Day Trading With Etrade

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 7 years ago '08        #1
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asoria85 3 heat pts
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Day Trading With Etrade
 

 
I have an Etrade account does any one in here know what are the requirements to day trade with them....

You will be considered a pattern day trader under FINRA and NYSE rules if you buy and sell the same stock or option on the same trading day four or more times within a period of five trading days, and this activity makes up more than six percent of your trading activity.

If you meet the definition of a pattern day trader under the guidelines above, you'll see two additional fields called Day Trading Cash purchasing power and Day Trading purchasing power when you view the Balances page.

Day Trading Cash purchasing power: the cash available for you to purchase and sell non-marginable stocks or options intraday

Day Trading purchasing power: the cash available for you to purchase and sell marginable stocks intraday

Note:
If you purchase securities and plan to hold them overnight, be sure to use Regulation T purchasing power figures and not Day Trading purchasing power.


Has anyone in here bought and sold in the same day on a weekly basis with Etrade

15 comments for "Day Trading With Etrade"

 7 years ago '08        #2
o7media 50 heat pts50
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The day trading rule only applies to people who are on margin. If you're on cash you can buy and sell as much as you want, whenever you want.

I have bought and sold on a weekly basis with Etrade. I also did it with Zecco. Used to averaged 10 - 15 trades a week at Zecco. But since I was on cash it didn't matter.
 7 years ago '08        #3
asoria85 3 heat pts OP
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T
 o7media said:
The day trading rule only applies to people who are on margin. If you're on cash you can buy and sell as much as you want, whenever you want.

I have bought and sold on a weekly basis with Etrade. I also did it with Zecco. Used to averaged 10 - 15 trades a week at Zecco. But since I was on cash it didn't matter.
Thanks
 01-13-2011, 08:47 AM         #4
mastakillah21 
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What are the requirements to sign up for Etrade? Like can you just register online and then buy in wit ya credit card typa thing? If someone could PM me or jus reply on here I would appreciate it
 7 years ago '08        #5
o7media 50 heat pts50
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 mastakillah21 said:
What are the requirements to sign up for Etrade? Like can you just register online and then buy in wit ya credit card typa thing? If someone could PM me or jus reply on here I would appreciate it
There are no requirements. Only a $500 minimum deposit.

No you can't use credit cards. You have to deposit money from your bank account. Once you sign up you have to provide your bank account's routing and account number and Etrade will make 2 tiny deposits (both under $1.00) to your bank account.

Once they make the deposits you go to your bank account and get those 2 amounts and enter them in online in your etrade account once you're logged in. If the 2 amounts are correct that will verify that the account is yours and you can start trading.

The whole process takes about a week or so. You can do a wire transfer from your bank to etrade to help speed up the process a little. Wire transfers go through in just a few minutes. If you use the ACH transfer it takes 3-4 days for the money to transfer.

Only problem is wire transfers usually cost about $25 from your bank. But that's all you need to do. And it's the same process with all brokers.
 7 years ago '04        #6
DIGI 116 heat pts116
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The $500 goes towards what? What you want to buy or trade with?
 7 years ago '08        #7
o7media 50 heat pts50
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 <<InphDigi>> said:
The $500 goes towards what? What you want to buy or trade with?
Yes, that's your money you trade with.
 01-13-2011, 11:47 AM         #8
mastakillah21 
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^^ nice... thanks bruh!! Is it an easy sytem to navigate?? Not easy as in like going to make money right away but if you just go on their with 5 bills and no experience, would it be easy to know whats going on....system wise, not knowing what stocks r good etc.... or should you fully read up about s**t before doin that?
 7 years ago '08        #9
o7media 50 heat pts50
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 mastakillah21 said:
^^ nice... thanks bruh!! Is it an easy sytem to navigate?? Not easy as in like going to make money right away but if you just go on their with 5 bills and no experience, would it be easy to know whats going on....system wise, not knowing what stocks r good etc.... or should you fully read up about s**t before doin that?
You should definitely read up first. Most people lose money in stocks before they start making it.
 7 years ago '10        #10
OB2 4 heat pts
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.....


Last edited by OB2; 06-06-2013 at 08:28 PM..
 7 years ago '08        #11
o7media 50 heat pts50
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 OB2 said:
I think u may be wrong here bro. I am pretty sure in order to go over the 4 round trips in a revolving 5days you must have 25gs in your account.

TDAmeritrade only allows 3 round trips (intraday/daytrades) in the 5 trading day cycle if you have under 25gs.

You might want to call and verify with your broker.

Also from what I understand day traders only pay 15% capital gains tax. Non day traders pay 30%

Im no expert but if you can prove me wrong I would like for you to.
It ONLY applies to margin because you're borrowing money.



What you said is true, you can day trade as much as you want if you have more than 25k ON A MARGIN account.

And no, you have it backwards. Day traders pay up to 35% capital gains tax. (depending on your tax bracket). If you hold a stock for more than 1 year you only pay up to 15% max.
 01-13-2011, 12:20 PM         #12
mastakillah21 
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 o7media said:
You should definitely read up first. Most people lose money in stocks before they start making it.
whats the best strategy to avoid losing money? I'l be starting with the min 500... not expecting to make thousands right away, but what would u do if u were just starting out and not too knowledgeable on the market?
 7 years ago '08        #13
o7media 50 heat pts50
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 mastakillah21 said:
whats the best strategy to avoid losing money? I'l be starting with the min 500... not expecting to make thousands right away, but what would u do if u were just starting out and not too knowledgeable on the market?
You can't really do anything. It's a learning process, I lost money when I first started too.
 01-14-2011, 06:44 PM         #14
allstar32 
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Losing money is the only way to learn honestly........still figuring out my way of playing stocks instead of trying to do what others do
 7 years ago '04        #15
just2005 
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If you are really interested look into options. More risk but more reward then check out my site doesnt give advice but really cuts down the research time. Just starting but will be big.
 7 years ago '04        #16
just2005 
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If your worried about losing money then you should do a shadow trading account. Investopedia.com has them. You don't use your money and it is based off of the market.
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