DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: exdaytrader76 who wrote (11141)	12/26/2000 11:49:03 AM
From: -	Read Replies (2) of 18137

Schwab actually does follow the rules... it's just that the Direct Access firms have been targeted by NASD for the discriminatory "Pattern day trading" margin rules to be applied. That's rule, when rigorously enforced as many clearing firms are now starting to do, creates a serious disadvantage when trading at a direct access firm, especially if you carry overnights frequently and like to make maximal use of your buying power. The problem is, the direct access firms apparently have zilch for lobbying power with NASD, and so it's "take it or leave it" for us, their customers. For daytraders that don't carry any overnights, this isn't an issue. -Steve

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