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Strategies & Market Trends : Befriend the Trend Trading
SPY 680.73-0.2%Dec 15 4:00 PM EST
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To: Dr. Stoxx who wrote (7263)5/19/2000 6:37:00 PM
From: smchan  Read Replies (2) of 39683
 
TC, I definitely intend to play the hourlies. At the moment, I'm sticking to 13m due to wanting to be flat at the end of the day due to strange margin rules I don't understand. (I do have a little cash at ETRADE I can play the hourlies with, and I promise I will start soon.)

BTW, before diving into a trading system like Cyber or something RT3 based, find out about the margin requiements. There are some tricky NASD rules. ETRADE, Datek, etc shield us from them. For example, here's the rules from MB Trading (which I believe to be more or less like my current broker Watley, although I don't understand well enough to know yet):

"The rules apply to the maintenance requirement and how it is used the day it is release. The maintenance requirement, or 25% of the value of the position, is released upon the sale of your overnight position. Those funds may be used to daytrade as long as no additional positions are held overnight on that night, and as long as you do not daytrade the position that gave back the release. You may not use the funds that are released if you want to daytrade the overnight position you sold; and you may not hold any additional positions overnight if you want to daytrade the position you sold. We do offer tutorials on the rules and the software is designed to warn you in some cases. The software warning is not full proof so it is important to become familiar with the rules."

Sam
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