Folks, our chat this week will be with Steve Sanders of Interactive Brokers. We're going to keep this chat general for several reasons... one, Steve's not a "trader" rather he's the VP of Business Planning and Development. So this chat's going to focus more on the helping us better understand the machinery behind the markets. Please post any questions you have on the regulators and regulations that brokers and our accounts are subject to... margin rules, trading rules and settlement procedures. Or maybe your question relates to how orders get placed and sent out to the exchanges. It's all good. The chat will be in the Elite Trader Chat Room on Thurs. Sept. 11th at 4:30pm EST. Please join us. André
Recently, they have not been posting the available day trades for those who don't have at least 25k in their account. We were suppose to keep track of this information ourselves and if we were wrong and made a daytrade then we were frozen out of our account for 90 days. Today, they actually posted the number of daytrades in my account. Will they continue to keep track of this information for us or was today just a "teaser".
They have never frozen my account before... last time i just had to wait until the 3 trades in 5 days count went down.
If you have been flagged, next time you will have to wait 90 days or until you are back over 25K according to IB-Matt from their online help desk.
PDT == Asinine What they should do is freeze the accounts when you have a drawdown of 25%. That makes more sense to me.
thanks for the chat... of special interest: his response to the PDT questions, and the potential for options traders through boston exchange...