A lot of you guys have been asking me what type of account I trade in, or what the best type of brokerage account is for day trading. While I am not a tax professional or a financial advisor, I think my insight will be very helpful. I do my day trading in a Roth IRA, since this allows me to pay 0% capital gains tax. There are a lot of loopholes that allow you to withdraw your money before retirement as well, and I explain those in this video.
👪📈 If you want the best trading community around, sign up for my stocks Discord: ! I’m live on the mic calling out plays nearly every day for most of market hours!
💸📊Calculate your trading statistics with Profitly here: (Here are my verified trades uploaded directly from my broker:
📱Follow me on Instagram, Twitter, & TikTok @thelaptoplegend!
🏹Get a free stock by signing up for Robinhood with my referral link: ! (Note, this is not my primary broker, only for very speculative plays). Fidelity is my main broker for day trading, because it allows zero commission OTC trading. OTCs are what I mainly trade, and Robinhood and WeBull don’t currently allow trading of these stocks.
👕 If you want to support my clothing brand, check out my website where I have a ton of inspirational graphic designs. They’re honestly pretty fire. You should definitely check them out.
👨👩👧👦 Join The Laptop Legends Mastermind Facebook Group for entrepreneurs! Feel free to invite your friends as well!
💸 I started my entrepreneurial journey in e-commerce. Easily build your own ecommerce store with Shopify! Get a free trial with my link here:
💰 If you’re interested in my ecommerce training, you’re welcome to check it out on my website It is by no means the only way to be successful in e-commerce, nor does buying it guarantee your success. E-commerce takes a LOT of hard work to get significant results in, but this course is designed to cut down on your learning curve and take a lot of the tedious research out of the process, and give you a system to follow that has worked very well for me.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
Oh yeah and my content is for entertainment only. In no event will I be liable for any loss or damage including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of my content on YouTube, Instagram, or TikTok. I am not a licensed broker/financial planner. All financial decisions made by the viewer should be done after talking with a licensed professional. Everything on this channel is for entertainment only. My video content may change over time, or become outdated or invalid. I reserve the right to change my opinions and entertainment content at any time….(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Zebra
Zebra
great minds think alike! <3
Congrats growing your account so fast! How you grow it so fast when you can’t short stocks in an IRA? Your broker allows margin on your IRA?
What platform do you use for Roth ira
when are you allowed to withdraw from the IRA?
Zebra
Zelda
Thanks! Zebra
good stuff…zebra
Zebra
Useful video. I have a traditional IRA to use for day trade, am I required to pay taxes every day-trade (buy or sell) transactions?
I have a fidelity roth ira, can I still day trade with that account?
Zebra!
Great advice man. Just recently started a Roth IRA and can take all the advice I can get. Subscribed 🙂
Zebra 🙂
thank you!
Antelope
first time here and i found this video to be very helpful.. thumb up.
Hey man, so example. If i manually put money in a ROTH IRA (transfer money from my bank account to ROTH) how is that being taxed?
Or are you saying that my bank money is already taxed?
Have you looked into a backdoor Roth IRA?
Another reason why you want to trade in a Roth IRA. If you are a college student and you want to maximize the amount of scholarships be grant money you can get, you don’t have to report IRA’s on the FAFSA, but you do have to report any assets and cash holdings. Also, if you haven’t bought your first house yet, you can take out up to $10,000 of gains with no penalty if you use that money for your first house.
Zebra
That’s some dang good stuff right there. Thanks David for another great video.
No better advertisement for ROTH IRAs than Peter Theils 5 Billion dollar Roth Ira fund
1000% gains in months? GODDAMN.
Zebra
Zebra. Very helpful. Thanks!
Can you harvest losses for tax benefits using a Roth?
Great video. Thanks.
Great video, what state are you located in? Would be cool to buy you lunch and pick your brain sometime.
Thank You for being to the point.
Imagine if you bought gme at 4$ in your roth.
Also, if you open an account before may 15th, you can contribute 6k for 2020 and 2021.
FYI – you can withdrawal any earnings excess of your contributions to a Roth IRA. IE: I put in 6k then it grows to 8k, I can withdraw 2k with zero penalty at any time for any reason.
Zebra
thank you for the info!
Zebra!!!
Thanks for the video! I have a question. I know there's a max amount you can put into your ROTH IRA a year, 6k for me. So if I do trades inside my ROTH IRA let's say for example I buy 1k of a stock and then it goes up and I sell it for 2k (making me a 1k return) does that extra 1k now count towards the amount I've put into my ROTH? like now I can only put 4k more in? (6k total – 1k from my original investment – 1k from my profit) or is it just me depositing the 6k and EVERYTHING I make in profits (dividends, sales, etc) are free game?
And any profit I make in that case I can invest or cash out without any issues?
zebra, thanks!
Howdy! So can we say trade out of a Roth IRA through fidelity with only the first $6,000 we use to open the account? I am going to start a Roth IRA with them but depositing the max each year will make me have to wait until 2023/2024 to have over $25,000. Or so I need to be smart and only do three day trades per 5 days until I am hopefully able to build up to $25,000? Hope you respond, thank you!
Zebra, when we moving to PR?
I’m 51 and wish I would’ve knew about investing when I was in high school or in college. This stuff they don’t teach you in school.
Trying to get my 16-year-old daughter and 24-year-old nephew investing now, even if it’s $50 per month.
Zebra
good video, we stared May last year in our Roth accounts, 7k each last yr and this yr as we
are over 50 . so i am in 14k and at 57k as of today.
yeah its slow with vanguard, 3 days to settle but well worth the wait. i
do 3 to 6 trades a months with different amounts of money to get those
dividends. i hope to be over 100k by the end of 2021 and over 500k by
2025 and retire.