This is what we know so far.
1. At IB you will be able to make 3 daytrades in five day period in margin account. You will only be suspended for five days if you make more than 3 daytrades. This is much better than they have originally stated because at least one can multiday swing trade with their margin account. Previously they stated that they will only allow 3 positions in any 5 day period.
2. It is not clear what happens with cash only accounts.
Someone has once said on this board that he is able to daytrade with cash only account. IB states that they don't allow it. Maybe some other brokers do?
3. For those with 10K or more Echotrade may be a way to go.
4. Those under 10K can swing trade with IB and maybe daytrade if some other broker allows it in cash only accounts.
In my opinion if there is demand from smaller traders more solutions to overcome this rule will be found in coming months.
1. At IB you will be able to make 3 daytrades in five day period in margin account. You will only be suspended for five days if you make more than 3 daytrades. This is much better than they have originally stated because at least one can multiday swing trade with their margin account. Previously they stated that they will only allow 3 positions in any 5 day period.
2. It is not clear what happens with cash only accounts.
Someone has once said on this board that he is able to daytrade with cash only account. IB states that they don't allow it. Maybe some other brokers do?
3. For those with 10K or more Echotrade may be a way to go.
4. Those under 10K can swing trade with IB and maybe daytrade if some other broker allows it in cash only accounts.
In my opinion if there is demand from smaller traders more solutions to overcome this rule will be found in coming months.