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.
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9 comments - add yours
joe
April 22, 2009
» Pattern Day Trading Rule | Penny Stocks | Penny Stocks To Watch » Penny Stocks Investing
April 22, 2009
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PennyStocker
April 22, 2009
Joe,
No they do not.
Pattern Day Trading Rule | Penny Stocks | Penny Stocks To Watch | Money Blog : 10 Dollars : Money Articles.
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… [...]
SpearsHenrietta24
April 10, 2010
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Trading Tips
July 2, 2011
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August 17, 2011
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Jamaal Shiroma
November 16, 2011
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