|
PureBytes Links
Trading Reference Links
|
When did the new daytrading rules go into effect? I thought everything was
still in the "proposed" stage?
Kent
-----Original Message-----
From: Greg Darke <gdarke@xxxxxxxxxxxxxxxx>
To: Brian <bnm03@xxxxxxx>; List, Omega <omega-list@xxxxxxxxxx>
Date: Sunday, July 09, 2000 9:24 PM
Subject: Re: Win2000 & TS 2000 vs Win 95/98 & TS 4 AND OTHER WARES
Brian
I have a daytrading account with MBTrading. The SEC mandated "pattern
daytrader" margin rules are complex, but essentially boil down to this: if
you hold a position open overnight, you can use the proceeds immediately on
liquidating the position for EITHER daytrading OR opening another overnight
position. Doing both will result in a trading call, which needs to be
settled within 3 days by wiring in funds.
Thats my brokers interpretation anyway.
MBTrading is the best broker I've ever used. Really top notch support, the
few times I've needed to call the trade desk there was 0 waiting. I guess
you get what you pay for.
Greg
----- Original Message -----
From: "Brian" <bnm03@xxxxxxx>
<snipped>
> Another problem with Cybercorp (I'm assuming this is what you're referring
> to) is that funds for trades held overnight don't become available until
the
> NEXT business day. That means you're trading with only a fraction of your
> capital the next day if you held a trade overnight and then liquidated
that
> day. They say that it's an SEC-mandated rule for them and the reason they
> have to adhere to it as opposed to firms like Datek that don't is because
> they operate out of Texas which is in a different region and therefor
> subject to different rules. Sounds weird but that's what they said.
<snipped>
|