The Motley Fool Discussion Boards
Investing/Strategies / Short Term Trading
|Subject: Re: Daytrader||Date: 4/20/2004 9:39 PM|
|Author: Capcon||Number: 25229 of 36711|
BTW, the way I read it, if you maintain $25,000 equity, the rule doesn't apply. Am I correct?
Correct, although you'll still be classified as a pattern daytrader.
and if your equity falls below 25k you will get a margin call to bring it back up...
Okay, I got all that. But what other implications are there to being classified as a "pattern day trader?" I don't believe that automatically qualifies you as a "trader" for IRS purposes. Or does it?
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