Posted by fluffycone on 4th of Apr 2016 at 04:39 pm
Thank you to all the feedback.
Steve: I would consider my style to not be a daytrader.
Since I work full time, I would like to assess the charts,
place a trade, adjust stops accordingly, and then let it run for a
few days/weeks. Plus I am limited by the rules imposed by
Scottrade for PDT. There might be other brokers available,
but I have not assess them yet and that is a whole other
discussion.
From Scottrade:
3 Roundtrips until PDT Threshold, Scottrade does not promote day
trading.
Day Trading Overview
When you continuously buy and sell investments within a very
short time, perhaps a few minutes or hours, and rarely hold them
overnight, you're considered a day trader.
Counting Day Trades
The Financial Industry Regulatory Authority (FINRA) has
implemented strict requirements for accounts that actively day
trade. To identify these accounts, FINRA has defined a Pattern Day
Trader as someone who completes four or more day trades in a
rolling five business days.
Day Trading FAQs
What is the definition of a "Pattern Day Trader"? What is a Day
Trade? Will Pattern Day Traders be required to have a margin
account?
Your issue is the the FTC rule preventing daytrading for
accounts under $25K in funds. There is no work-around for it. If
you are close to making a third day trade within a week, you will
have to hold your position overnight to avoid the third day
trade.
You could google yourself for definitions you are asking Steve
for.
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Pattern Day Trader. . .
SH - Educational constructive criticism. . .
Posted by fluffycone on 4th of Apr 2016 at 04:39 pm
Thank you to all the feedback.
Steve: I would consider my style to not be a daytrader. Since I work full time, I would like to assess the charts, place a trade, adjust stops accordingly, and then let it run for a few days/weeks. Plus I am limited by the rules imposed by Scottrade for PDT. There might be other brokers available, but I have not assess them yet and that is a whole other discussion.
From Scottrade:
3 Roundtrips until PDT Threshold, Scottrade does not promote day trading.
Day Trading Overview
When you continuously buy and sell investments within a very short time, perhaps a few minutes or hours, and rarely hold them overnight, you're considered a day trader.
Counting Day Trades
The Financial Industry Regulatory Authority (FINRA) has implemented strict requirements for accounts that actively day trade. To identify these accounts, FINRA has defined a Pattern Day Trader as someone who completes four or more day trades in a rolling five business days.
Day Trading FAQs
What is the definition of a "Pattern Day Trader"? What is a Day Trade? Will Pattern Day Traders be required to have a margin account?
Troy
Your issue is the the
Posted by junkie on 4th of Apr 2016 at 05:09 pm
Your issue is the the FTC rule preventing daytrading for accounts under $25K in funds. There is no work-around for it. If you are close to making a third day trade within a week, you will have to hold your position overnight to avoid the third day trade.
You could google yourself for definitions you are asking Steve for.