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[QUOTE]Originally posted by EpiC: [QB] I know this is not the correct thread to post this but does anyone use ameritrade? if you do can you explain something to me. I have a cash account, I have no access to margins since I dont have more 25k+ in my account. My funds have been frozen for day trading and ameritade has issued a margin call agaist my account for day trading. They are telling me that they will not be release the funds for 5-10 rolling days. This really F@#CK me since all of my money was tired up in the trade. I am very new to trading stocks and I dont understand. Can some one explain this? "The National Association of Securities Dealers (NASD) currently defines day trading as buying and selling, or short selling and buying to cover the same security on the same day. Amendments to NASD Rule 2520 have revised the definition of a "pattern day trader" to include any client who day trades four or more times in a five-business-day period, unless this activity is less than 6% of their total trading activity in that period. Pattern Day Trading Accounts Accounts identified as participating in "pattern day trading" are required to maintain at least $25,000 in equity. These accounts may be given increased buying power up to four times their maintenance margin excess for day trading purchases. If the equity in the account drops below $25,000, a day trading minimum equity call will be issued. Total purchases will be restricted to two times SRO excess, based on total trading commitment, until the equity in your account increases to $25,000 or more. Accounts exceeding the permissible day trading buying power will receive a day trading buying power call. Day Trading Buying Power will be restricted to two times SRO excess for up to five business days unless the call is met earlier. If the call is not met within five business days, trading in the account will be restricted to "cash only" for 90 days, or until the call is met. Please remember that funds deposited to satisfy a day trading margin call are subject to our ten-business-day hold policy with the exception of wires which must remain in the account for two business days. If you have questions please refer to the Margin Handbook or contact a Client Services representative. For a complete copy of these rules, visit [URL=http://www.nasdr.com.:]www.nasdr.com.:[/URL] I hate feeling stupid but I feel that ameritade is in the wrong and not me... Help would be nice. [/QB][/QUOTE]
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