Pattern Day Trader on 90 Day Restriction

[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?

 

[ammo]

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?
/

 

[Rich Holcomb]

patterned day trader

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!!!

 

[roguetrader]

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/trading/marginRequirements/patternDayTraders.php?ib_entity=llc

 

[ammo]

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