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rfwojcik
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Everything posted by rfwojcik
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The rules are: Pattern day trading status ONLY applies to customers with margin accounts. Note: Per NYSE Rule 431, stock transactions in cash accounts are subject to T+3 settlement. In other words, if you sell shares of stock held in your account, you may not use the proceeds to purchase another security until three market days after the trade (the settlement date of the sale). Options trades are subject to T+1 settlement. So, in your cash account, you will not be able to re-trade with the SAME money for 3 days. If you want level 2 time quotes, check with another broker if those guys don't want to do it. I use think or swim and I think all you have to do is ask them to turn it on. Also, if you do have a margin account, and you want to try day trading, you just have to limit yourself to 4 trades in rolling 5 days to stay out of PDT status.