So i'm with TD Ameritrade right now and I have a cash account with 700 dollars in it atm. Obviously I'm under 25k so I apply to the pdt rule and can only make 3 day trades weekly. But the god damn Cash and Sweep vehicle under TD takes about three days to clear, therefore if I trade Monday I will hopefully be able to trade again Thursday if not Friday. But if I wait until Wednesday, chances are that I won't be able to trade again until the next week. Either way I only get a portion of my day trades. A margin account would solve this issue as far as I understand as the Cash and Sweep vehicle would not be in effect and I could make my three day trades whenever I choose to also use all three of them instead of 1 or 2. But I'm pretty sure I need 2k until I can open a margin account with either TD or Etrade. Could anyone give me any advice as far as maybe if E-trade's Cash and Sweep vehicle is less than the ridiculous 3 days or maybe if that's industry standard etc etc. Thanks in advance.
@Nathan_casey No you dont I was talking about where I live. You're good man!
I havent had any noticable troubles with them, just that they have crappy charts, and no you dont need 2000 for instant, its actually a waiting thing to get instant, and then you choose if you want it or not. Instant DOES have a PDT but gives you instant setlling funds for stock higher than $3. The regular cash account has a 3day thing for funds to settle, but no PDT, it depends what u want it for i guess
If you really want to avoid the patern day, or want to avoid the cash settling time ha, If you have a lot of cash and only want to trade with small portion of your account, then you could just stay with the basic cash account, and you just cycle through your money so you always have some money to trade with
check out options house...not complaining...takes 3 days too but i don't think there are any limitations in terms of number of daytrades
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