Good Morning!
I'm a newbie to day trading, I opened my brokerage account a few weeks ago. I've been told that when I make a transaction [Buy/Sell] it takes up to 3 business days for the funds to be available for trading again. Unless I have $25,000 in my account to be qualified as a day trader. That makes it harder to day trade especially if my account is small at the moment.
Do you guys face the same issue? Or have an advice for me?
Thank you.
@khalomani I literally logged on to ask the same question. I was really confused on that and I may be in a little bit of trouble here soon, based on some of the info here : /
@rabbits6 Thanks for the info. Good luck & welcome back to trading!
@Travb0904 Yeah I was confused too. Robinhood seems as a good option. Have to do research before getting to anything. Good luck man!
Im noticing a month later that I didn't clarify something here. Cash accounts have the settled funds and "free ride" issues. You would also be under the PDT rule if your account is under $25000. A MARGIN account is different in that funds are available for purchase as soon as you sell and put those funds back in your account. I have a smaller margin account (PDT rule applies) and I have a larger Cash account (one of my IRAs). An IRA cannot be margined.
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