Posted by: Samsara July 15, 2008
Login in to Rate this Post:
0 
? 
?
Lato idiot, let me be nice to you since my trades today are going well and I'm in a real good mood. BTW, don't tell me you didn't know that you'd be hit with a PDT if you continued day-trading like how we pros do it (but you do it on a personal brokerage account).
Ok, If you don't meet the margin call, then you have a 90 day restriction on all your trades and account. You will have to end up withdrawing your money. But the way around that is to trade somewhere else. Open another account now so that if you ever break the rules before you reach $25K again and can't meet the margin call you can just roll your money over somewhere else. How can you get them to forget? Continue reading:
BTW, if it is your first incident, then send them an e-mail or call and explain
that you didn't know about this rule and beg them. They may forgive you as its
up to their discretion. You can still daytrade the same stock a
couple of times in a week without getting a PDT margin.
Note, if you buy C on Monday, you can sell it on Tuesday morning then buy it
again Tuesday afternoon, sell Wednesday, buy again later Wednesday, ad
infinitum without a worry about getting a PDT at all..
Finally, A word of advice for all you novies, make a calendar where you mark any day you make a day
trade. As tedious as it sounds, it is better than losing access to your
account for 3-6 months!