PDT question

S

stevebec

If a single opening trade is offset by 2 closing trades (ie. buy 200, sell 100, sell 100), assuming they all occur on the same day, does this count as 1 day trade, or 2?
 
Quote from stevebec:

If a single opening trade is offset by 2 closing trades (ie. buy 200, sell 100, sell 100), assuming they all occur on the same day, does this count as 1 day trade, or 2?
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1,,,,,but I swear, it's different at each firm
 
Thanks. Do you happen to have a link to the rule? IB just locked my account for 90 days and searching the NASD web site is like looking for a needle in a haystack.
 
Quote from stevebec:

Thanks. Do you happen to have a link to the rule? IB just locked my account for 90 days and searching the NASD web site is like looking for a needle in a haystack.
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I donlt think the 90 day is for PDT...it may be for trading without funds....ie you bought somthing and sold it without paying for it
 
No, I got back from a week's vacation and when I checked my "day trades remaining", it was at 0. Emailed IB and they replied that I was flagged PDT and locked out for 90 days. I checked back over my trades and found that the only way they could have come up with 4 day trades was to count the 1 open/ 2 close as 2 trades.
 
the rule has changed at the SEC/NYSE. if you violate the PDT you are locked out of trading for 90 days unless you bring your account above 25K. This is an SEC/NYSE rule, not IB's.
 
Quote from def:

the rule has changed at the SEC/NYSE. if you violate the PDT you are locked out of trading for 90 days unless you bring your account above 25K. This is an SEC/NYSE rule, not IB's.
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AT SWS...your account is closed, fini, done over....what is the actual rule, def? do they have to close the account or are they being over compliant?
 
Thanks Ambush, but I had already found that and was looking for something that specifically addressed the single opening / multiple closing issue.

I was hoping to find a copy of the rule I could send to IB customer support, but I guess IB's interpretation is what really matters and not the NASD rule and I'll be doing all my trading in my other account for the next 3 months.
 
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