$2000 to $100,000 NOW at $84,822 - Page 310

Earnings after the bell. It's definitely a lotto ticket play but if you get a 15+% break to the upside you could catch a nice bagger. RIMM is only 12.5% above its multi-year low. Any news is good news with RIMM right now. Of course you have a nice chance of losing your money.

Market very week today.
Holding SRS 65 calls for december bought today right in the middle of the retracement....
Kinda looks like head and shoulders on DOW and URE, DOW unable to get abover 8825 now for the last 45 minutes, waiting for break below 8800 on DOW and break below 6.40 on URE...
SRS looking to break above 60 right now, retraced to the 32.8 line this morning and stayed above....
I think we should see downside movement shortly....

The Bush administration is seriously considering "orderly" bankruptcy as a way of dealing with the desperately ailing U.S. auto industry. White House press secretary Dana Perino said Thursday, "There's an orderly way to do bankruptcies that provides for more of a soft landing. I think that's what we would be talking about."

I wonder what that's going to do to my SRS calls.....

SRS is hitting a lot of resistance at 60

Question to everyone

Is it true that we can buy the contract and sell it on the same day? If so then are there any restrictions. Please someone answer my question. Thank you

And URE is hitting support between 6.40 and 6.37

I'm waiting for the automaker news to be priced in...
Last time the gov't stepped in it prevented a selloff....
Bankruptcy on the automakers is not what the market wants to hear, orderly or not....

And here goes the resistance on the 60 line for srs....we may end up above 70 today...

Yes. That would be considered a "Day Trade" : Opening and closing a position on the same trading day. But, according to what I've read, unless you maintain an account balance of $25,000, you are only allowed 3 Day Trades in every 5 trading days (not calender days) ...SEC regulations. More than 3 Day Trades in 5 trading days and you are considered a "Pattern Day Trader" and the account minimum would apply. Feeling anxious? You can use them all in one day, but then you'll have to wait a few days to do it again...

And, if your trading platform doesn't do it automatically, remember to factor in your "Rount trip ticket" costs, that is your commissions to buy and then sell when figuring your break even point.

Unlimited for cash accounts as long as you have settled cash.

thats weird

.

You can trade as much as you want if you have cash account - options settle the next day

I asked that question to the support desk at Zecco, where I opened my first account, and specifically asked them about a CASH account versus a MARGIN account. Their answer was very clear, regardless of what account type, the 3 trades in 5 days rule would apply. Now...it could be that that is just company policy? I also opened an Etrade account but haven't contacted them about this issue. Anyone else have experience with Etrade or other brokers regarding this?

If you trade with a cash account you can daytrade as much as you want in a day as long as you don't go over your availible cash.You will have your money availible to do the same the next day, options settle overnight....

Margin account - totally different.... sec rules apply...

Yeah, without $25k you can make 3 daytrades per 5 market days, but that is in a margin account. In a cash account, you can make as many daytrades as you want, as long as you are using settled funds. Like Foss said, option trades settle in 1 day but stock trades settle in 3.

If you had a cash account with $5k in it and made 10 daytrades in one day for $500 apiece, the next day you would have all your money available to trade/ daytrade again.

J,

Haven't had time to check in lately, can you post a small summary of what you are holding and b/e? TIA

So...just so I have this clear and perhaps this can be laid to rest and the thread can be back on-topic. I was under the impression that a "daytrade" under the Daytrade rules guidelines specifies those 3 round trips on a single security. I thought you can trade as many times as you want in any given day with settled funds on as many stocks as you want, but if you traded a single security, let's say in this example GS, if you traded GS more than 3 times in less than 5 days, without $25k in the account you would be flagged as a daytrader. Correct? But the way I understood your wording, you're saying that as long as there are settled funds in the account for me to use to trade I can daytrade GS as often as I wish. Please clear this up for me. Thanks.

Just added another 5 srs dec calls at $2.20...
Took a while to get filled...

Okay, I just called Zecco for further clarification. It is more of a company policy with them. "Technically," you can day trade with a cash account but their system is not really set up for it. They prefer you have a margin account to do so = $25K minimum for unlimited day trading.

^LOL, i was watching your calls get filled. BID was at 2.00 ASK was at 2.30

I was wondering why your order took 5 mins or so to get filled.

what is a cash account?

Not sure, price was bouncing up and down a bit....
I got 3 filled quick then 1 then 1.....

We're staying above the 60.63 line fairly easily right now, still waiting for a good bump - market's just digesting before the next move...