Cleary the Pattern Day Trading Rule was created to rip off new stock traders.
Why I suggest new traders with accounts under $25,000 either open up a few accounts at different brokerages or better yet trade in a cash account so you can't get restricted.
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Need 2k for a cash account on WeBull. That’s also wack
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How was created to "rip off new stock traders"? Genuinely curious
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The fact that the restriction lasts 90 days and not allowed to day trade at all in thud market sets up do many to lose. It's BS and they only give just ONE grace ever. Not once a year or something just once in your lifetime I guess is such BS!
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Cash accounts require T+2 settlements so having a margin account is beneficial for instant buying power after a sale. Futures contracts trades aren't counted towards PDT rules either, oddly enough. It's a silly rule and I don't see how it protects anyone.
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I tell my friends all the time. Get a cash account. I think it’s helped me as a trader. You can trade as much as you want, but you still have to wait for funds to settle. I focus more on my trades. It helps develop certain disciplines and skills. I love my TD cash account.
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The other thing that I don’t agree with is why does it take 2 days for my funds to settle. If I have a cash account my funds should settle when I sell.
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It’s one day if you’re trading options. So if you buy and sell an option before closing bell on Monday, your funds are settled and deployable on Tuesday👌🏻
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