Al Elsea asked 7 years ago
Owen Staff answered 7 years ago
From Pat Walker...
Al, this rule was put into effect after the huge decline of 2008. (I think.) They put it in place to “protect” the investor. (At least that’s what they say.) Basically it mean you are limited to 3 trades/day. ( I think that’s the rule.) If you do more than that, the account is “frozen” and you can’t do any more trades that day and I think the next day. The moral: Focus on REALLY simple chart patterns and only buy those breakouts. Let the stock work for you and don’t sell same day. The next day, you can sell some. I hate this rule for many folks. But day-traders screwed this part of investing up. Again, solution: focus on only the BEST longer term bases. Be slower to sell. I know this sounds crazy, but it may actually make you a better investor in riding the trade and chart longer. Hope that helps. If you have more questions, please ask!
Sincerely,
Pat
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