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Author: CBaker100 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 36691  
Subject: Re: A Fledgling Trader Date: 3/9/2008 12:59 AM
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Thanks Tye,

Can you move money between your accounts at Scottrade? I planned to have two accounts, one for long term dividend payers and small cap long term holds, and the other would be my trading account. I do realize that if I enter a position in the short term account that turns into a winner, it could turn into a long term position. Maybe I'm complicating that too much. But the other reason has to do with the insurable amounts. Still trying to figure that one out. It seems the accounts at Scottrade are insured up to $500,000, but there is a limit on the cash positions to $100,000 or something like that.

At this point, both will be taxable accounts because the money in them has already been taxed. My accountant said something about a tax deferred account not being advantageous to me because my income "won't be earned". Yeah, right. I've got a meeting with my accountant in a couple of weeks to check my options.

I do not plan on having to withdraw from these two accounts for awhile to meet living expenses. I have my monthly budget figured out and I am setting aside enough to live on for at least a year plus pay my taxes. By then, I'll figure out something else to do, or maybe I'll be so successful in trading, I won't have to figure out something else to do;)

I do have technical indicators on my charts with Scottrade, and it doesn't cost me anything. Hmmm...
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