It is a good reason not to allow customer accounts for me ... .. it sounds to me like it is a Bright business decission and I do not see anything wrong with it ...
No reason for a fuss. If we wanted to open a Retail Brokerage, we certainly have the wherewithal to do so. BTW, we are not members of the CBOE. And, quite simply, retail customers are limited to Pattern Day Trader rules, not a big deal, just a restriction in my way of looking at it. Heck, can't even do opening only orders (one of my favorites, as you know LOL). I'm not worried about Bright's margin requirements, just any "customers" we might have. All the best, Don
I'll assume you were just trying to be helpful, and not 'spinning'. However, many traders do opening orders in retail accounts, including some of the best traders that post in the OPG thread, FYI. (Interactive brokers is almost ideal for retail OPG trading for many reasons, FWIW, but Genesis is one of many other options for retail OPG trading)
Yes, I understand that some retail brokers allow opening only orders, it's just that most won't allow the submission of a $million or so of orders without proper capitalization. And, yes again, I think IB is one of the few who do allow these orders. All the best, Don
Don, Now you're being silly. I'm retail and have trade the Open for years. I generally place about 15-20M dollars worth of orders and get filled on a fraction. Unless you're at Fidelity or Schwab (or one of those places) you can certainly trade the open. Why would you say otherwise?
Aaah, hmmm? I just checked with Compliance (and , and open orders entered are subject to standard PDT margin, regardless of whether they are opening only or day orders. If you're able to do this, I am really, really surprised (and not much surprises me in this business). I'll check with my guys at IB and MBTrading, I may be missing something. Don
OK, I checked with my guys. PDT rules apply to opening only orders for those under PDT. "When the market is not open, we use previous day's closing prices for calculations." Those with "portfolio margining" may use approximately 6 times equity ($100K minimum account for this at IB). Same answers from several sources, just FYI. (You had me going there for a second, LOL). If you have some combined account or something our of the ordinary, I wouldn't know. All the best, Don
I hope you don't mind answering if you do thats ok, but what broker are you with and how much money do you have with them that they let you put 15-20m worth of orders? I guess they would cancel remaining orders after the few that get filled cause you to hit your buying power?