What's the best way to open a self-directed IRA?
Most of my retirement funds are currently in an IRA managed by a financial advisor. However I'd like to take better advantage of Chris and Teeka's recommendations through their Trend Rider and Point & Profit services to which I both subscribe. Any recommendations for how to start a self-directed IRA so that I can control how the funds are invested?
Answers
293 points
Intern answered one year ago …
Here are some questions and answers previously asked on TickerHound that might help a bit. It seems like you have a good grasp on how to open a brokerage account and trade stocks already. I hope this helps:
http://www.tickerhound.com/questions/detail/200805ed5ec69/whats-the-differ ance-between-a-roth-ira-and-a-self-directed-roth-ira-or-are-they-the-same
http://www.tickerhound.com/questions/detail/20080326e9bd5/planing-for-long -term-retirment-by-opening-a-roth-ira-any-advice-on-who-to-setup-my-w-accou nt-with
http://www.tickerhound.com/questions/detail/2008059434e56
2082 points
alanj answered one year ago …
If your IRA is not with an online broker, then open an online brokerage account. When you open the account they will ask you where your IRA is located. They will ask you how much you want transfered. You can transfere all or a part of your managed IRA. They will do the transfering for you. You can then go online and do your own trades. If your unsure how to trade online, most online brokers offer practice accounts. Sometimes called virtual accounts. You can open one of these and become familiar with their system. Or open both a real account and a practice account. It will probably take several weeks to do the IRA transfere into the real account. While you are waiting for the transfere to complete you can be practicing, becoming familiar with their system.
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