OZ, I am using MyTrack which is a direct access broker, not a discount one. I trade about 60 times per day on average by scalping trades, usually the same 4 stocks. On Friday, MyTrack, which clears through Penson, told me that Penson is enforcing rule 2520, and that I can no longer trade the same security more than 2-3 times per day without getting a margin call regardless if I am within my buying power, as the reply to my question shows on my previous post. I am not saying that Penson is wrong, I am just asking if MyTrack is wrong in interpreting what Penson is saying. I looked up the rule 2520 on NASDR website, and I do not see where it says that all trades in one particular security should be added to make sure that a customer does not trade without putting up more margin. I am talking about buying and selling, than buying and selling again, and then calculating all the buys in one security and making sure that it doesn't exceed the daily buying power.
Thanks shneed |
