I recently made a blog post about scaling out of trades with Sogotrade and how it relates to the pattern day trader rule. Dave Whitmore, the president of Sogotrade, was kind enough to respond to my blog post. Thus, while Sogo's software will count scaling out of a trade as multiple day trades, you can call them up and they are happy to roll them into one day trade.
Thank you Dave for providing this information.
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5 comments:
good to know. thanx for the effort
Nice, I wish they fix the software algorithm because in fact, is really easy to track through soft and is better to advise customers about the number of day tradings still available, don't IB still do that? or prevents you to fall into PDT rule?.
SogoTrade activated my account yesterday and is nice to see Dave Whitmore here.
WasabiTrader,
Yes, IB does that. IB won't let you enter another trade when you've used up your 3 day trades.
TOS's software also tracks your day trades and shows you how many you have left, but it will let you enter another trade after you've had 3 day trades and it will give you a warning message that you'll need to hold overnight.
Sorry, I'm a newbie - Are you really saying that I can not make more than 3 day trades within 5 days?
How do you deal with that? - you execute 3 trades in each of your 3 tradings accounts?
Is the rule applicable only for margin accounts?
I'll appreciate short reply from anybody.
thanks
If your account is less than $25K, then you can only do 3 day trades in a rolling 5 business day period. The rule applies to all margin accounts. You can't really day trade in cash accounts because of the time it takes for trades to settle.
Since I have 4 trading accounts with 4 separate brokers, then I get 12 day trades per week.
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