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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Dan Duchardt who wrote (2057)2/12/2000 3:16:00 PM
From: Wayners  Read Replies (1) of 2120
 
As you guessed I was referring to margin accounts. We're in agreement on this one. This rule is going to be used to stop people with less than $25K from day trading. However they might or should grandfather people that have already established a margin account with a broker with less than $25K. Any newly established margin account might be subject to the rule. I'm just speculating. I just can't imagine them taking away somebody's previously established margin account unless the person's creditworthiness was somehow in question. Another offshoot would be if no margin account--no shorting stocks either. I guess that means no covered calls or covered puts either for that matter. I did not know about that NYSE rule 431 either. I assume Nasdaq allows day trading in a cash account. I place all trades in a margin account period even when not using any margin. I don't know anything about the x 4 multiplier. I'm going to have to look at the Notice of Proposed Rulemaking to see what it says.
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