What do these letters mean? DD=due diligence (Research) MM=Market Maker (definition http://www.sec.gov/answers/mktmaker.htm ) EOD=End Of Day EOW=End Of Week HOD=High of Day PPS=Price Per Share O/S=Outstanding Shares POS=Piece of "Poo Poo" IMHO=In My Humble(Honest) Opinion LMAO=laugh My A** off L2's=Level 2's
How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
What are "free" shares? Many People will sell a stock once it has "reached" an increase where they can sell to "get back" their original investment and then continue to let the rest of the shares "ride", these are "free shares" (ones that the gain of the pps has "covered") All of these, once sold, would be complete profit.
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Question from a newbie, WHERE do you guys (and gals) buy your stocks. A lot of sites won't do penny stocks and the ones that do charge outrageous yearly fees. Any info would be appreciated.
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How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
I'm not sure about that last one. I've already got a warning from Scottrade for daytrading more than 3 different stocks in a 5 day period.
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quote:Originally posted by Av8trader: How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
I'm not sure about that last one. I've already got a warning from Scottrade for daytrading more than 3 different stocks in a 5 day period.
What I posted was from Etrade...and they quoted the Sec rules...but I would assume that different brokers can have their "own" rules...are you sure that the "warning" was not for using "unsettled funds"? I have never used Scottrade..so I am not able to "help" you...but I would contact them and have them explain it to you... GLTY
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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quote:Originally posted by Av8trader: The warning stated that I was a pattern daytrader. I'll call them up tomorrow and ask a broker for clarification.
Sure would be nice to just have 25k+ and be done with all this!!!
Maybe a margin account would "solve" the problem... But let us know what they say K? GLTY
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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