Scottrade just says it's a buy and a sell of the same security in the same day. If I have 10,000 shares from Friday, added 5,000 shares on Monday, and then sold Friday's 10,000 shares later Monday - is that a round trip?
Posted by Bob Frey on :
yes
Posted by T e x on :
why?
Posted by Jeff240sx on :
Probably because of the basic wording. A buy and a sell of the same security on the same day. cest la vie
Posted by Ace of Spades on :
Leave Scottrade...Go to a broker where you don't need $25,000 to daytrade. There are a couple out there.
Posted by Goldnugget on :
Who are those "couple broker" who don't req. 25K for day trade? I have Scottrade too, and I wouldn't mind to change them for that advantage. Posted by Ace of Spades on :
Alldaytraders is in Jamaica, but your funds stay in a US bank, and have a great Reputation. They 9.99 commision. They let you daytrade with $2000 grant 4:1 buying power.
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Harmontrading's commision is $9.95(not too bad), but hey...they let you daytrade with only $2,000 and give you 4:1 buying power with direct access.
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The best one is PRODIGY. $8 commision. Some of the best traders at IHUB recomend them. You get a great platform (OmniPRo) and it's free with a small amount of trades per month. Prodigy doesn't restrict Penny stocks like Scottrade and others have recently. Prodigy is getting a new site in a Month. But prodigy is the one to go to.
It's 100% Legal. It is a SEC rule but the way they do it is according to the law. Call prodigy and they will explain it.
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