So im just looking and trying to see what other traders with small accounts do, Im new to trading, just started at the end of December last year and its been up and down but learning the trade and a little negative from when i started. My problem though is i put all my money into 1 stock and go with that one all in, only problem is after i am done and out i have a 3 day hold on the funds so it takes awhile to be able to go back in and i only get to do about 2 trades a week,
does anyone have a way around this or a suggestion about how i can trade daily and not have to wait 3 days each time?
My account has $1k in it currently and im not sure if doing smaller trades of $300-$500 daily so i would then be able to trade more frequently would be the better option. If people who are in my boat now and have ways they go about this could let me know your fix or people who have been in this place in the past what you did and how you profited.
Thanks
I am not a great trader, but im working with a small account (1000) and i have been swing trading pot stocks, its hard to pull the trigger on a day trade knowing you have to cover your fees. When i see a potential 10% gain, and can only invest a few hundred dollars, its just not worth it. Tough position to be in. I consider it live training. Good luck to all of us with small accounts
The reason your funds are held up is because you have a cash account. If you had say $5000 and spent $2500 on 1 stock, you then have another $2500 which can be spent on another stock. If you spend all $5000 on one stock, you have to wait for the cash to settle. Upgrade to a margin account (i believe 2k is the minimum)
Be careful! i have also just begun trading and studying in december last year. I wasn't aware of the 3 days to settle rule at first and mid january got my account band for 90 days :(
That band account was with fedility. There is no reversing a band with fedility. I however found out that by turning that account into a margin account it removed the band. I now have two small margin account (2000 - 3000) with fedility and e-trade. It gives me the benifit of avoiding the PDT rule and also margin accounts don't take 3 days to settle. Just be careful, i never take a postion that uses the margins funds they provide. I only have it to avoid the 3 day settle rule. let me know if
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