Trading pain ....

D

Denco

Hello there,

I'm a designated as a "pattern day trader" and let's say I have 25K in my account. I buy equities for 25K and hold it overnight due to market drop. The next day, if I were to sell it for 25K (break even), What would be my buying power? Should I be able to place any buy orders?

With my Scottrade account, after my sale (next day), I do NOT have any buying power and cannot make any purchase. I have to wait until next market day to buy something.

Please shed some light on how you folks manage this. Should I be switching my broker?

Thanks in advance,
P Evans.
 
Solutions:

1) Wait till you have more money in your account.

2) Transfer some money to a prop firm that will allow you to day trade.

3) Learn to trade futures or forex.
 
The answer depends on the answers to these:

Do you have a margin account? When you say you "have $25K in my account", does that mean you had $25K of settled cash? Was the $25K stock marginable? Were you the recipient in the past 90 days of a day trading margin call that you didn't take care of?
 
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