opinion I have been labeled as a pattern day trader

[Dondomainer]

I get the notice this morning :

You have been flagged as a pattern day trader because you completed four day trades in the past five trading days.

You can continue trading, but we will prevent you from making another day trade until July 27, 2020 or you increase the value of your stocks and cash to $25,000.
------------
I have been trying to avoid this for a while, but, I could not resist, HTZ started at 5,24 then fall to 3,75.. then and a good positive volume appeared, right there I come in.. 2k x 533 share they went up to 4.90.. but it came out at 4.87..then it appeared "pattern day trader".. now I can not buy nothing else...until Jul 27, you know the government doesn't want me to lose money, but wait, what about the lottery and casinos there is something else that has a higher percentage of losers than BlackJack, Poker, Roulette, Power ball, Fantasy Five or Scratch-off ?

But more than that, pattern day trader law it doesn't prevent you losing money, this doesn't say anything about how much money can you invest in less than 5 operations, just focus on how many times you buy and sell...but wait..There is no way that you will be profitable if you do not go in and out when the price is more favorable...

 

[johname]

What we don't know is if you are on your first Flag or your second. If you are on your second warning, you might as well forget about being a day trader until you have more funds.

If you are no your first flag you can sign a paper promising you know the rules and get a second chance at being an investor instead of being a trader.

Contact your brokerage

 

[xynames]

Under $25K and your day trading is just a formula for disaster anyway. You need a LOT more than that to do it properly, especially with the better stocks. You shouldn't be going all in, or anywhere close on your trades, and should be able to hold them overnight if you get stuck.

 

[DanSanchez]

The legacy markets are disastrously biased towards rich players. It has nothing to do with risk aversion, but capital control. Imagine having someone looking over your shoulder as you buy domains daily, oh wait, you went over this magical number of actions! NO MORE DOMAINS.

Risk is for individuals to assume, the state has no place in this at all.

I'm not a financial advisor, but I suggest you stop playing with a zombie market anyway. The fed buying equities, treasuries, and corporate bonds via proxies has decoupled the market from it's foundation. Not that it had one before this economic pandemic, but it feel further away from reality.

 

[hollywood]

Also investigate the wash sale rule to avoid any unfortunate tax surprises later.

Regardless of which day you transacted, it invariably creates a "substantially similar position" that prevents offsetting losses.

 

[xynames]

Valid advice - but not for a day trader. A trader buys and sells rapidly - period. Doesn't concern himself with tax rules or tax advantages because he's rebuying so quickly. Thirty days is an eternity for a day trader.

 

[The Durfer]

u can still buy a share in the afternoon and sell it first thing in the morning and it isnt considered day trade. It has to be within the same open and closed day.

 

[Mahogany]

Happened to be with RobinHood also... Tragedy.

 

[The Durfer]

Happened to be with RobinHood also... Tragedy.

oh, i learned with tdameritrade.

 

[wallet2it]

I get the notice this morning :

You have been flagged as a pattern day trader because you completed four day trades in the past five trading days.

You can continue trading, but we will prevent you from making another day trade until July 27, 2020 or you increase the value of your stocks and cash to $25,000.
------------
I have been trying to avoid this for a while, but, I could not resist, HTZ started at 5,24 then fall to 3,75.. then and a good positive volume appeared, right there I come in.. 2k x 533 share they went up to 4.90.. but it came out at 4.87..then it appeared "pattern day trader".. now I can not buy nothing else...until Jul 27, you know the government doesn't want me to lose money, but wait, what about the lottery and casinos there is something else that has a higher percentage of losers than BlackJack, Poker, Roulette, Power ball, Fantasy Five or Scratch-off ?

But more than that, pattern day trader law it doesn't prevent you losing money, this doesn't say anything about how much money can you invest in less than 5 operations, just focus on how many times you buy and sell...but wait..There is no way that you will be profitable if you do not go in and out when the price is more favorable...

Not a way to invest ....Even Buffet lost billions in short term ....long term is the key for stock investing.....short term tradings in stocks result in 99% total capital loss unless you are ETF managers or insiders ....don’t do it

sources——many friends who work in Wall Street

 

[xynames]

Well no - I’ve made tons trading. But there is a learning curve and even after that most traders do lose money.

But I hold many stocks very long term and then trade additional shares.

One thing I do not trade is bitcoin. Been accumulating and hodling that since 2011.

 

[Dondomainer]

Valid advice - but not for a day trader. A trader buys and sells rapidly - period. Doesn't concern himself with tax rules or tax advantages because he's rebuying so quickly. Thirty days is an eternity for a day trader.

Indeed, hit and run, in my last days i get a good profit from

ibio
fedex
Jnug
Hertz
----
Time no more than 3 hours in total, then PDT.. game over with RH, and almost dead with Webull..

 

[Samer]

lmfao

Now all discount brokers are $0 commissions

Best time to get in on all the 52 week lows

 

[Dondomainer]

lmfao

Now all discount brokers are $0 commissions

Best time to get in on all the 52 week lows

oooh yeeeah

 

[Dondomainer]

I have tried to go deeper into the topic, like why 90 days of punishment, I mean, it seems like the intention that you give up to continue investing or not?