does sogotrade charges you fees if you cancel a trade order?
Response To A Reader’s Question: Pattern-Day Trading Rule
Hi Justin! listen I have one question about SogoTrade. You said something about limited amount of trades per week or did I misunderstand? how many stocks can I trade per day/per week?
Yes, If you’re a poor penny stock trader (like me!) trading with less than $25,000 then there are limits to your day-trading. This is not limited to SogoTrade, though, because every single brokerage out there has to follow the same rules…you can thank the SEC for their make-no-sense rule. Now a pattern day trader is one who makes 4 daytrades in 5 days…if you do that you are required to have $25,000 in your account. You CAN daytrade 3 times in 5 days if you have less than $25,000 BUT ONLY if you have a margin account.
You see me daytrading because even though I’m poor, I do have a margin account, therefore I can daytrade only 3 days a week. I haven’t yet used up my daytrades in a week since starting the blog, but I’m sure I will…and you’ll know cause I’ll complain and complain. Afterall if I really wanted to I could daytrade 3 times in one day..but that’s not smart considering I wouldn’t be able to trade for another week.
Plus if you want to follow the strategy outlined in my FREE eBook you’ll have to have a margin account. All you penny stocker’s with a cash account get NO daytrades whatsoever AND you can’t short penny stocks, or any stock for that matter.
If you have any questions, comment down ↓ there and I’ll answer them.
Tweet This Post!
Related Posts
April 22, 2009
April 22, 2009
[...] market news by PennyStocker « Penny Stock Investing and Trading -Penny Stocks [...]
April 22, 2009
Joe,
No they do not.
April 22, 2009
[...] Read the original here: Pattern Day Trading Rule | Penny Stocks | Penny Stocks To Watch [...]
[...] Read more here: Pattern Day Trading Rule | Pe­… [...]
April 10, 2010
Every body admits that life is very expensive, however we need cash for various things and not every one earns big sums cash. Hence to get good business loans or just short term loan will be a right solution.
July 2, 2011
I really appreciate your post. It gives an outstanding idea that is very helpful for all the people on the web. Thanks for sharing this information and I’ll love to read your next post too.
Regards:
August 17, 2011
Very good post, I was really searching for this topic, as I wanted this topic to understand completely and it is also very rare in internet, that is why it was very difficult to understand.
Thank you for sharing this.
regards:
November 16, 2011
If you’re still on the fence: grab your favorite earphones, head down to a Best Buy and ask to plug them into a Zune then an iPod and see which one sounds better to you, and which interface makes you smile more. Then you’ll know which is right for you.
