Any brokers that dont enforce the 3 trade rule?

Discussion in 'Retail Brokers' started by dumtom, Oct 28, 2002.

  1. dumtom


    Any firms out there that are lax on the 3 trade 5 day rule? Thanks
  2. NO. :eek:
  3. Perhaps you could multiple accounts with different brokers to satisfy different trading needs.
  4. Ninja


    Wouldn't it still be illegal to make 4 or more daytrades within 5 business days in different accounts?
  5. gaj


    etrade used to be.
  6. mdmbud


    Just wait for SSF's
  7. First of all, it's not illegal. It's an NASD rule, not a law.

    One brokerage firm has no knowledge of another's activities. This is a brokerage firm rule, not a rule for individual traders. You could do 3 day trades in 3 (or as many as you want) different accounts, as long as you don't violate the rule in an 1 of the accounts.
  8. hotshot,

    isn't that how martha stewart got in trouble , violating security rules ??


  9. She violated Federal Law not NASD. The Insider Trading Act. NASD has no authority over the public, only us the registered traders :(.
  10. I concur! So it's really very easy to circumvent the PDT rule. Just take $2,000,000 and split it up into 200 accounts with 200 different brokers. That way you can do 600 daytrades for each 5 day period! Problem solved.
    #10     Nov 2, 2002