Am I considered to be a day trader if I only trade with settled funds?
Am I considered to be a day trader if I only trade with settled funds?
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lexjeed · External communityPost link
External question — Personal Finance Stack Exchange
Author: lexjeed
Original post: https://money.stackexchange.com/questions/117362
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
Adaptation: HTML converted to plain text; contact email addresses removed.
I am trying to avoid the pattern day trader rule. I have $20,000 in a cash account, and the money is settled funds. To follow the T+3 rule, I plan to trade only $4,000 a day in order to have enough settled funds to trade for 5 days. During the day, I trade multiple times with only settled funds, which means I will make over three-day trades in a five-day period. I wonder if I am allowed to trade as I plan. Also, Am I considered to be a day trader? Will my plan violate any regulation?
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Quoted from Forex.com.bd-Editorial External question — Personal Finance Stack Exchange Author: lexjeed Source score (net votes, not local likes): 2 Original post: https://money.stackexchange.com/questions/117362 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I am trying to avoid the pattern day trader rule. I have $20,000 in a cash account, and the money is settled funds. To follow the T+3 rule, I plan to trade only $4,000 a day in order to have enough settled funds to trade for 5 days. During the day, I trade multiple times with only settled funds, which means I will make over three-day trades in a five-day period. I wonder if I am allowed to trade as I plan. Also, Am I considered to be a day trader? Will my plan violate any regulation?
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