No more pattern daytrading at Tradier

[TrustyJules]

Just received this mail, a little surprising as I believe in part these rules are ımposed by exchanges

 

[rasar]

1 minute ago, TrustyJules said:

as I believe in part these rules are ımposed by exchanges

Yes, they are. The SEC announced the change on April 16, and allowed brokerages 18 months to implement it .This link from Schwab explains the change.

In short:

"...Under the new rules, traders will no longer be required to maintain a minimum account balance of $25,000 to engage in frequent margin day trading. Instead, eligible margin accounts of more than $2,000 will gain access to intraday margin buying power set by individual brokerages based on current positions and maintenance margin requirements.

Currently, under the old rules, four or more day trades in five business days triggers a "pattern day trader" designation and the $25,000 requirement. Under the new framework, the pattern day trader designation will be eliminated, and day trades will no longer be counted...."