maxreturn
745 posts
msg #100080
- Ignore maxreturn |
4/2/2011 3:11:40 PM
I've been day trading stocks for the last couple of years. I have a few friends and relatives who have expressed an interest in having me day trade the funds in their IRA's. But I have two questions: 1) I would prefer to do this without having to go through any regulatory hoops or at least keep it to a minimum. 2) I would like to be able to place a trade once and have that same trade executed across all accounts. Is this possible through most brokers? Thanks in advance.
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taylorsk
106 posts
msg #100081
- Ignore taylorsk |
4/2/2011 4:05:46 PM
Interactive Brokers have a friend and family account. I set one up. you can set up a % to execute to all sub accounts.
for example.
your acount - 70%
brothers account 15%
moms account 15%
they will allocate the shares and commissions as per your indiacated percentage
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maxreturn
745 posts
msg #100082
- Ignore maxreturn |
4/2/2011 4:17:49 PM
taylorsk, thanks a lot
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taylorsk
106 posts
msg #100083
- Ignore taylorsk |
4/2/2011 7:51:38 PM
Woops..might have messed up...In Canada at least they do not handle registered funds...only cash accounts.
an IRA is a registered account if I'm not mistaken. Perhaps check with them in the US.....not sure what they handle down there.
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drew9
171 posts
msg #100093
- Ignore drew9 |
4/3/2011 9:48:43 PM
I have used the Interactive Brokers Friends and Family account for about a year now. It works great and you have three types of allocations to choose from. I use the % Equity so it allocates the trades based on the funds available in each account. You can trade up to 10 accounts of basically any type. I manage Cash, IRA's, and a Trust account under my Advisor account. I will mention that this is a very sophisticated platform and not "E*Trade". It takes a lot of time to learn to configure it. Also to avoid monthly fees, you must generate at least $10 in commisions for each sub-account monthly. I have also discovered that while they have low commissions (.005 per share) they can certainly creep up fast if you trade high volumes of low priced stocks. I have had to change my strategy a bit to trade higher priced stocks and ETF's as the commisions were getting much higher than my prior broker. Overall, this option makes it great because you can still do this for up to 10 accounts and not become a "professional." This means certifications and certainly higher fees for datafeeds etc.
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