Pattern Day Trader IB

Discussion in 'Interactive Brokers' started by Gustaf, Jun 27, 2006.

  1. alanm

    alanm

    There are situations where it can happen accidentally, like overfills.
     
    #11     Jun 27, 2006
  2. Gustaf

    Gustaf

    How do you guys n girls manage not to get PDT violations you have large accounts?
     
    #12     Jun 27, 2006
  3. havin' at least $30k in your acct should be mandatory, how on earth can u trade with a rule that doesnt allow u to recover your losses or takin' more chances if u get it wrong a couple of times in a row[?]
     
    #13     Jun 27, 2006
  4. Gustaf

    Gustaf

    Thats why iam having problems :)
     
    #14     Jun 27, 2006
  5. Look at your statements and see which trades got made. When I was flagged as an underfunded PDT at IB, I was surprised, because I keep track of my trade count. What I didn't know was that (1) the expiration of a worthless option counted as a transaction that takes place on Friday, so any opening transactions of an option on its last trading day resulted in a day trade if it expired worthless. (2) IB told me that they didn't implement 6% exclusion ("If day-trading activities do not exceed six percent of the customer’s total trading activity for the five-day period, the clearing firm is not required to designate such accounts as pattern day traders") Since this is optional, IB was still following the rule; at the time, I had read a paraphrase of the rule rather than the actual text from the NASD.
     
    #15     Jun 28, 2006
  6. Gustaf

    Gustaf

    I have checked, i actually did 4 round trip trades, 2 stock, 2 option.

    They have performad an account reset. In September i will put approximately $30000 to be able to trade freely.
     
    #16     Jun 28, 2006