Discussion in 'Retail Brokers' started by dumtom, Oct 28, 2002.
Any firms out there that are lax on the 3 trade 5 day rule? Thanks
Perhaps you could multiple accounts with different brokers to satisfy different trading needs.
Wouldn't it still be illegal to make 4 or more daytrades within 5 business days in different accounts?
etrade used to be.
Just wait for SSF's
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.
isn't that how martha stewart got in trouble , violating security rules ??
She violated Federal Law not NASD. The Insider Trading Act. NASD has no authority over the public, only us the registered traders .
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.
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