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Day Trading under $25k...
- Thread starter nyc-hotshot
- Start date
Quote from version77:
Yes, but it wiped out Bob Marleys brain... :eek:
Maybe not. He was a superstar and made millions.
Weed won't wipe out your brain - that's sniffing glue, crack, and booze.
Knew a guy in N.Y. that used to grow his weed in a flower pot on his window sill. I had never seen that before.
Quote from SethArb:
this firm us not US licensed ...
- Licensed by the Securities Commission of Jamaica -
If they were US licensed broker, they wouldn't be able to let you day trade under $25k. The whole reason they can let you day trade with under $25k is because they are not a US firm and therefore not governed by NASD/SEC. No US broker would be able to let you do this, unless you were a prop trader.
Quote from nyc-hotshot:
If they were US licensed broker, they wouldn't be able to let you day trade under $25k. The whole reason they can let you day trade with under $25k is because they are not a US firm and therefore not governed by NASD/SEC. No US broker would be able to let you do this, unless you were a prop trader.
So what?
Quote from reid5525:
So what?
Thats what this whole thread is about "Day Trading under $25k" thats "So what". I was answering what someone else wrote about. That is what you do in a message thread. What the hell do you mean with "So what?"?
You've got to love when you are actually on topic and a guy acts like you are saying something that doesn't make sense.
Quote from reid5525:
So what?
So people who have less than $25k have a way to daytrade.
BTW I have heard of several brokers letting customers daytrade with cash accounts. Meaning one roundtrip per day, each day (the money is not immediately available again all day long, like I assume it is with over 25k accts.).
Quote from TenaciousDoll:
So people who have less than $25k have a way to daytrade.
BTW I have heard of several brokers letting customers daytrade with cash accounts. Meaning one roundtrip per day, each day (the money is not immediately available again all day long, like I assume it is with over 25k accts.).
Ameritrade got in big trouble (big fine) for doing that. In a cash account you should not be able to use the funds again until they settle (T+3).
Quote from TenaciousDoll:
So people who have less than $25k have a way to daytrade.
BTW I have heard of several brokers letting customers daytrade with cash accounts. Meaning one roundtrip per day, each day (the money is not immediately available again all day long, like I assume it is with over 25k accts.).
You can daytrade in a cash account. Just that when you close a position none of that money can be used again to trade that day, you have to use other cash in your account to trade again that day. Ask the brokers, they'll give you the details about when the money clears, etc.
On February 27th, 2001, the Securities and Exchange Commission (SEC) approved amendments to NASD Rule 2520. These amendments modify margin requirements for individuals who actively daytrade stocks and become effective on September 28th, 2001.
Your broker and/or the NASD will consider you a "pattern daytrader" if you buy and sell (or short and cover) any security on the same day in a margin account AND you execute four (4) or more such trades during any rolling five business day period (Saturday, Sunday and market holidays do not impact the five day rolling period).
If, at any time, you execute four (4) or more such trades in a rolling five day period, you'll then be required to maintain a minimum equity of $25,000 in your margin account prior to any further day-trading activities.
Your broker and/or the NASD will consider you a "pattern daytrader" if you buy and sell (or short and cover) any security on the same day in a margin account AND you execute four (4) or more such trades during any rolling five business day period (Saturday, Sunday and market holidays do not impact the five day rolling period).
If, at any time, you execute four (4) or more such trades in a rolling five day period, you'll then be required to maintain a minimum equity of $25,000 in your margin account prior to any further day-trading activities.