I've had an IRA account with >$25k with IB for a couple of years. I recently opened an Individual account with <$25k with them. I started trying to make some of the basket trade orders I've made in my IRA account in the new Individual account and have been getting warning messages.
Today I attempted to enter one basket trade order on one ticker with a limit order to buy, a profit-taking sell limit order and a loss management sell stop order. This is the only order I've placed today. I got the warning that this is potential Pattern Day Trade order. Is that just because, if both the buy and sell orders on this ticker were to be executed AND I were to enter one or more other such orders, I could run afoul of the PDT rule? Or is there something about this one trade that, in and of itself, might trigger a PDT designation?
It would seem as though IB should be able to know whether this trade might send me over the limit if one of the sell orders was executed. I don't see from my reading of the SEC rules on PDT how this one trade, even if both the buy and sell orders were executed today would constitute a PDT.
Thanks in advance for any light anyone might be able to shed on this subject.
Nolan
Today I attempted to enter one basket trade order on one ticker with a limit order to buy, a profit-taking sell limit order and a loss management sell stop order. This is the only order I've placed today. I got the warning that this is potential Pattern Day Trade order. Is that just because, if both the buy and sell orders on this ticker were to be executed AND I were to enter one or more other such orders, I could run afoul of the PDT rule? Or is there something about this one trade that, in and of itself, might trigger a PDT designation?
It would seem as though IB should be able to know whether this trade might send me over the limit if one of the sell orders was executed. I don't see from my reading of the SEC rules on PDT how this one trade, even if both the buy and sell orders were executed today would constitute a PDT.
Thanks in advance for any light anyone might be able to shed on this subject.
Nolan