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That link supports your parent, not you. > Day trading, as defined by FINRA’s margin rule, refers to a trading strategy where an individual buys and sells (or
by thaumasiotes 2y ago
That link supports your parent, not you.
> Day trading, as defined by FINRA’s margin rule, refers to a trading strategy where an individual buys and sells (or sells and buys) the same security in a margin account on the same day in an attempt to profit from small movements in the price of the security.
(emphasis original)
There are no restrictions on trading with your own money, whether you can afford it or not.
- renata 2y agoI think a lot of the recent trading apps marketed to consumers give you a margin account by default though, I know Robinhood does. If you request a cash account you lose instant deposits and trading and have to wait for everything to clear normally.
- JamesSwift 2y agoThe way trade settling works means that if you buy/sell the same security in the same day it will, by definition, be on margin. Even if you have cash balances backing that trade.