Self Directed Roth IRA?
I would like to take some money out of my Roth IRA and invest it in currency exchange.
From what I know, I need to move it to a Self Directed IRA provider and with that account fund the currency exchange account.
Is this correct? Is there another way of doing this? Another method I came across is to form an LLC, which you start with your Self Directed IRA, then trade currency with that LLC.
Thanks for your inputs.
I looked into doing the exact same thing. There are companies that specialize as custodians and then allow you place the "titled" account in approved investments which include FX.
I remember that it was pretty expensive. I decided to "practice" with my "regular funds". Good thing I did. Lost quite a bit of money. At least it was a tax loss. In an IRA it would not have been.
The average new account in FX blows up in less than three months. I spent 1.5 years before I had to cry uncle. 95% of all newbe’s loose large amounts of cash.
Get into FX with a good plan that does not include thinking "how hard could it be". I’d suggest learning for a year before putting 1 cent in.
Good luck!