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can PAttERN day traders switch brokers?.
wondering if I were listed PDT couldn't yet put in 25k to keep trading as pdt.
can I use acat transfer to new broker to use margin acct or does pdt follow through with the acat. if yes, can you just open new acct and ach deposite into new acct to use a margin?
I do now understandwhat triggers the pdt restriction, but why was it set up?
Quote:
Originally Posted by zeronine View Post
wondering if I were listed PDT couldn't yet put in 25k to keep trading as pdt.
can I use acat transfer to new broker to use margin acct or does pdt follow through with the acat. if yes, can you just open new acct and ach deposite into new acct to use a margin?
I do now understandwhat triggers the pdt restriction, but why was it set up?
Thank you.
Good question, I hope someone can answer it for you. The only thing I wonder about is if the FTC keeps track of this and come back and fine you.
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I can answer this one. Sorry I have missed your question.
Speaking from experience .. lol
Yes you can change to a new broker and start again. I goofed up with Scottrade and moved most of my account to Etrade and there has been no problem. In general you can ask for forgiveness once and be ok but the second time you will be restricted to a cash account for 90 days.
Just to chime in, you can also trade with two brokers and that way you can get 6 day trades in a five-day period (3 with one broker and 3 with the other). This gives you 1 day trade per day + 1 to spare.....It's also good to keep two brokers under other circumstances, for example, Bank of America does not charge a half a percent commission of the total order for stocks under $1 like a lot of the other brokers (well, I know Scottrade charges their $7 fee + a half percent of the order for stocks < $1, and I've heard a lot of the other brokers have similar rates for penny stocks). I'd only recommend doing this to avoid the half percent commission if you are regularly trading penny stocks or putting large amounts of money into them, otherwise you probably won't notice the 1/2% fee.
Thank You. I see some PLATFORMS wont even give you the opp. to buy 4 round trades now. MY BROKER WOULD GIVE ME NO AMNESTY chance. I'm just amazed at the privately owned brokers customer service(very short and stern). 2 competitors said they could reset the deal and that upset me initially. they did me a favor inadvertantly by pushing me to look at other systems of trading. thank yous guys.
