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

To: shneed who wrote (10048)	9/2/2000 5:59:07 PM
From: OZ	Respond to of 18137

Perhaps I should look for a new daytrading broker. I think you got it!!!!! I hardly consider MyTrack a serious brokerage for any active daytrader. Oz

To: shneed who wrote (10048)	9/2/2000 6:04:01 PM
From: Wayners	Read Replies (1) \| Respond to of 18137

Its a grey area that they were going to close when they came out with a new revised rule 2520 which said they would leave it up to the individual broker to decide whether to allow the max open trades at any one time or sum total of new positions during the day regardless if their closed intraday, to decide whether or not to apply a day trading call. That rule however got nixed. I must say that 90% of day trading firms out there allow you to flip the same stock as many times as you want in one day without generating a margin call because the number of trades is their lifeblood. If it were clearly illegal by SEC or NASDAQ rules, you would see tons of brokers getting fines for it and you would see an across the board crackdown. But thats not the case, so their claim that everybody else is breaking the rules is bogus. Its up to the individual broker to decide how they want to extend credit. Its their money so they lend or not lend as the case may be as they wish. I would make Penson give you their interpretation of Rule 2520 on EXACTLY how they are going to apply it and if doesn't meet your expectations then let the great capitalistic laws of supply and demand come into play....vote against Penson with your dollars by moving your account to the another broker. Talk is cheap on the phone. You need something in writing from them. I've never ever received a day trading call for exceeding my buying power based on the sum total dollar value of trades for the day.