Any brokers that dont enforce the 3 trade rule?

dumtom · Oct 28, 2002

Any firms out there that are lax on the 3 trade 5 day rule? Thanks

version77 · Oct 30, 2002

NO. :eek:

bullmarket79 · Oct 30, 2002

Perhaps you could multiple accounts with different brokers to satisfy different trading needs.

Ninja · Oct 30, 2002

Originally posted by bullmarket79
Perhaps you could multiple accounts with different brokers to satisfy different trading needs.

Wouldn't it still be illegal to make 4 or more daytrades within 5 business days in different accounts?

gaj · Oct 30, 2002

etrade used to be.

mdmbud · Oct 30, 2002

Just wait for SSF's

nyc-hotshot · Oct 30, 2002

Originally posted by Ninja

Wouldn't it still be illegal to make 4 or more daytrades within 5 business days in different accounts?

First of all, it's not illegal. It's an NASD rule, not a law.

One brokerage firm has no knowledge of another's activities. This is a brokerage firm rule, not a rule for individual traders. You could do 3 day trades in 3 (or as many as you want) different accounts, as long as you don't violate the rule in an 1 of the accounts.

marketsurfer · Oct 30, 2002

hotshot,

isn't that how martha stewart got in trouble , violating security rules ??

LOL,

surf

WCOMtrader · Nov 2, 2002

Originally posted by marketsurfer

hotshot,

isn't that how martha stewart got in trouble , violating security rules ??

LOL,

surf

She violated Federal Law not NASD. The Insider Trading Act. NASD has no authority over the public, only us the registered traders

.

Lobster · Nov 2, 2002

Originally posted by nyc-hotshot

First of all, it's not illegal. It's an NASD rule, not a law.

One brokerage firm has no knowledge of another's activities. This is a brokerage firm rule, not a rule for individual traders. You could do 3 day trades in 3 (or as many as you want) different accounts, as long as you don't violate the rule in an 1 of the accounts.

I concur! So it's really very easy to circumvent the PDT rule. Just take $2,000,000 and split it up into 200 accounts with 200 different brokers. That way you can do 600 daytrades for each 5 day period! Problem solved.