I have a problem with my new trading system.
My trades generally hit or miss between 1 and 3 days... If it goes to day 4, I am out. It is not a day trading system, but in the last 10 trades, 4 of them hit on the same day.
My problem was realized yesterday when one of my trades hit, but I had used up my 3 day trades on my margin account. Now the trade quickly reversed, however it has not hit my stop loss yet, but I am pissed that a winning trade, could now turn to a losing trade, because of this stupid 3 day rule.
From what my broker told me... If I set up a cash account vs. a margin account, I can day trade as much as I want. However I will not have the leverage, or the ability to place as many trades as I would like.
This is my dilemma.... I don't want to modify the trading system at all. So should I keep the margin account, and stop trading until I get day trades back, or move to a cash account, and just slowly keep building the account.
Seems like I am screwed no matter which way I go. If I go cash account then I can't place as many trades, but I can get out when they hit... If I stay with a margin account, I can place more trades, but may miss some profitable trades based on the 3 day rule.
My trades generally hit or miss between 1 and 3 days... If it goes to day 4, I am out. It is not a day trading system, but in the last 10 trades, 4 of them hit on the same day.
My problem was realized yesterday when one of my trades hit, but I had used up my 3 day trades on my margin account. Now the trade quickly reversed, however it has not hit my stop loss yet, but I am pissed that a winning trade, could now turn to a losing trade, because of this stupid 3 day rule.
From what my broker told me... If I set up a cash account vs. a margin account, I can day trade as much as I want. However I will not have the leverage, or the ability to place as many trades as I would like.
This is my dilemma.... I don't want to modify the trading system at all. So should I keep the margin account, and stop trading until I get day trades back, or move to a cash account, and just slowly keep building the account.
Seems like I am screwed no matter which way I go. If I go cash account then I can't place as many trades, but I can get out when they hit... If I stay with a margin account, I can place more trades, but may miss some profitable trades based on the 3 day rule.
