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Bank of America Corporation Message Board

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  • ta340sixpk ta340sixpk Jul 22, 2009 1:01 PM Flag

    If you want to make money, do "this" starting tomorrow...!!!

    hey I was doing that too until i got a warning about being a day trader so I sold some covered options for .39 a share now I got my 1000 shares back got to have 25,000 they said will have to work up to that

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    • You can perform day trades but the frequency is limited and if you exceed that limit, you are labelled a pattern day trader and get a margin call to bring your account up to the $25,000 level. You don't have to put the $$$ into the account but you cannot buy anything until margin is met. You can sell positions. You just can't buy.


      Pattern day trader is a term defined by Securities and Exchange Commission to describe a trader who executes 4 (or more) day trades in 5 business days, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. As the trader is exposed to the danger of day trading and intraday risks, it is subject to specific requirements and restrictions.
      http://en.wikipedia.org/wiki/Pattern_day_trader

      • 1 Reply to dumb_log
      • Yes I'm aware of that, I've been doing this for a long time and I am a day trader. Althiugh i've held positions longer too, maybe 1-2 weeks.

        I've made over 150 trades since April so I'm in that category.

        So...if you can do it and have an idea of what you're doing then go ahead. If not, just hold and sit tight...

    • That's correct. I have around 40k in my trading account, not my retirement account, that's separate and I don't touch that.

      I trade with 75% of my own money mostly so I don't mind holding onto a good stock if it goes against me. Hopefully by then I made enough profits for the month that I stop trading until it returns.

      This has been my strategy for almost 10 years. I used to panic and sell in the beginning and lost money. But that was also because of my lousy entry points and not enough DD on the stock I was buying.

      I feel safe here with BAC and I know the stock well. I also like the volatility and volume that helps any day trading...

 
BAC
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