If you've read my last blog post, you would've seen that i've just come off of studying day trading the market for about a month and a half before initiating my first trade. I've read about the PDT (Pattern Day Trade) rule a thousand times. I was down to two day trades after my first one a few days ago, and it totally slipped my mind. I started with an account of $1400, lost $54 (less commissions & fees), and my broker put a margin call/restriction on my account for the amount of $23,653.41 to meet the $25k minimum for day trading...
sure.... let me just pull that wad of cash out of my ass....
So guys, if you're a newbie like me with a small account, PAY ATTENTION to how many day trades you have left so the same crap doesn't happen to you...
@Raylbc27 thank you for that info brother.. I appreciate it. Feeling pretty beat down right now..
@jt55athome444344 Yeah it sucks! I been victim of this to years ago! Nothing you can do for 90 days unless you add the cash! The next route is to open up another broker if you want to continue trading.
I don’t know that I’d feel comfortable dining & ditching with an over $23k call over my head. FINRA is definitely a thing, and the thought of jumping ship kinda makes me nervous. Lol
PDT is good. The freeze of Day Trading for 90 days seems very strictive. https://www.finra.org/investors/learn-to-invest/advanced-investing/day-trading-margin-requirements-know-rules. In IB they don't allow you to enter into the 4th Day trade. So you are protected from the 90 days day-trade freeze (You can trade in your account but can't buy or sell on the same day). But Etrade/Fidelity do allow you to enter/exit the 4th Day trade and will issue a Margin Call. So the Idea as mentioned by @Raylbc
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