3 trades in 5 days for day trading question and is Forex 24 hour trading.

Hello let me start by saying I am very new to day trading. I mean very very new. I know nothing. I have been breifed in the dangers of day trading but none the less I want to forge ahead.

I know that you are only aloud the make 3 trades un a 5 day period if you only have less than 25k in the account. Does that mean I can only buy a stock, sell it, and buy one more than I have to weight or does it mean I can buy and sell different stocks 3 times a week meaning 6 actual transactions. Hope I explained that right.

Also I heard you can make as many trades as you like with an off shore account. Is that legal? Also is that what Forex is. And off shore thing. Sorry if this is a really stupid question.

 

Open an offshore account if you wanna bypass the pattern daytrading rule. And forex is 24/7. I don't think pattern daytrading applies to forex. (I am not exactly sure though.)

 

Thanks for the response. Is it legal to open and off shore account

 

Thanks sorry what is a "pattern" daytrading

 

Well, Mr Foot, if you want to satisfy an urge for fast and furious action, open an AMP account and burn through a few thousand learning index futures trading. There are lots of people here who will be glad to tell you all they know about the subject and no doubt there are bazillions of tutorials and videos all over the internet. You don't need $25k to open an account(although you'll wish you did have) and it trades 22 3/4 hours a day, 5 days a week.
Pattern day trader means making more than 3 round trip day trades in 5 days(in a margin account).

 

Thank you for the advice. Any thing you can advice would be so very appreciated.

 

Now you're just being confusing to the new poster. AMP is a futures broker, and "Pattern" rules do not apply. That applies to stock traders and the SEC.

 

https://www.ampfutures.com/client-portal/funding-instructions/

Is that the he is talking about. Thanks for helping.

 

You have all the tools in front of you to learn quickly the differences between all these bits. It is called the Internet.

Back in the day it was a "library", which has physical books in it. Now it is all clickable.

Look before you leap.

 

Thanks over night. I have been researching and watching youtube videos. Still not sure which is the best off shore company to use. I'm assuming it is this which old coot suggested