I have about $5k in a scottrade account which I use to day trade penny stocks. I have been getting emails telling me I have to wait so many days before I can buy with that money after I sell however their website lets me do it. You would think if they didn't want you to do it there would be something that stopped you from buying and made you wait the time period. Strange.....
That is really strange that the two systems don't link together. Have you asked other customers if they experience the same thing? I have no idea why that would happen.
If you're doing more than 3 day trades (same day buys & sells of the same security) in a 5 day period, you need to have at least $25k in your account in the US. It sounds like federal regulations at work there keeping you from doing so many day trades in that $5k account.
Yes, this guy makes sense, the federal people are the ones to blame here, you can't really blame the website for this mishappening. I really wish though that trading would have been more convenient and all these regulations and restiricitons were limited.
Day trading isn't the best way to go for most anyway - particularly those with limited money and limited technology. You're far more likely to hold on to your money and see it grow over time with more traditional investing. Day trading carries a 95% chance of losing your money. Those few who succeed tend to have more money, better technology, and other "edges" going for them. The vast majority of my money has been made outside of market hours from one day to the next - that's when stocks almost always move the most.
I agree with you 100%, sir. I've had personal experiences in the market. I've learnt that patience and a control on your emotions and greed is the best way to earn more
