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[scot 10]

hello all

 

never posted before have a few questions cant get get answers

 

as i have read the sec rules about pdt and dont have 25000 min needed do these rules apply to cash accounts seems to me they only apply to margin accounts have read closly but cant get answer.i have a trade king account they say it does not apply to cash accounts but i cant trade pk sht because to get level 2 quotes you need to trade 25 times per month . icant do that because im trying to learn !!! asked if for a price they could turn on level 2 screens.no they cant do that .someone set me straight i really want to do this .have made some trades but this is to choppy

[rfwojcik 10]

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.

[amswak 10]

SEC Pattern Day Trading rules apply to all equities trading accounts under $25000, whether it is $24999 or $10 (margin or not).

 

Oddly, they do not regulate futures or forex trading in the same way. I switched to futures because the ETFs I was trading very closely tracked with the futures contract following the same underlying index.