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Is it true you need 25000$ dollars to be able to day trade using Scottrade?

will a 1000$ be enough to start a scottrade account. also do you need a minimum of 25k to day trade using scottrad, for example if i buy a stock monday evening will i be able to sell it tuesday or do you have to wait for 24 hours to pass also can you make more than one buy a day.

because of that reason, lots of traders are turning to futures and forex markets (like me) where that gay *** law doesnt exist.

yes, you must have $25,000 if you want to use 'Margin' to consistently Day Trade... that is an SEC rule, so it applies to any broker.

A Day Trade is when you buy AND sell the same stock on the SAME day...

If you do this a few times in a short period, then your account becomes identified as a Day Trading account, and the $25,000 limit kicks in...

this is only a Margin restriction... so that means if you are using just your own money to trade, you don't have to have the $25k if you run a Day Trading account.

Here is what I found from Scottrade, I don't know where you got the 25K to open info. but if you want a "margin" account it is $2000 minimum

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24. just $500 to Open an Account
That's right! Open an account with a $500 deposit ($2,000 for a margin account). You may fund your account with a check or securities, or simply use our account transfer form to transfer assets from another broker to Scottrade.

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If you are going to daytrade, buy and sell before the 3 days settlement rule, you will have to read the rules carefully. You don't want to find yourself having a frozen account because you violated some daytrading rules.

At Scottrade the minimum account balance is $500.00

If you do occasional day trading there are no additional requirements. if you make 4 or more day trades in any 5 consecutive business days, you will be labeled a "pattern day trader." As a pattern day trader, you MUST maintain a $25,000.00 balance. and you MUST have a margin account. These are exchange rules and apply to every broker. a day trade is any trade that is open and closed the same trading day. that can be a buy and sell, or a short sale and cover. (Note: the $25,000.00 is not an opening balance. it is a minimum balance and must be maintained at all times. even if your stocks drop in value!)

After you buy a stock, you do not have to wait 24 hours to sell it. You can sell it anytime you want. From one minute later to never. the only reason to wait 24 hours is to avoid it being a day trade.

You can make as many buys a day as your funds will allow.

Its not Scottrade's - or any other broker's rule.
Its the S.E.C.'s rule.

AND TO CONSISTENTLY TRADE WITHOUT ANY RESTRICTIONS - in addition to the $25,000 USD, you need the money for your first trqde and every trade after that.

As soon as the account goes to $24,999 and lower, traders have restrictions placed against his/her/their trading account:
1] Fund the account to more $25,000 or more.
2] a trader can day trade not more than 3 times in any rolling 5 day period.
3] When the 3 day trades in any 5 rolling days rules is violated, the trader is considered a "pattern day trader" and the account is severely restricted.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

Only if you are a day trader of stocks.

If you day trade futures or currencies there is no $25K requirement. the only requirement is the margin required by the exchanges and whatever requirements your broker sets, which can vary from one company to the next.

Is it true you need 25000$ dollars to be able to day trade using Scottrade?