Stock tip

[BanginJimmy]

Does anyone actually day trade? I dont have the cash to really do it legally, but I have been thinking about using 1 particular stock to cash in and out on a regular basis. It will gain and drop .0001 or .0002 from day to day. If I start with about $150, I know that I'm not going to make a lot of cash to start with, but I figure I can make $20-30 per trade after buying and selling commissions. I really need to find a good reference to the rules on day trading though to make sure I dont run into any issues with the SEC.

For anyone that cares to look, I am considering SARO.

[ironchef]

Does anyone actually day trade? I dont have the cash to really do it legally, but I have been thinking about using 1 particular stock to cash in and out on a regular basis. It will gain and drop .0001 or .0002 from day to day. If I start with about $150, I know that I'm not going to make a lot of cash to start with, but I figure I can make $20-30 per trade after buying and selling commissions. I really need to find a good reference to the rules on day trading though to make sure I dont run into any issues with the SEC.

For anyone that cares to look, I am considering SARO.

Pattern day trader rules state that you need $25k in your account to be able to day trade nonstop. Otherwise its 3 round trip trades in a 5 day period max.

[BanginJimmy]

Pattern day trader rules state that you need $25k in your account to be able to day trade nonstop. Otherwise its 3 round trip trades in a 5 day period max.

I am only looking at one stock right now and I wont go anywhere close to that 3 per 5 day period. I guess I should be good then.

[ironchef]

I am only looking at one stock right now and I wont go anywhere close to that 3 per 5 day period. I guess I should be good then.

In that case you would be a swing trader, not a day trader.

[BanginJimmy]

In that case you would be a swing trader, not a day trader.

Works for me. Now I just need to wait for the drop so I can buy in again.