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  • trappedbybears trappedbybears Mar 5, 2007 2:21 PM Flag

    Still long AMD in the eye are eh?

    Yep, and I was thinking about adding to it, but that account is being transferred to IB so I'm just going to leave it alone so as not to delay the transfer by extending settlement of trades.

    FWIW, the AMD long is kind of a market dare. I figure if it goes to zero, I'll be rich by virtue of my ultrashorts in that account. Yee hah.

    OH, this is kind of a big deal - and it's what convinced me to send my IRA to IB - they allow you to open your IRA as a margin account (I'll bet you already knew this and were keeping it to yourself). Of course you still can't borrow money in a margin IRA (which is not my objective anyway), but you can redeploy funds from sales without waiting for settlement, which means you can daytrade the account as long as you have 25K equity. This almost seems to good to be true, but I'm not going to look a gift horse in the teeth.

    Too bad Albert I. Cohn isn't here to announce the <doule> bottoms in NEW for us. Yee hah.

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    • The entire Apollow College fund was in NEW.

      You had to wait for settlement at Cyber?

      • 1 Reply to kermit_the_hogg
      • "You had to wait for settlement at Cyber?"

        Yes, a couple of years ago everyone got religion because Ameritrade had to pay a multimillion dollar fine because Datek had allowed daytrading in cash accounts. As a result, Cybertrader instituted the worst possible interpretation of the rules - they didn't free up your cash for a new trade until T+3 after the sale of the position. That really put a crimp in my style for my IRA (but, of course, had no bearing on anything else I do).

        I tried to get the Cybertrader guys to reconsider their interpretation since Ameritrade's interpretation is a little less severe (they free up your cash at T+3 after the BUY, not the sale), and that appears to be fine with the rule makers. But the guys at Cybertrader acted as if I was out of my mind.

        Anyway, the IB margin account for my Roth means I can get back to making my indexit-style trades tax free.

        Something else I noticed about IB: they don't even hit you for the SEC sales fee (at least as far as I can tell so far). I remember indexit bitching about IB not giving him interest on his cash, and that is obviously the business model at IB. Which is just fine with me. As long as the money is in motion, I could give a damn about making interest on it in my daytrading accounts. Why put money in a daytrading account if you're trying to make 5% interest? That's what Treasury Direct is for.

        So, anyway, I'm happier than a pig in shinola, and twice as shiny brown!

34.69+0.03(+0.09%)Jul 25 4:00 PMEDT