Okay Redduke
That statement was not entirely true. They will allow you to DAY TRADE if you have $25,000 more in your account. My wife will not let me put $25,000 in the account, so I trade with $10,000.
I was doing really well as a day trader. The trick was learning direction and then learning by practise what would be practical in cents for a move for the day, given certain types of bar patterns. Most often I just set limit orders to sell for my price and didn´t worry about what I MIGHT HAVE WON, if I had stayed in longer. A profit is a profit, small or large and if you do it every time, or cut your loss when an unexpected turn hits you, you do well. I did not hold overnight. No matter the market indications.
In this method and below $25,000 you are allowed only 3 trades in a week. On my third trade one time, I entered the darned numbers wrong and had to quickly sell the order, but since I had a $1000 profit, said what the heck, and took it, with another trade, which made a 4th trade. Next day they banned me from day trading as a pattern trader. UNLESS I WOULD RAISE MY ACCOUNT TO $25,000. WIFE would not go along.
Subsequently, I have had a 25% drawdown, trying to identify a way of trading multiple days. Think I have it right now and it is SWING TRADING. Anyway, I´m on a winning streak again. How long it lasts, we shall see? This is a work in progress.
That statement was not entirely true. They will allow you to DAY TRADE if you have $25,000 more in your account. My wife will not let me put $25,000 in the account, so I trade with $10,000.
I was doing really well as a day trader. The trick was learning direction and then learning by practise what would be practical in cents for a move for the day, given certain types of bar patterns. Most often I just set limit orders to sell for my price and didn´t worry about what I MIGHT HAVE WON, if I had stayed in longer. A profit is a profit, small or large and if you do it every time, or cut your loss when an unexpected turn hits you, you do well. I did not hold overnight. No matter the market indications.
In this method and below $25,000 you are allowed only 3 trades in a week. On my third trade one time, I entered the darned numbers wrong and had to quickly sell the order, but since I had a $1000 profit, said what the heck, and took it, with another trade, which made a 4th trade. Next day they banned me from day trading as a pattern trader. UNLESS I WOULD RAISE MY ACCOUNT TO $25,000. WIFE would not go along.
Subsequently, I have had a 25% drawdown, trying to identify a way of trading multiple days. Think I have it right now and it is SWING TRADING. Anyway, I´m on a winning streak again. How long it lasts, we shall see? This is a work in progress.
When the vol levels increased he changed strategy....pretty simple. No he didn't blow up. Thread just petered out.