Received 1 Karma
fittrader101
1
fittrader101 Jan 04, 18 8:27 AM

@Kody I contacted IB about this but they can't convert your account to cash if you are 21 year old or above unfortunately....

Kody
2
Kody Jan 04, 18 10:08 AM

@fittrader101 I'm 24 and this is what I did. I created a linked cash account, deposited another $3,000, it was approved and funds transferred I believe by the next day. Then I withdrew my money out of the margin account and closed it. They will charge you like a $20 monthly fee if you leave your margin account at $0 so you can keep a couple grand in there if you want to avoid that and still have the option to short. Any questions just lmk!

Kody
Kody Jan 04, 18 10:10 AM

@fittrader101 For me, I don't take any positions larger than $500 while I'm still working on my strategy and most of all my mindset. That still lets me make 5 day trades a week which is plenty for me. I honestly average about 2 per week since I started trading a couple months ago

SAndrews
1
SAndrews Jan 04, 18 1:06 PM

@Kody thanks for this advice love your work 😀.

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