Wasted day.

eddyjo

Active member
185 3
Help with I.B. TWS.

Five times I was in winning trades today, trading U.S. stocks

and each time I had cancel.,the problem was I dont know the

exact procedure in buying and selling. ... Each time I hit the

button to buy/sell and the appropriate block lit up at the price

I requested I then waited and at the price I wanted to exit I

then hit the buy/sell button then up popped a window saying

"POTENTIAL PATTERN DAY TRADE" I had no idea what that was

so OKd it and another trade price then appeared below, I now

had three prices showing and not knowing what was happening

I hastily cancelled all three. Please can anybody tell me where I

am going wrong?...... Its all so frustrating because I think my

trading system is showing some good entry points.


Regards Eddy. :cry:
 

oatman

Senior member
2,879 22
You're classified as a "Pattern Daytrader" if you daytrade stocks 3 times in a certain period. I'll try and dig up the info but it's on this site somewhere as we've already looked at it.
 

FTSE Beater

Experienced member
1,518 4
Hi Eddy

My thinking is that you had 3 day trades within 1 calender week, and that is the limit with trading the US stocks unless you have a day trading account - which you need $25,000+ :(

The day trade count if you open and close a trade in the same day.

HTH
 

eddyjo

Active member
185 3
Thanks Oatman, I will be studying that for a while, but on the

face of it I think I will have to learn a strategy for position trading

or go back to SB. does it mean that all the traders on this B.B

are position traders or wealthy individuals who just happen to

have £25000 spare.?

Regards Eddy.
 

spoon102

Member
60 0
Note that there is no $25,000 restriction if trading futures.

Risky instrument if your new to this game though.
 

JonnyT

Senior member
2,560 22
Hi eddyjo,

Some brokers are trying to get round the pattern day trade rules so it's worth investigating.

However you cannot hope to make a living at this game if you do not have enough capital to be classified as a pattern day trader IMHO.

JonnyT
 
 
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