Market Watch for 9/28/2009 (Week of)

[stang3O2]

Why not...I say....I'm game...going to lock in profits from my buys on Qasp @.017 & .02 with a sell order at .025, about 100k shares....it's been trading in a range...maybe I could swing trade this thing to recoup all my shares at .032 and .04. I have an etrade margin acct, how many times can I get in and out of qasp without getting restricted? Anyone?

Andy if you have less than $25k in your account you can make 3 roundtrip day trades in a rolling 5 business days. A round trip is a buy and sell in the same day if you dont do both it doesnt count as a round trip. The 4th time you do a round trip in 5 business days you will be tagged as a pattern day trader and they freeze your account for 90 days (i think). If you have over $25k in you account at the begining of the day you can do as many round trips as you want

[Alaska Guy]

Thanks Stang, I'll need to give them a call...I meet that requirement, but only if they count all my accts together. I have two ira's and a margin acct.

I almost meet it with my margin acct alone. I learned the hard way when I first started back with trading.....I got restricted in my Ira acct when I didn't let the stocks clear before selling them again.

Well my plan didn't work today.... I didn't get my sell filled @.025 today on QASP. I'm hoping that it was a sign and tomorrow it shoots thru the roof! And never looks back. Wishful thinking right!

[stang3O2]

Thanks Stang, I'll need to give them a call...I meet that requirement, but only if they count all my accts together. I have two ira's and a margin acct.

I almost meet it with my margin acct alone. I learned the hard way when I first started back with trading.....I got restricted in my Ira acct when I didn't let the stocks clear before selling them again.

Well my plan didn't work today.... I didn't get my sell filled @.025 today on QASP. I'm hoping that it was a sign and tomorrow it shoots thru the roof! And never looks back. Wishful thinking right!

The account will need to be $25k by itself, I'm 99.9% sure they will not let you do a combined total

[candleman]

Thanks Stang, I'll need to give them a call...I meet that requirement, but only if they count all my accts together. I have two ira's and a margin acct.

I almost meet it with my margin acct alone. I learned the hard way when I first started back with trading.....I got restricted in my Ira acct when I didn't let the stocks clear before selling them again.

Well my plan didn't work today.... I didn't get my sell filled @.025 today on QASP. I'm hoping that it was a sign and tomorrow it shoots thru the roof! And never looks back. Wishful thinking right!

Andy, I like that shoot through the roof kind of thinking. As soon as I sold today at .0225, it went up and never looked back.

[just sirius]

stang

Does the acct need to have a cash balance of 25k or total value of 25k, also...do you have to register as a daytrader...or will it be assumed as long as you meet the $ requirements! And 1 more thing...is there any higher fees associated with a margin acct/daytrading acct?

[Alaska Guy]

The account will need to be $25k by itself, I'm 99.9% sure they will not let you do a combined total

I would have been more than covered if behl stayed above .10!!! My gut feeling is if I day trade this acct, I would lose out in long run!!!! I'm not properly equipped to day trade with my iPhone!!!! 

I dont have access to L2 at work and I hAve fat fingers!!!! I've seen what could happen when your off a decimal point with these pennies, It can turn into an an expensive mistake!

[Alaska Guy]

stang

Does the acct need to have a cash balance of 25k or total value of 25k, also...do you have to register as a daytrader...or will it be assumed as long as you meet the $ requirements! And 1 more thing...is there any higher fees associated with a margin acct/daytrading acct?

My etrade fees actually got lower, but it had to do with how many trades I do in a quarter. 30 or more trades, I pay 9.99 a trade and no extra fees for trading pennies!

[just sirius]

My etrade fees actually got lower, but it had to do with how many trades I do in a quarter. 30 or more trades, I pay 9.99 a trade and no extra fees for trading pennies!

Thanks Andy

Just sent you a pm!

[stang3O2]

stang

Does the acct need to have a cash balance of 25k or total value of 25k, also...do you have to register as a daytrader...or will it be assumed as long as you meet the $ requirements! And 1 more thing...is there any higher fees associated with a margin acct/daytrading acct?

Just a value of $25k, and you do not have to register just have to have a balance of $25k at the beginning of the day. You should not have any higher fees and in fact sometimes you can call in and talk your broker into lowering the fees since you trade more.

[just sirius]

Just a value of $25k, and you do not have to register just have to have a balance of $25k at the beginning of the day. You should not have any higher fees and in fact sometimes you can call in and talk your broker into lowering the fees since you trade more.

Thanks Stang

BTW who do you have your margin acct with?