Pattern Day Trader on 90 Day Restriction

This is a discussion on Pattern Day Trader on 90 Day Restriction within the Discretionary Trading forums, part of the Methods category; I just made 3 complete trades within 5 days, now my E-trade account has been put on the 90 day ...

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Old Dec 11, 2006, 3:52pm   #1
 
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Question Pattern Day Trader on 90 Day Restriction

I just made 3 complete trades within 5 days, now my E-trade account has been put on the 90 day restriction where I can only trade with settled cash.

What would be the consequences if I were to open a new E-trade account and transfer the complete amount in my account (once it settles) to avoid the restriction?
iamthejavadoc is offline   Reply With Quote
Old Dec 11, 2006, 5:05pm   #2
Joined Jul 2006
Quote:
Originally Posted by iamthejavadoc
I just made 3 complete trades within 5 days, now my E-trade account has been put on the 90 day restriction where I can only trade with settled cash.

What would be the consequences if I were to open a new E-trade account and transfer the complete amount in my account (once it settles) to avoid the restriction?
where did they come up with 90 day s?
/
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Old Dec 13, 2006, 1:49am   #3
 
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patterned day trader

Quote:
Originally Posted by iamthejavadoc
I just made 3 complete trades within 5 days, now my E-trade account has been put on the 90 day restriction where I can only trade with settled cash.

What would be the consequences if I were to open a new E-trade account and transfer the complete amount in my account (once it settles) to avoid the restriction?
I to was just patterned a day trader. Think or Swim has my account now that I can only use my available equity once during that trading day it resets each day after the close. I was under the assumption that these rules only applied to buying stock on margin. I am using in the money puts/calls as a stock proxy but this counts also. Love the SEC!!!
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Old Dec 13, 2006, 10:06am   #4
 
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DOH!!!!!!
Appologies, somehow I managed to post a completely irrelevant link, this is what I meant to post.
http://www.patterndaytraderrule.com/nasdrule2520.html
Also here's IB's take on it.
http://www.interactivebrokers.com/en...?ib_entity=llc
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Old Dec 13, 2006, 11:36am   #5
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Originally Posted by Rich Holcomb
I to was just patterned a day trader. Think or Swim has my account now that I can only use my available equity once during that trading day it resets each day after the close. I was under the assumption that these rules only applied to buying stock on margin. I am using in the money puts/calls as a stock proxy but this counts also. Love the SEC!!!
if you trade futures or options i dont think that applies,advantage futures.proactive futures,lasalle futures ,you can open an acct for less than $10,000 and margin on 1 s&p future is around $2000 so you could trade 2 lots all day with a balannce of about $5000...advantage is 1.50 a round turn,proactive about 4.50 and lasalle about $8
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