Im currently using etrade and was recently tagged as a daytrader. I have the required $25K but i am running into a problem. My trading strategy that i use sometimes calls for me to hold positions longer than 1 day and when i do this Etrade penalizes my intraday margin when i exit the position. Their policy is that "if you hold the position overnight and then exit the position you will have to wait till the following day to use any funds again". Does anyone else have this problem or know of any brokers that dont do this? Thanks
That's not normal, however, Schwab once told me that if you have marks against you because you've exceeded your daytrading buying power more than a certain number of times, then for some period of time you're put into a penalty box: when you close an order intraday your DTBP is not replenished. As you make your daytades, DTBP gradually goes toward zero. But it gets reset correctly the following day.