Does this mean that if you trade a different vehicle ie different stock or different options every day, that you will not be labeled a PDT?
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How long before you become a "Pattern Day Trader"?
- Thread starter ANCHOR
- Start date
Does this mean that if you trade a different vehicle ie different stock or different options every day, that you will not be labeled a PDT?
No. Once you enable margin, they track the # of your trades in the "Quotes & Trade" menu so its easy to keep up with. If you go over, you are immediately tagged a PDT and they slap the restrictions on.
Originally posted by ANCHOR
This is how it works with IB, but with Datek right when you close a position they put your money back into your account right away. Here is the heart of my question guys.
I have made 28 trades with this account in the last two weeks. All on just 6 different stocks. This is pattern day trader activity. For some reason Datek still has not tagged this account PDT. Now I want to margin her account, so that I can short stocks with her account. She does not have 25k in her account. I am going to stop trading so often ( only 2-3 times per week from now on) with this account. But what I am afraid of is enabling this account for margin and THEN Datek labeling it PDT and sending her a 10k margin call. (to get her account balance up to 25k)
Is there any chance that this could happen?
I was under the impression that it didn't matter what you traded....different stock....same stock......options....etc....that if you did more than 4 "in and outs" in any "rolling 5 day time period" you would be tagged a PDT.
Originally posted by Riesgo2002
Does this mean that if you trade a different vehicle ie different stock or different options every day, that you will not be labeled a PDT?
Originally posted by TAguru5
I was under the impression that it didn't matter what you traded....different stock....same stock......options....etc....that if you did more than 4 "in and outs" in any "rolling 5 day time period" you would be tagged a PDT.
I've heard both versions as well.. So which is it?
It's easy to say that you want to do longer period swing plays, but if your stops are too tight you will get stopped out on a daily basis and essentially become a "PDT".
This happened to me. It didn't affect me in an adverse way so I'm not complaining, but just be aware that a few positions that go against you early on could affect your status.
This happened to me. It didn't affect me in an adverse way so I'm not complaining, but just be aware that a few positions that go against you early on could affect your status.
Doesn't make much sense. The best way for somebody to learn is to day trade. If it is so risky, you would think they would rather somebody trade with a small account. Oh well, I guess it's none of my business how much anybody has in their account. I just don't understand why it is the governments business how anybody wants to spend their money.