day trading margin limits

E

edwardoRL

I recently started an account with lightspeed. I thought I had met all the requirements that would allow me the 4x1 buying power. The first day I traded I was having trouble getting any orders to excute. After It people couldn't find anything I noticed in my account bp that I was only getting 90k on a 45k funded account. When I questioned them they told me that since I was out of work and didn't have enough income they had restricted my to 2x1 buying power. Does anyone know if this is a practice that is commom to most of the brokers listed on this site? Are there brokers that don't have this restriction relative to income? I sold a house to do this after two years of learning all I could on different demos and self edcuation now that I can do it I don't want to be restricted with limited bp. Any suggestions or knowledge of this income restriction on bp would be appreciated
 
Quote from edwardoRL:

I recently started an account with lightspeed. I thought I had met all the requirements that would allow me the 4x1 buying power. The first day I traded I was having trouble getting any orders to excute. After It people couldn't find anything I noticed in my account bp that I was only getting 90k on a 45k funded account. When I questioned them they told me that since I was out of work and didn't have enough income they had restricted my to 2x1 buying power. Does anyone know if this is a practice that is commom to most of the brokers listed on this site? Are there brokers that don't have this restriction relative to income? I sold a house to do this after two years of learning all I could on different demos and self edcuation now that I can do it I don't want to be restricted with limited bp. Any suggestions or knowledge of this income restriction on bp would be appreciated
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Yes, move your account to IB and its TOO bad you cannot sue LightSpeed for false advertisement... unless they have it written somewhere in micro fine print that they will do this too you.. .

How exhausting... :(
 
sounds like bs excuse - if they extend you margin Reg-T (90k on 45k deposit) then they cannot not extend intraday Reg-T margins. Something not right here.
 
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