Hi friends, do you know of any direct access broker that does not have the 25k day trading margin rule? For example if I go $1 under , tradestation freezes my account. Any help is appreciated. Thanks.
Uhm, try google'ing for: SEC PDT NASD and you'll see: http://www.greencompany.com/EducationCenter/GTTRecTraTypPDT.shtml So, the definition of PDT comes from the SEC, but the PDT $25K rule is purely NASD. NASD is an SRO covering securities in the U.S. Securities = stocks, bonds, & some categories of options (primarily options on other securities). 1) NASD/PDT does not cover futures/commodities trading, which is regulated by CFTC & NFA. 2) NASD/PDT does not cover SSF [Single Stock Futures] which are jointly regulated by SEC & CFTC. 3) NASD/PDT does not cover traders who join a prop firm. 4) NASD/PDT does not cover traders who go offshore and setup a trading account with a non-US broker to trade non-US securities. 5) NASD/PDT does not cover ForEx trading. In fact, very little regulates the ForEx markets.... You should broaden your prospective of what are the tradeable markets.
Go to Bright where you are a customer in disguise. You can get 100% of payout. He is not SIPC, but he has enough money that yours is well protected.
Maybe you're pushing a little too hard. It has been my experience to leave a goodly cushion to avoid being locked up by an unexpected excursion, though if you've been going over-limit frequently you might re-examine your trading plan.
If you do not mind being domiciled in Jamaica Mon, they have no PDT minimum deposit. There are a few threads on here about these guys! I do not know anything about them. http://www.alliancetrader.com/