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I was just informed by my broker that I am
fortunate enough to meet the SECs rewuirements as a "Day Trader". I have been
essentially swing trading a small account because, well, I dont have enough cash
to open a big account. I tend to get out of my losers very quickly and hold on
to my winners for 2 or more days. I thought thats what trading was, cut your
losses, let your winners run. For example I had 2 longs and 1 short going into
yesterdays rate cut. My short (INTU) was stopped out for a $1.30 loser but one
of my longs (WEBX) made me $3.50 and another (EBAY) is currently up about $2.
This of course makes me a day trader although i held WEBX for 3 days and have
had EBAY for 2 and counting. The reason is that about 5 times a week a trade
goes bad and I have to get out in the same day. My plan is working very well, I
am up about 5 points this week already and make at least a little money
almost every week. But because I do not have $25000 the SEC has forced my broker
to shut down my account for a week. I am currently averaging a return of about
10 -13%....per month. I think I know the answer to this but outside of finding a
loan shark.........is there anything I can do about this?
By the way......I am allowed to trade futures
and/or options. I think I am about 2 for 20 on options trades over the years and
accept the fact that, at this point, I just dont have enough knowledge to make
money with them. Or I could trade the E MIni S&P, with its margin of
10:1...that is obviously much less risky than doing 50 to 100 share lots of a
stock with a proven method (sarcasm).
Any help would be appreciated...or maybe I just
needed to vent a little....looks like I am shut down after making 10% most
months. I am now going to look for my man Huggy Bear to see if I can get one of
those 88% (per month) easy payment loans.
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