39 Comments

  1. I got effed with the PDT today in my ROTH margin account. Never would have thought this was retroactive. I made 3 day trades back in February with a account over $25K. Then, on April 3rd, was trying to hash out my taxes and my CFO recommended I put $5,500 in my traditional account for a good break. When I did that, it dropped below the $25K limit and back-triggered the "violation". At this point, I would be locked out of selling any position I entered until early May. This is what the Ameritrade rep explained. Absolutely disgusted…I took out the rest and closed that account. To hell with 'em!

  2. There's another way round the PDT. Buy at the close or in after-hours and sell the next day. You got overnight risk, for sure, and that is the down-side. So you do need to work with more stable stocks. However, you do get a fairly rapid turn over and that is what most day-trading is about -capturing a percentage gain per day.

  3. I use a loophole. If you’re under 25, open an Interactive Brokers margin account with 3k or 10k if you’re older. I did that and then opened two more accounts with them without funding them. You get three days trades per account (9 total) and when one account runs out of daytrades, you can transfer the 3k to one of the other empty accounts the same day and keep trading. (Keep $50 in each account to cover account fees.) A hot tip is that if you’re daytrading more than 3-5 times a week regularly, you’re likely overtrading anyways. Good luck.

  4. I use the #4 option. The only reason I’d use up a day trade day is if I’m certain it’s a good trade or to exit bad position. I like to think of it as training wheels. If I can’t do well with a smaller account then chances are adding money to that and incrementing my account would not help. I also work all day the days that I’m not trading so I don’t really mind waiting a few days in between or swing trading a few positions.

  5. Charlie thank you for yours videos, would like that you make a course in a future with yours strategies to day trade cause you real not like those 'mentors' out there

  6. I used ustocktrade, it has fast execution but the downside is that sometimes the high volatility penny stocks are not available due to high demand since its between their own network. You can't short either with 1$ commission each trade.

  7. Hey got a question. If I buy a option Call for delta airlines to strike 60 price point by early May for example and delta reaches say 63 dollars in early May does my call make money or since it went over the 60 do I lose? Does it have to strike perfectly on the 60 number??? Also if I just ignore the call and let it expire and it keeps gaining will I automatically get paid? So confused on those option calls

  8. As far as #3, I don't know if it's the same for trading, but when I bet on sports (which is still a gray area in the US… even though casinos and daily fantasy sports are totally fine) I had to use an off-shore bookie. When I went to cash out, I learned that banks will actually put a hold on cashing your check and ask you pointed questions about where it came from and what you do for a living (which you can get around by being vague… I'm an "web-based consultant"). The only way around this was to use cryptocurrencies as an intermedium. You buy bitcoin, then fund your broker with bitcoin. Even then, your credit card company might ask questions. I don't know how so many rich ****s are avoiding taxes with off-shore accounts when I can't even cash a 50 dollar check without being interrogated by multiple institutions.

  9. Hey Charlie, I have been studying how to become a trader/investor for about 8 months. I have primarily been taking advantage of all the free content on youtube to do this. I have come across your channel and I really enjoy your breakdowns and the short and sweet explanations and instruction. Thank you very much. I am starting to question whether or not I should really try to continue trying to become a trader or if I should focus more long term. I am 46 years old, so I know I don't have tons of time to invest, but I still have enough to build a nice nest egg over the next 15-20 years if I can make some solid investing decisions. However, I really like the idea of trading daily and earning an additional income. I'm curious as to how you are dealing with this. Do you invest for the long tear as well as day and swing trade? I feel like people are suggesting that you have to decide if you're going to be a day trader or and investor and be in stocks only for the long term. Do you yo do both? Hopefully you haven't addressed this in a previous video. If you have I'll look for it. Thanks again for all your videos and advice!

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