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So I have at least 5 days after September 28, 2001 to day trade without worrying about the Pattern Day Trader label and all the new rules, right?

April 26, 2017days Label Pattern Trade trader worrying

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So I have at least 5 days after September 28, 2001 to day trade without worrying about the Pattern Day Trader label and all the new rules, right?

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No. According to the NASD, if a firm has a reasonable basis to believe that an account is a Day Trading Account, they must designate it as one immediately instead of waiting the 5 days. Although the rules will not take effect until September 28th, Penson Financial Services, our clearing firm, will be designating accounts that qualify for the Pattern Day Trader label ahead of time. We will e-mail you if you receive the Pattern Day Trader label in the next few weeks.