My account got locked

[jacknapier]

Apparently I made more than 3 trades in 5 days and now I have no BP. What do I do?

This has got to be the most incomprehensibly moronic rule I have ever heard. It's like the SEC just threw a dart and it landed on the 'make a dumb rule' zone. All the insider trading, Bernard Madoff's, scam artists, not to mention all the outright lies that some analysts pass off in hopes you will buy what they know is going to go down. And here lil' ol' me with a pathetically small 3000$ account, I can't trade.

 

[BeginnerJoe]

Cool story bro. 3 trades in 5 days is a classic signature of a market manipulator.

 

[Tayto_Crisp]

Apparently I made more than 3 trades in 5 days and now I have no BP. What do I do?

This has got to be the most incomprehensibly moronic rule I have ever heard. It's like the SEC just threw a dart and it landed on the 'make a dumb rule' zone. All the insider trading, Bernard Madoff's, scam artists, not to mention all the outright lies that some analysts pass off in hopes you will buy what they know is going to go down. And here lil' ol' me with a pathetically small 3000$ account, I can't trade.

You have been screwed over by your broker and clearly do not enjoy it as much as some do on here. How do you mean you "apparently" made 3 trades in 5 days? Don't you journal or can't you remember?

 

[jacknapier]

I hate trading forex. I don't get currencies at all. I blew my fx account last year and I'm never going back. I can make money in equities. Not a lot, but I don't care, I'm used to making 20k a year anyway.

>>Don't you journal or can't you remember?

I don't get how I'm supposed to help it if I get stopped out of a position.

My broker says I can fill out a form and get the pattern day trading label removed. But I still don't get why they have this rule?

 

[TASK]

I hate trading forex. I don't get currencies at all. I blew my fx account last year and I'm never going back. I can make money in equities. Not a lot, but I don't care, I'm used to making 20k a year anyway.

>>Don't you journal or can't you remember?

I don't get how I'm supposed to help it if I get stopped out of a position.

My broker says I can fill out a form and get the pattern day trading label removed. But I still don't get why they have this rule?

Switch to futures

 

[wackypete2]

Fill out the form and they will unlock your account, however if you do it again you will be locked for 90 days or more unless you bring your account balance up to $25,000. Being stopped out is not an excuse as far as the regulations are concerned. It's still a day trade. Sucks, but rules is rules.

Peter

 

[wackypete2]

There are ways around the rules but should only be used when absolutely necessary as they carry their own problems and issues.

Peter

 

[jacknapier]

This why I hate forex. This happens all the time, I bring my stop up to break even then it stops out and goes on in the direction I thought it was going to go. I just can't trade it at all. It's too frustrating for me.

>>>There are ways around the rules

Yea, I suppose I could get two accounts with two different brokers. But I don't want to tie up money like that.

 

[wackypete2]

This why I hate forex. This happens all the time, I bring my stop up to break even then it stops out and goes on in the direction I thought it was going to go. I just can't trade it at all. It's too frustrating for me.

Forex is a different beast, I agree. But it's very difficult to trade stocks effectively with less than $5000.

Peter