"Regulatory requirements dictate that we modify our US day trading policies. Over the next week we will be implementing the following additional day trading margin restriction when opening new stock positions:
Prior night's Equity with Margin Value >= Account's Total Initial Margin Requirement
Any opening stock transaction not meeting the above criteria will be rejected. This day trading margin restriction only applies to "Patterned Day Traders" and will in no way effect maintenance margin requirements or any initial margin requirement for options and/or futures trades."
Can someone explain what this means to me in plain english? If I have an account of $20,000 and I am a PDT, what does this mean to me? Thanks!
I would venture to say that their prior interpretation of the rule has been reconsidered ...