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Bank of America Corporation Message Board

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  • dumb_log dumb_log Jul 22, 2009 1:34 PM Flag

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

    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

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    • 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...

 
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