob. any advise on the daytrading with an ira. If i set an account up with a discount broker, and buy and sell, in the end, under a roth, i would not pay anything. If i tried that without the shield of an ira, i would be taxed big on a less than one year holding of a stock--some 30 percent or more on the gain.

But I understand that I do not have to worry about it at all. I can trade till the cows come home and reap all the profit, under a roth.

anyone know if that's true?

>>>>Yes its true. DO NOT DAY TRADE!!! I suggest to you that if you did not know that very basic information you are not ready day trade. Mutual Fund managers, people who are highly educated and have spent years investing large amounts of money and who have reached the height of their profession, consistently prove that they cannot beat the S&P 500. Is it foolishness or arrogance that leads people to believe that with little or no knowledge of the stock market, they too can produce the mega-percentage returns promised by day trading?
IMHO start off with VFINX. Day trade a "paper" portfolio for kicks. Read, read, and read some more. Then still don't day trade.
jeffy3
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