Can I use my current mutual fund of about 1000 to set up a self directed Roth IRA?

You can use your current mutual fund company, but not your current mutual fund. The mutual fund company will become the administrator of the fund. They will set up a completely separate IRA account for you. You might ask them if they will transfer $1000 of you current holdings into your IRA account. I do not know whether they will do that or not. I expect that you may have to sell $1000 out of your current holdings and transfer that amount into your IRA account and then buy $1000. But they may very well do a transfer.

The only way to fund an IRA is with cash.
You can't transfer Securities from an single account to an IRA account; You may sell the fund, set up and deposit cash in an IRA account and re buy the fund you had; If you had American Funds, you may buy it at NAV so it will not cost you again;

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