Stock Trading and Other Things

Scottrade Day Trading Restriction- Stock Market?

Alright well I have a Margin account with Scottrade and recently violated the 3 day trade in a 5 day period rule. This was my first offense and they said I am going to be restricted from Margin for 90 days. I need this margin, so what are my options. Should I open another account with Scottrade? Is that allowed? Or should I transfer to another broker? Any suggestions?

Public Comments

1. Your safest bet would be to open an account with another broker, liquidate your Scotttrade account, withdraw the cash, and then send it to the other broker. That way the two brokers won't know about each other. There might be a better way, but I'm pretty sure this would work if nothing else.

2. If you transfer to another broker you will still be subject to the same rules.


http://www.sec.gov/answers/daytrading.htm