Are you considering quitting your dayjob to daytrade?! Message Board

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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!

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To: cgraham who wrote (608)	12/1/1999 7:30:00 PM
From: Garry R.	Read Replies (1) of 611

Hi, Hope my question is not completely off topic. I had called my broker to place a order(cuz there online system was giving me problems) and the person warned about that I couldn't day trade in my cash account. At the time I was more concerned about getting my order placed to sell than anything else. I know there are rules governing daytrading but after searching all the crud at the SEC I am no not enlightened. For example(assume all cash no margin). Start the day with $5000 in stocks. Sell all those stocks. Then purchase new stocks with the proceeds. Sell same stocks. Is this okay? If so, can I use the proceeds to purchase additional stocks? Sorry for the newbie questions. If someone could answer my question or point me to the "rulebook" I would be grateful. Thanks.

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