Day Trade limit

I’m a metal user o I should have infinite trades on my stocks… today I ran into a problem… I was playing with some stocks and it says that I’ve reached my daily limit of trades… well while it makes sense since I can’t buy and sell the same stock more than three times each day …what about a totally different stock that I’m buying for the first time that day?
Example: I messed up with virgin galactic and I did more trades here than I should
but then I bought some alphabet and wanted to sell them later for profit and there a pop-up screen warn me that I’m running out of “trading moves”
I do think I misunderstood how does day trade work… can somebody help me?

Maybe

I am new to stock trading and knows nothing about PDT rules. As a metal member, I assumed I am able to trade freely. Today I got ban for 90 days as I have violated the PDT rules. Now I have no use for the plan since I can’t trade for the next 90 days. Waste of £120.00. This is a warning to new trader, don’t make the same mistake I’ve make.

1 Like

it’s still not super clear… It seems like I cant buy and sell the same stock on the same day more than 3 times in a week… one question for example would be how is counted the day trade if, for example, I buy a stock a 2$ then another one a 1.8$ (of the same stock) and decide to sell them both when they rise to 3$ on the same day?

You can buy how many you want in the same day, but if you sell in the same day is considered a day trade and PDT rules allow only 3 trades, and is taking couple of days to cool down.
But if you hold your position overnight, the transaction is no longer considered a day trade.

2 Likes

FINRA prohibits day trading unless the trader has $25,000 or more in their trading account.

The rules adopt the term “pattern day trader,” which includes any margin customer that day trades (buys then sells or sells short then buys the same security on the same day) four or more times in five business days, provided the number of day trades are more than six percent of the customer’s total trading activity for that same five-day period. Under the rules, a pattern day trader must maintain minimum equity of $25,000 on any day that the customer day trades. The required minimum equity must be in the account prior to any day-trading activities. If the account falls below the $25,000 requirement, the pattern day trader will not be permitted to day trade until the account is restored to the $25,000 minimum equity level.

How come Revolut doesn’t make such an exception to the rule? :confused: :

Patter Day trading is something only in the US and for traders (or intermediaries) based in the usa and under USA law) so let’s hope they move it to Ireland :smiley: