Gail's iHub Friends

[EPK]

ACC - On February 27, 2001, the SEC approved rule changes proposed by the NYSE and FINRA (NASD) aimed at imposing more stringent margin requirements for day trading customers. Under these rules, customers who are deemed "pattern day traders" must have at least $25,000 in their accounts and can only trade in margin accounts.

I got hit with it in March of 2001 and then in 2004. Now I don't have that problem.

The rule applies to anyone who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period. A pattern day trader is subject to special rules. The main rule is that in order to engage in pattern day trading you must maintain an equity balance of at least $25,000 in a margin account. Like I said in the PM sell it all and move the cash to a new account.