I have a margin account with Scottrade and I made my first day trade on Friday. Now Scottrade's website says I have 2 more roundtrips before I reach the Pattern Day Trader threshold. I guess this coming Friday I will have a new 3 day trade threshold.
I want to day trade more than three times a week so I thought to get around this I would open a 2nd brokerage account. I went to Interactive Broker's website and after filling out the long application I find out they have a $10k minimum. I was looking to transfer about $2.5k.
Anyone have a suggestion where I can go to get a new cash account with this amount of funds? I don't want to convert the margin account to cash because I don't want to have to wait three days for the trade/cash to clear.
I figure I can use the Scottrade account for three day trades per week, and get the other account to make as many as I want, maybe use options so the trade/cash will clear sooner in one day.
Your help is appreciated.
I switched to Interactive Brokers from Scottrade. Plus opened SureTrader I've yet to fund. Maybe look into ETrade? Find there is a few weeks downtime transferring which sucks.
If I find I need a third broker I will probably check them out. Good thing about Bank of America and Merrill Edge is the money I transfer between the two accounts is in real time. No waiting.
4-8 days to transfer over to Interactive Brokers I think that's standard though. Happy with IB setup over Scottrade by leaps.
Wish I had ten grand to deposit with IB.
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