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jman,

You gotta distinguish between idiosyncratic, broker-specific rules --like VG's aversion to "day-trading"-- and the industry-wide PDT rules.

Vanguard is a sh*tty broker through whom to be trying to execute trades. A friend had an account there and was complaining about the fills he was getting. I told him about my own positive experiences at IB. He followed up and set up an account with them and then did test trades at both firms. Consistently, his fills at Vanguard were inferior to those at IB. That was a couple years back, and YMMV, as they say.

IB isn't the easiest platform to deal with. Plus, there are data fees that have to be paid. So a better broker is TD Ameritrade, and its DOM is a lot easier to trade off of. But here's a real surprise. Even stodgy old Schwab is a good place to execute. I've done a hundred trades with them in the last three weeks on some pretty illiquid stuff and have gotten good fills, even with market orders.

Suggestion: Every broker has strengths and weaknesses. Leave at VG the accounts you aren't having problems with and transfer to a better broker the account you want to use to do fast round trips.

Arindam
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