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Bernard | Day Trading Question:? |
If I start the day with $30,000 can I make a $10,000 day trade as long as I close the position by the end of the day? Or does this violate the rule requiring $25,000 equity at all times?
During the day I would have $20,000 in equity and $10,000 in said stock. By end of day I would be back to $30,000 plus any gain/loss I incurred on trade.
I'm trying to understand the intent of the rule, as I would like to start a day trading account with $25,000 to $30,000 in it. |
 |
 
Ted
|
The word is EQUITY not CASH.
You can buy $30000 in stock or $60000 in stock on margin ($120000 if cleared in advance by the brokerage house management and reduced to $60000 by the end of the day) None of these actions change your equity. The only way that your equity goes down to $25000 is if you withdraw or lose $5000.
I don't want to sound harsh, but this is for your own good. Daytrading is for experienced traders. If you don't even understand the basic vocabulary of trading, daytrading is an expensive way to learn. |
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MEAN BIKER BABE
 |
huhhhhhhh????????/ |
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yaguru
 |
the account set ups and regulations would be dependant on the brokerage firm.
Uh, you WON't be back to 30,000 if you LOSE money, which is like 99 percent certain in day trading. |
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katieboo
|
yes. |
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Net Advisor
|
"Pattern day trader is a term defined by Securities and Exchange Commission to describe a trader who executes 4 (or more) day trades in one week. As the trader is exposed to the danger of day trading and intraday risks, it is subject to specific requirements and restrictions.
A pattern day trader is defined in Exchange Rule 431 (Margin Requirement) as any customer who executes 4 or more round-trip day trades within any 5 successive business days If, however, the number of day-trades is more than 3 but is 6% or less than the total number of trades that trader has made for that five business day period, the trader will not be considered a pattern day trader and they will not be required to meet the criteria for a pattern day trader.
A non-pattern day trader (ie someone with only occasional day trading), can become designated a pattern day trader anytime if it meets the above criteria.
If the brokerage knows, or reasonably believe a client who seeks to open or resume an account will engage in pattern day trading, then the customer must immediately be considered a pattern day trader without waiting 5 business days.
Source: Information Memo of Amendments to Rule 431 ("Margin Requirements") Regarding "Day Trading."
http://en.wikipedia.org/wiki/Pattern_day_trader
Day Trading: Your Dollars at Risk
http://www.sec.gov/investor/pubs/daytips.htm |
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mason pearson
 |
I had to go to the last answerer to get the correct answer. Bob is correct. I do day trade.... and like he said it is for experienced traders. I have been doing it for a very long time. |
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rtfm
 |
Ask your broker to explain these rules to you.
That's a *whole* lot safer than following the advice of a bunch of total strangers on the Internet, regardless of how willing to answer your questions they might be. |
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