I have a mutual fund in my Fidelity Roth IRA account, which has limited margin enabled. I thought I had read somewhere that with limited margin, I would be able to put in a Sell order for the mutual fund and then use the expected proceeds to buy an ETF on the same day. However, I just tried putting in a Sell mutual fund order (tried both by number of shares and by dollar amount), but Cash available for trade is still $0 and I can’t put in a Buy ETF order.
Do I need to move existing mutual fund shares into the margin type sub account first? Or is this not possible with Fidelity IRA?
(On the other hand, Vanguard IRA account lets me put in a Buy ETF order before I even submit a Sell MF order when I have no cash available to trade; after ETF purchase, I can then submit a Sell MF order to cover that purchase)
Thank you.
Do I need to move existing mutual fund shares into the margin type sub account first? Or is this not possible with Fidelity IRA?
(On the other hand, Vanguard IRA account lets me put in a Buy ETF order before I even submit a Sell MF order when I have no cash available to trade; after ETF purchase, I can then submit a Sell MF order to cover that purchase)
Thank you.
Statistics: Posted by ma21n2 — Wed Dec 27, 2023 11:34 am — Replies 1 — Views 70