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Annapolis Bancorp, Inc. (ANNB) Message Board

  • dontgetityet dontgetityet Dec 29, 2004 9:31 AM Flag

    Broker bother-

    I'm not sure what, or how often I am allowed to trade now. I don't want to make him mad. So I don't know what I can get into if I have to exit quickly. Meeby I could get a ANLT today and not have to worry about funding the account.

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    • regardless of broker, no one can do more than 3 daytrades in a 5 day period if their account is under 25,000 thou. That is the law, you can do 3 daytrades in a five day period. If you violate that, and you can't answer the daytrading equity margin (to get the account over 25,000) than your account becomes cash, which means you cannot use the proceeds from any trade (loser or winner) until 3 days later, and no shorting. If you can't answer the call, you got to wait 3 monthts before your account again becomes a margin account. Cash account means you got to wait 3 days for the proceeds of any trade to clear.