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Strategies & Market Trends : DAYTRADING Fundamentals
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To: TraderAlan who wrote (13310)7/7/2001 9:17:57 PM
From: TraderAlan  Read Replies (1) of 18137
 
From another stock board, this is the first indication of IB's policy on the new PDT rule coming in 2 months. I'm amazed how many small traders are still unaware of what is about to happen. Can't vouch for the accuracy of this post:

"Interactive Broker's response:
"In response to the new rule changes, Our compliance department is currently making the appropriate modifications to our system, so that we may be in compliance with the SEC mandated rule change. Customers can continue to use their margin accounts going forward, however, accounts with less than $25,000 will no longer have the option to daytrade."

So i asked if i could daytrade from a cash account (this sucks because i can't short but what am i going to do?)
Their response:
"You cannot daytrade in a cash account, that is a Federal Reserve violation."

Alan
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