I like the idea. Used to do that all the time with a local group from my car forum. No idea where HTX is though lol.
@whilechukwuzout Thank, I got the idea from old business mixers I used to attend. HTX = Houston, TX. I know we're a world wide community, but doing what Sykes does at a local level can help out with working out some of the kinks in our own trading strategies as well.
if the first answer is right this means that you can only open and close a day trade ONCE every 5 days, because the last day trade in useless if you can't close it
It doesn’t count as a daytrade if you hold it overnight.
you should check with your broker. it seems each broker interprets it and has their own set of guidelines. Example: my margin account at IB - once you use all 3 day trades you no longer can open a position for overnight or swing. So essentially I'd always have to save a day trade in case I wanted to overnight a stock. if you have cash account there is no PDT requirement. Hope that helped
PDT doesn't exist for cash accounts, only margin accounts. However, you can only freely trade with your settled cash. See this link of the violations you have to avoid, as you can still use tied up money to trade with, but you can't sell until it becomes settled: https://www.fidelity.com/learning-center/trading-investing/trading/avoiding-cash-trading-violations
See this as well: http://www.finra.org/investors/day-trading-margin-requirements-know-rules "Does this rule change apply to cash accounts?" The terminology not to get stuck on is the fact that with a margin account, you can trade with unsettled funds again as soon as you sell, hence the ability to "day-trade" in the first place. Whereas with a cash account, you're fully buying and own the shares, so you're free to sell as soon as you want, but you can't reuse the funds until it's settled (T+2 no
Thanks everyone for the feedback! Must appreciated!
I am using RobinHood and they only allow you to make 4 day trades a week if your account is under $25,000 before they block you from making any day trades.
@othealpha just became a fully transparent trader today!