Wayne,
Mytrack has recently changed clearing firms, from Herzog to Penson. They are now saying that its not them its Penson that's enforcing the rules, and that all other brokers out there are not complying with the rules. My real concern is the rule itself, reading it I do not see where it restricts people from daytrading stocks as long as they trade within the buying power that they have at the beginning of each day. I do not see anywhere where it says that I can only buy and sell the same security 2-3 times per day. Maybe I am wrong, if I am, please point out the language to me. My other concern is if this rule does exist the way MyTrack is describing it me, does it mean that I can only trade the same stock 2-3 times per day, and than trade another 2-3 times per day the same day, and then another one, and then another one. You get the picture, I am sure. Do they only allow people to trade up to their buying power in the course of the day by adding the total dollar amount of shares bought during the day, not considering that new shares were bought after the previous were sold, or can you trade let's say 50-60 times per day assuming that you are trading 20-30 different stocks. Very confusing stuff. Have you ever encountered daytrading margin calls by trading the same stock more than 10-20 times per day at RJT? Perhaps I should look for a new daytrading broker.
Thanks,
shneed |
