Sorry guys if this seems like a dumb question, but I am trying to be more investor saavy.

In regard to IRA accounts held with brokerages like Ameritrade, eTrade or Harrisdirect and the like. Can those who have these accounts participate in short term trading? That is, holding stocks less than a year. If so, are the tax implications the same, since it is an IRA account?

For example, if I had any amount of money in an online IRA account, I could conceivably do short term day trading to increase my IRA account balance. But am I subject to the short term gains taxes the same as a regular traded account where I can withdraw the amount without penalty.

For some reason I have it in my head that since it's an IRA account, then I wouldn't be taxed. But that's the newbie me in.

Thanks in advance for your response.