PDT question

Discussion in 'Trading' started by stevebec, Aug 8, 2003.

  1. stevebec

    stevebec

    If a single opening trade is offset by 2 closing trades (ie. buy 200, sell 100, sell 100), assuming they all occur on the same day, does this count as 1 day trade, or 2?
     

  2. 1,,,,,but I swear, it's different at each firm
     
  3. stevebec

    stevebec

    Thanks. Do you happen to have a link to the rule? IB just locked my account for 90 days and searching the NASD web site is like looking for a needle in a haystack.
     


  4. I donlt think the 90 day is for PDT...it may be for trading without funds....ie you bought somthing and sold it without paying for it
     
  5. stevebec

    stevebec

    No, I got back from a week's vacation and when I checked my "day trades remaining", it was at 0. Emailed IB and they replied that I was flagged PDT and locked out for 90 days. I checked back over my trades and found that the only way they could have come up with 4 day trades was to count the 1 open/ 2 close as 2 trades.
     
  6. def

    def Interactive Brokers

    the rule has changed at the SEC/NYSE. if you violate the PDT you are locked out of trading for 90 days unless you bring your account above 25K. This is an SEC/NYSE rule, not IB's.
     
  7. AT SWS...your account is closed, fini, done over....what is the actual rule, def? do they have to close the account or are they being over compliant?
     
  8. def

    def Interactive Brokers

    no trades at all for 90 days unless the account goes above 25K.
     
  9. stevebec

    stevebec

    Thanks Ambush, but I had already found that and was looking for something that specifically addressed the single opening / multiple closing issue.

    I was hoping to find a copy of the rule I could send to IB customer support, but I guess IB's interpretation is what really matters and not the NASD rule and I'll be doing all my trading in my other account for the next 3 months.
     
    #10     Aug 8, 2003