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Randy,
Both brokers would allow me to do that. You can't trade all of it and
I'm not advising anyone to use their IRA for trading futures. I lost
about 50% of my IRA in about 1 month.
With that being said, the broker sets up an account with a bank or
fiduciary to hold the account ( both brokers used the same bank ) and
then you fund your futures account from that. There is a $50.00 or
$100.00 annual fee. I can't remember the percentage but I think that
you can use 70% of your IRA balance to trade futures with. Like I said
Both of the brokers would do this. There might be some other fees like
wire transfer fee ,etc. But it is basically the same as a regular
futures account. You just have to watch out because you can't fund it
like a regular account.
Another note about my comparison. The new firm tended to answer the
phone faster so as time went on I tried to wait so that both brokers
answered at the same time. I gave the old broker a few seconds of a
head start. It still didn't seem to make a difference. New broker still
won.
The other point is that the new broker during busy times sometimes had
to call me back with the fill where the old broker still allowed me to
hold. Still didn't make a difference, fills were still better with the
new broker.
The fills were still reported in what I would consider good time. No
more than 4 or 5 minutes in most cases.
Regards,
Tom
Randy Murphree wrote:
>
> Hi Tom:
>
> Thanks again for sharing with us these insights. One thing that catches my
> eye in this post, is the fact that you were able to trade the SP inside
> your IRA. Do I understand that correctly. Could you explain how you
> accomplish this?
> Thanks,
> Randy Murphree
>
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