I've been to SEC.GOV trying to interpret the rules for day-trading. I don't, and won't have a margin account. My concerned is what if a time should come where I feel I need to get out of a few positions quickly, and then purchase some different shares? I know this may sound crazy, but "what if"? When I signed up at my brokerage house I believe the rule was, "Once deemed a Day-Trader, Always a Day-Trader. Now I have read an amendment at the SEC where that is changed. A Day-Trader is no longer deemed a Day-Trader if that person does not show day trading activity for 90 days. All Day-Trading rules appear to involve a margin account. Are Day-Traders (as deemed so by the SEC) required to open a margin account?
My concerned is what if a time should come where I feel I need to get out of a few positions quickly, and then purchase some different shares?That should not be a problem. The only problem that causes funds to get restricted is if you sell a stock within 3 days of purchasing it. Once you've held past 3 days the brokerage knows you actually own the shares.
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