@Jrich Contact them....they'll usually drop this one time in a 90 day period. Tastyworks and Scottrade both dropped it after I talked to them. Here's their standard reply: You can request a reset of your Pattern Day Trader (PDT) status, which you are allowed to do once every 90 days. After that, unless you have at least $25,000, you would have to do 3 or less day trades in any rolling 5-business-day period. If you did 4 or more, you would be classified PDT again. Would you like to use your PDT reset today?
Just asked my broker this question. Will be interesting to see their response: Does buying and selling in one day constitute 2 trades to count towards PDT, or one? Example: I buy call options on AAPL on tuesday, then sell them the same day. Would that count as one trade or two on the PDT rules? Also, if my account falls below $2000, then I lose margin privileges, and it becomes a cash only account, which the PDT rules no longer apply, correct? Thanks
I had my first PDT call ever about two weeks ago trading options. Had an in-depth conversation with a knowledgeable broker. He informed me that I could shift all the money from my margin account into my cash account and continue trading if I wanted. The big downside however is that you have to worry about Regulation T violations which is frowned upon a bit more than breaking the PDT rule. You do get one warning typically though for a Regulation T violation as well.
