Registered: Feb 2004
04-27-12 04:33 PM
I recently withdrew some money from one of my brokerage accounts which caused it to fall below the 25k minimum for classification as day trading account.
I know that in a NPDT account, I can only conduct 3 day trades in a rolling 5 day period.
However i noticed that after reclassification my buying power remained the same,i.e. 4X buying power, not 2x.
I subsequently used this 4X BP unknowingly to conduct a day trade yesterday.
I am somewhat confused about the rules. Am I prohibited from doing this, will i suffer some kind of margin call?
Can anyone clarify?