If you make four or more round trip trades in any rolling five business day period, you are considered a day trader and must maintain an equity balance in your account of at least $25,000. I believe that is an industry wide regulation and isn't specific to any brokerage firms.
If you bust the four round trip trade limit and aren't able to get your equity account up to $25,000, your account is suspended to closing positions only for 90 days, or until your balance reaches $25,000.
You can day trade with less than $25,000 but you would have to settle with making three in one day and then waiting a week to make more, or you would have to spread them out.
Not being able to open and close positions at will in this volatile market has been tough. The day trading restriction really hampered my willingness to buy additional stocks. I've had to hold a few overnight I didn't want to because I had used up my allowable day trades stopping out. I had no intentions of being a day trader when I recently started but the market conditions have made me into one, it seems.
