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[QUOTE]Originally posted by Ace of Spades: [QB] Prodigy's commisions are $8, a dollar more than scottrade, but they let you daytrade with only $2,500. which can pay for itself with one good trade, that you would have missed at scttrade waiting for your funds to settle, lol! You don't need to use the 4x margin if you don't want to, you just have that option! Most people starting out, choose prodigy just to get around the daytrading rule, not to use margin! The software you trade on is Omni pro! It's great! Call yourself and talk to keith if you have questions! I gonna try and clear things up for you bloundhound about scottrade and the main retail brokers about the sec rules! I know others tried to explain but they did it in pieces and your trying to put them together, LoL. If you are at a regular broker there are three main counts. A cash account, a regular margin account over $2,000, and a daytrading margin account over $25,000! With a daytading account with $25k you can daytrade all you want and never have to wait for your funds to settle, and you get 4x buying power intraday, and 2x buying power over night! With both a cash acount and a regualr margin account with over $2k but under $25k, You can have 3 day trades in a 5 day periond. The only difference is with a regular margin account, you don't have to wait for your funds to settle! With a cash account you have to wait 3 days to for your money to settle! you can still buy with unsettled funds, but then you would have to wait untill they were settled to sell, which is risky! If you accidently sold made a trade with unsettled funds, it would go through you would just be flagged as a daytrader that needs $25,000. The first time you get a warning if you tell them it was a mistake. after that they will restrict your account! If you have a cash account I recommend never going all in on a stock, and always have settled cash available in case a hot stocks comes along. If you have $1,500...mabey only buy $1000 worth of a stock, that way you still have $500 settled ready to trade! Also with a cash account, if you buy and sell in the same day with all you money, you can still buy a stock before the funds settle, you just can't sell before the funds settle....which most people don't do any way, cause if it starts to go down you can't sell! [/QB][/QUOTE]
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