Quote:
Originally Posted by crockett
Then do Forex trades. You can do as many of those as you like.
The Day trading rule is tricky and you can still break it even if you only do 3 trades in 5 days. The SEC considers a "day trade" as any trade that you buy & sell on the same open & close day.
It just depends how strict your broker is.. I got away with quite a few because I always had extra cash in my account so I wasn't flipping stocks using the same cash I just sold with. There is a 3 day settle period for every trade hence the reason for the rule as it was abused to death by margin traders in the past.
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Forex is interesting but my I don't know if I'm sharp enough to figure it all out
I was looking at those clowns who promote these binary options trading things (where as I understand it you can buy extremely short term options) for currencies but I think it's a scam because they manipulate the quotes.. It does seem like a-lot of people have success just following the money- like they're using candles and ma's and all of that and it's pretty reliable because everyone else is also following them, I guess. Any way you could find to follow the banks and their trading would be very successful, too, I would think.
If you could trade outside of pairs one could make a fkn fortune over and over and over again. I thought of that years ago but it doesn't seem possible- but I think banks do it. Like if you could use USD to buy EUR and turn around and purchase JPY without converting back to your baseline currency first, and so on. That would be NICE
But- someone told me you'd have to have actual "delivery" in order to do that (whatever that means).
The pdt rule is fucking bullshit because all it does is fuck with poor people. As you say- usually if you've got extra cash in your account as I understand it you won't trigger a warning. Also, I think you can have multiple accounts across several brokerages and get around it that way, too. Plus, a-lot of brokers just won't bother to fuck with you if you don't get too out of hand.. I'm not sure if the SEC will fuck with you anyway at a certain point??
But I am not too worried about the dollar amount of the trades so long as I don't end up being over a few percentage points of the trading volume. Unless you're fucking with pnks or greys and shit like that it usually shouldn't be a problem... Now if you're looking to make huge trades every time I definitely agree most of these pennies would not work for you though.