Just for everyone's future reference when you start with an Etrade cash account you have to wait 2 days after each trade to be able to use your funds again. Kinda annoyed since I saw a lot of price action this morning on stocks to trade, but oh well I guess. With a 500$ account I'll have to go slower. this is an unfortunate setback that means I'll have to keep my job as a rich people dishwasher a little while longer. Just gotta be patient
Posted Nov 02, 17 12:17 PMbyAdam3561
Categories
Basics
@Adam3561 Aww ok i just read it again and saw $500. Yeah it's gonna suck until then..
Trades take 2 days to settle (T2). Even with immediate access in a margin account you would be limited under the Pattern Day Trader rule (PDT) until you can maintain the required minimum. Less trading is a good thing anyway while you study and only trade the best setups. Good luck!
Wait so even when I get the 2000 saved up for margin it will still restrict me until I can maintain that balance?
You need 2000 to sell short and 25k+ to make more then 3 day trades in a rolling 5 day period. This article explains PDT: https://www.investopedia.com/terms/p/patterndaytrader.asp
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