I have a Schwab brokerage account and I can trade options. Can I SELL TO CLOSE an option without having SOLD TO OPEN first? I know that is backwards but it looks as though I could do that Even if ...
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Just curious if there is a name to my type of trading. Each day about 15mins before the market closes I look at a new Mutual funds that have served me well over the past few years. If I find one where the top 10 holdings are mostly in the green I invest in and then the next day I sell that fund and buy another. Last two months I have a 89% profit which for somebody who started the game with little and probably still little knowledge seems good. Additional Details Not sure where you get your funds at buy I get charged $8 per transaction I dont get charged any fee. To make it more clear
Day 1: Buy 1000 shares of ABC
Night 1: Fund goes up $0.50
Night 1: I make $500
Day 2:Sell 1000 shares of ACB
Day 2:Buy XYZ
repeat
I've heard of people doing this with their 401k's. The fund managers call it Abusive Trading. Generally they will only allow 1 transfer in or out of their fund during a 90 day period. If you transfer in and out enough times they sometimes have the ability to freeze you out for a set period, again generally 90 days. It is a pretty safe way to make gains and you can avoid getting totally frozen out by focusing on Index funds that track either the DOW, S&P or the Nasdaq if you get frozen from one move to the other as the market as a whole tends to move up or down together. Main point is remember to dollar cost average in.
Billy Dee
Sounds good, hope you are including transaction fees into your "profit".
RetiredDebtFree
Mutual fund settle at the end of each day, so selling the day after stocks are higher would make no sense as they would likely pull back the next day. Also, the short term trading fee on almost all funds which is a penalty for selling within 120-180 days or more would kick in. So, this type of trading is nonsensical.
cainvest1
It is short-term speculative trading. As others have pointed out, most mutual funds will eventually stop you from doing this with a fee, or outright ban.
You may be successful in the short-term, but in the long-term the fees will likely outweigh any benefit you get from this.
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