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Strategies & Market Trends : Moufassa's Lair -- Ignore unavailable to you. Want to Upgrade?

To: Silver_Bullet who wrote (268)9/26/2001 3:10:31 PM
From: ALTERN8  Read Replies (2) | Respond to of 13660
 
Agree. If you have less than 25K in a none-IRA account, you can't use margin either if your status is marked as daytrader (Catch 22). Although if you state that your intension is to hold longterm (overnight) you may be eligible to use your margin! The traders I talk to get confused often with all the new rules. It almost seems the new rules are designed to keep the rich richer and the poor without a hand to play.



To: Silver_Bullet who wrote (268)9/27/2001 8:54:00 AM
From: Wayne Rumball  Respond to of 13660
 
The new rule is nothing short of idiotic.

If I buy a stock in after hours at 7:59 PM and sell it in pre-market at 7:01 am I am not a daytrader, even though I only held the stock for 2 trading minutes. But if I buy it at 7:01 AM and sell it at 7:59 pm I am a daytrader having held the stock for almost 13 hours.

Well market liquidity should go all to hell in the next few weeks.


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