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pattern day trader?
Posted on 3/9/09 at 2:36 pm
Posted on 3/9/09 at 2:36 pm
Anyone have this designation? It's irritating constantly trying to avoid this, and I'm wondering if I'd be better off to just go ahead and make it official. Any thoughts?
2
Posted on 3/9/09 at 3:21 pm to Colonel Hapablap
i dont like trading stocks. i'm a much bigger fan of stock index equity futures due to the volatility and leverage.
what do u mean by avoiding it and making it official? you are under 25k mark and having to limit the number of trades?
what do u mean by avoiding it and making it official? you are under 25k mark and having to limit the number of trades?
Posted on 3/9/09 at 3:24 pm to lsu xman
I'm not under 25k, but I have been making sure that I don't do more than 4 round trips in a week since I'm not real clear on what rules change when you get flagged. Are there any tax implications? Do I have to open a margin account (my account currently doesn't even have margin permission)? What happens if I want to withdraw money below the $25k limit?
And I'd trade ES if I could, but scottrade doesn't offer it. I'm currently stuck with SDS and SSO. But that's what I'd trade, if I was going to do such a thing.
And I'd trade ES if I could, but scottrade doesn't offer it. I'm currently stuck with SDS and SSO. But that's what I'd trade, if I was going to do such a thing.
Posted on 3/9/09 at 3:36 pm to Colonel Hapablap
in 03' i use to trade stocks and there were times when i was right around the 25K mark. i was with Ameritrade at that time. from what i understand, tax related, nothing is different. the only difference from the PDT designation is 4x margin vs i believe only 2x margin in a margin account.
as far as withdrawing money, from what i can remember it doesnt matter. the only thing that happens when you withdraw and am under the 25k mark, you no longer have 4x margin. also when you're under 25K, u're limited to 5 trades in 5 days i think? you might want to check with a sales rep from scottrade.
www.interactivebrokers.com trading rates are very cheap for stocks. one can also trade futures, currency, and options with an IB account. sometimes i wire money from my JPM bank acct to the IB acct and it would be there in less than an hour. wire out is same day. the only charge is with my JPM bank acct which is $25.
as far as withdrawing money, from what i can remember it doesnt matter. the only thing that happens when you withdraw and am under the 25k mark, you no longer have 4x margin. also when you're under 25K, u're limited to 5 trades in 5 days i think? you might want to check with a sales rep from scottrade.
www.interactivebrokers.com trading rates are very cheap for stocks. one can also trade futures, currency, and options with an IB account. sometimes i wire money from my JPM bank acct to the IB acct and it would be there in less than an hour. wire out is same day. the only charge is with my JPM bank acct which is $25.
This post was edited on 3/9/09 at 3:38 pm
Posted on 3/9/09 at 3:44 pm to lsu xman
doesn't IB charge for the various real-time feeds or am I thinking of someone else?
Posted on 3/9/09 at 3:52 pm to Colonel Hapablap
they will charge a few bucks if you have less than a certain amount of commission for the month(maybe $20?). if u meet the minimum commission amount for the month, everything is free. you can probably find out from their site.
their platform is very user-friendly. you can try it out with the free-DEMO. their chart service from what i hear is fairly decent too, but i use e-signal.
their platform is very user-friendly. you can try it out with the free-DEMO. their chart service from what i hear is fairly decent too, but i use e-signal.
This post was edited on 3/9/09 at 3:54 pm
Posted on 3/9/09 at 6:42 pm to Colonel Hapablap
quote:Yep.
pattern day trader?
Anyone have this designation?
quote:It's no big deal. Just some paperwork. I use Schwab.
Any thoughts?
Posted on 3/10/09 at 10:00 am to LSURussian
Only thing that happens when you get flagged is you're penalized for 90 days during which time you can't trade with 'unsettled' funds. If you open a margin account, you can trade as much as you want. I consider myself a pattern day trader, but it really just depends on how well your technical analytical skills are ... that is unless you just want to flip GE, C & BAC on a hunch. 
Can't tell you how many times I've used MACD, Golden Crosses, RSIs, Fib. numbers, double bottoms, etc. to find a good buy in point. These things aren't always dead on, but I find them much more useful than buying in without using indicators. If the MACD is turned up, the 10 DMA crosses the 50, the RSI is in the powerzone, and the volume is steadily increasing on the histogram, from my experience, that scenario results in a bull run 90% of the time. It really just depends on how good you are at spotting these indicators. One of the biggest problems I had when I first started using TA about 2 years ago was 'reading too much' into the charts. It's real easy to look at a chart and find what you think is a good indicator just because your emotions are involved.
Can't tell you how many times I've used MACD, Golden Crosses, RSIs, Fib. numbers, double bottoms, etc. to find a good buy in point. These things aren't always dead on, but I find them much more useful than buying in without using indicators. If the MACD is turned up, the 10 DMA crosses the 50, the RSI is in the powerzone, and the volume is steadily increasing on the histogram, from my experience, that scenario results in a bull run 90% of the time. It really just depends on how good you are at spotting these indicators. One of the biggest problems I had when I first started using TA about 2 years ago was 'reading too much' into the charts. It's real easy to look at a chart and find what you think is a good indicator just because your emotions are involved.
This post was edited on 3/10/09 at 10:03 am
Posted on 3/10/09 at 10:10 am to threesheets
I'm actually pretty decent at it, and would like to do it more than I do, especially when I'm waiting on my CAD guy to finish some markup or other. That's my problem. I see beautiful entries and exits, but I'm scared to get flagged, so I'm missing stuff.
Posted on 3/10/09 at 10:23 am to Colonel Hapablap
I'd recommend opening a margin account. It took me a while to do so because I didn't want to be tempted to use money I didn't have. But in all reality, it's a shot in the foot to try to day trade when you have to wait 3 and 4 days for funds to settle, especially when you know you've found a good one, but then can't get in. Just promise yourself to only use margin to cover funds that you are waiting to settle from other trades and not to gamble with money you don't have.
I don't know how advanced you are in TA, but here are some great links regardless:
Basic TA - LINK
L2 - LINK
L2 - LINK
DDMachine.com - DD, News, Fib calculator, Support/Resistance/Pivot Points
Candles - Americanbulls.com & Candlesticker.com
Chart School - LINK
Stock Valuation Model - LINK
Briefing.com - DD & News
Fib Numbers - LINK
Barchart.com
StockTA.com
And the best online day-trading communities:
1.) investorshub.com
2.) hotstockmarket.com
I don't know how advanced you are in TA, but here are some great links regardless:
Basic TA - LINK
L2 - LINK
L2 - LINK
DDMachine.com - DD, News, Fib calculator, Support/Resistance/Pivot Points
Candles - Americanbulls.com & Candlesticker.com
Chart School - LINK
Stock Valuation Model - LINK
Briefing.com - DD & News
Fib Numbers - LINK
Barchart.com
StockTA.com
And the best online day-trading communities:
1.) investorshub.com
2.) hotstockmarket.com
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