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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (10033)	9/2/2000 12:06:16 PM
From: shneed	Read Replies (1) \| Respond to of 18137

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

To: OZ who wrote (10033)	9/2/2000 1:31:26 PM
From: LemonFlavor	Read Replies (1) \| Respond to of 18137

Why is it that Datek and myTrack (until now) don't give you trade or Reg. T calls but other brokers like MB Trading do? I've gotten trade or Reg. T calls from MB Trading in the past and it's a real pain. Thank God we had enough money in savings to cover it. My wife is scared to death I'm going to make a mistake and get a big one some day in the future and not be able to cover it. It scares me too. What is the advantage of a system like MB Trading as opposed to Datek or myTrack? I have a friend who switched from myTrack to MB Trading and switched back to myTrack because of those &$%*# trade calls.