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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Mark Davis who wrote (13314)7/7/2001 11:19:32 PM
From: TraderAlan  Read Replies (2) of 18137
 
Mark,

To pass along a related quote. I believe the author also hangs out around here, if he has anything to add.

"And to clarify, unless you have th 25K you realistically cannot daytrade on the long or short side. Obviously shorting requires margin. But essentially so does long trading as well. A stock trade currently takes 3 days to settle (T3) and technically your buying power is tied up during the settlement period. It has been the practice of DAT brokers to lend you your buying power when ever you close a position ("instant clearing") to give you the use of your equity/buying power an unlimited number of times per day. But to do this, the trades default to margin trades even if you do not need the margin for sufficient buying power. Thus, if you have no margin.....no instant clearing and availablity of buying power on an intraday basis....and therefore no daytrading. This rule sucks no doubt and we are all to blame for not making more noise when it was in the evaluation period."

Alan
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