StockFetcher Forums · General Discussion · Anyone have strategies for grinding an account over PDT limit?<< 1 2 >>Post Follow-up
Railwhore
69 posts
msg #49203
Ignore Railwhore
1/12/2007 8:30:38 PM

This 25k limit on the PDT is just sucking [edit]...I don't want to see the account get locked down for God knows how long. Couple of bad trades in 1 day and your forced to take a few days off. Trying some different approaches to aggressive trading to grind accounts up and over the pattern day trader limit. I.E. buying the night before on breakouts and selling next day with a couple of day trades here and there and parlaying the profits. Seems to be working but any bad news on your picks (aob ceo just had to dump 1mil didn't he) and your right back where you started. I HATE keeping money in overnight...lol. Thanks for any info...



traderblues
195 posts
msg #49204
Ignore traderblues
1/12/2007 9:35:09 PM

It sounds like it's NOT working for YOU right now. Take a step back and re-evaluate your strategy. Either you're risking too much, or you just can't handle the PDT pressure. You might try to lengthen your time horizom (i.e. swing trading?)

Just take a couple weeks off, analyze your strategy, and start again.


juha
52 posts
msg #49264
Ignore juha
1/15/2007 7:40:43 AM

it is very easy to overcome PDT rule. Just do not use broker who follow PDT rule! :) There are dozens of prop firms who can give you 1:25 margin with $5000 account and no PDT rule. I'm using Genesis Securities, www.gndt.com, they don't have any PDT rule, minimal account $5k and initial margin 1:10, I have comissions 0.008/share @ Genesis. Also I heard that Alliance Trader(http://www.alliancetrader.com/index2.html) is a reliable company, they have no PDT rule, $2k minimal account and 1:4 intraday BP. If you want more info about Genesis, drop me email: alex[at]dx200.biz, some discount is possible...
Alex


petrolpeter
439 posts
msg #49270
Ignore petrolpeter
1/15/2007 12:16:56 PM

I thought the daytrading under 25K was SEC law and blankets all trading.


bloosteak
35 posts
msg #49276
Ignore bloosteak
1/15/2007 6:23:07 PM

Some firms are not in America :)


juha
52 posts
msg #49291
Ignore juha
1/16/2007 2:31:54 AM

www.alliancetrader.com registered in Jamaica, Genesis Securities operates in USA, but I think they are registered somewhere offshore since theyr full name "Genesis Securities, LLC.". There are lots of companies in USA which registered offshore and opeares in USA for USA traders. I live in Russia, in a town which are several times smaller than our capital Moscow, and even in my towm there is a company which gives access to US stock marker, www.dnatrading.net, their minimal account $5k, and they propose up to 1:50 intraday margin... So I'm sure in most US cities should be at least one broker without PDT rule.


stevec2
5 posts
msg #49298
Ignore stevec2
1/16/2007 10:22:28 AM

According to the SEC website it is an NASD rule and NYSE rule. When reading the rules at nasd and nyse websites they reference sec so it is hard to determine who really is in control. It looks to me like they are saying that nasd and nyse are the ones who have the rules and the sec had to give the ok to implement the rules. So any broker who is a member of NASD will probably enforce this rule. I would not feel comfortable doing business with a broker who is not a member of the NASD but everybody has their own level of comfort. I would also want to make sure the broker is insured by SIPC (Securities Investors Protection Corporation). The SIPC has a website and a brokers participation can be checked there. Here is where I found the info from the SEC http://www.sec.gov/answers/daytrading.htm


juha
52 posts
msg #49299
Ignore juha
1/16/2007 12:08:34 PM

just "cut and paste" from Genesis website:
Copyright 2005-2006 Genesis Securities, LLC. All rights reserved.
Member NASD, PCX, SIPC, ISE



hrosas
21 posts
msg #49316
Ignore hrosas
1/16/2007 9:17:56 PM

juha:
is not Genesis the same as SOGO Invest?
Few months ago I opened an account at SOGO and I did not use it because they enforce the PDT rule. Can you elaborate?
Best! HR


juha
52 posts
msg #49321
Ignore juha
1/17/2007 12:58:05 AM

hrosas, yes, I can elaborate...
Sogoinvest.com is a company formed by Genesis for retail purposes, so they follow PDT rule. Genesis itself is a prop firm for professional traders, so they don't follow PDT rule.


StockFetcher Forums · General Discussion · Anyone have strategies for grinding an account over PDT limit?<< 1 2 >>Post Follow-up

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