Can I keep my myTrack account even though it isnt a Day Trading Account?
Yes. myTrack will support both Day Trading and non Day Trading accounts. Your myTrack account wont be affected by any of these new rules if you dont meet the definition of a Pattern Day Trader. 20. Do these new rules apply to Cash Accounts? No, the day trading rules do not apply to Cash Accounts; HOWEVER, there are other rules that do apply to Cash Accounts that severely limit the day trading you can do. Thus, in spite of the fact that the new rules only apply to Margin Accounts, if your trading activity includes even an occasional day trade, WE WOULD STRONGLY SUGGEST YOU CONVERT YOUR CASH ACCOUNT TO A MARGIN ACCOUNT (assuming you qualify). It would seem like you could use a Cash Account to avoid some of the new Day Trading rules, including the minimum account equity of $25,000. But theres a problem with this. Unless you are extremely careful and do very limited day trading, youre almost certain to run afoul of other rules, the SECs Free Riding and Withholding rules, specifically the p
