I need a little help. I recieved the following message from etrade. Do I need to send them 19,500.00 to be able to make several trades a day or is their another online broker i can use?.
Your account has been issued a day trading minimum equity call of $19,500.00. Because you currently meet the definition of a pattern day trader, you are required by NYSE Rule 431 to maintain minimum equity of $25,000 in your account.
You must deposit this amount in cash or securities no later than market close on 01/19/04. Please visit the Help Center or call 1-800-786-2575 for the fastest ways to make deposits.
If you fail to meet your call by the deadline above, your account will be restricted to trading on a cash-available basis for 90 days or until the call is met. Also, please be aware that NYSE Rule 431 requires us to restrict your account to cash only transactions only for 90 days if you execute a day trade before this call is satisfied.
If you have any questions, you can learn more about day trading rules or call us at 1-800-786-2575.
Thank you,
