My 401K has stopped me from selling anything!

page: 1
0

log in

join

posted on Oct, 5 2010 @ 11:52 PM
link   
I did an online transaction today to sell my funds to move to money market funds because I did not feel comfortable with the crazy gyrations in the last two days. When I arrived home I had a letter in the mail indicating they may limit anyone attempting market timing. I read the prospectus and it says just not to buy any shares if you are trying to time the market. In other words if you expect stocks to go up or down you may be timing the market so just don't buy anything with them.
I have to quit my job to get away from using them in my 401K account. I've worked at the company over 13 years but I guess I'm left to consider that now. Most of my life savings is stuck in that 401K account. I'm going to call them tomorrow and see if my online transactions can be honored or if I do new transactions if that will be honored. I never thought a 401K fund company would block someone from selling. I always heard the joke that you can only buy but not sell to help make the market go up. I didn't think I would experience it.

Guess what, the information I read said that people buying and selling may be detrimental to the overall fund performance. Yeah, they don't want individuals making more money than a savings account.




posted on Oct, 6 2010 @ 02:16 AM
link   
Well I guess the computers were slow in updating. My funds did sell and are now in money market. I can rest easy for a while. I'm still upset at the little known rule that they only want people to buy and hold. I'll do that when I believe we're in another bull market. I believe the Fed can only inflate this economy so much and then the high price of oil, gas, etc. will kill the economy even worse than it was. Unfortunately, everyone seems out to stop the little guy from making any money.



  exclusive video


 
0

log in

join