Day trade account without the 25k?
October 25th, 2009
Does anybody know where I can find a day trade account without having to put a 25k down in the account? Or is there any other way to day trade online with no minimum like buying foreign shares or currencies? thank you.
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You need to understand that the term is actually Pattern Day Trader and that this is a term defined by the U.S. Securities and Exchange Commission to describe a stock market trader who executes 4 (or more) day trades in 5 business days, provided the number of day trades are more than six percent of the customer’s total trading activity for that same five-day period. As the trader is exposed to the danger of day trading and intraday risks, it is subject to specific requirements and restrictions. The 25k requirement is a legal requirement from the SEC and there is no way around this if you are to be a "Day Trader". There are other ways to trade stocks of course but with the advantages of being a Day Trader come the responsibilities of having enough ready cash to back your trades and margins.
All firms are required by the US Government to follow the Pattern Day Trading rule. Some shady overseas brokerage may let you ignore the PDT rules, but you can’t trust such a company not to run off with your money.
If you are labeled as a PDT, you must use a margin account and have $25,000 in assets.