Paul Oldani,
Bill Sullivan,
Trade Desk Manager
Senior Margin Specialist
Did You Know, #1
margin equity
< $2000
= Aggregation Status
Aggregation: The total of all day trades cannot
exceed your starting day trade buying power
Did You Know, #2
ACH Deposits
Held for three business days before
funds are available for trading
Did You Know, #3
Receive a buying power or “suitability” warning when
trying to close long stock? Confirm you do not already
have an open order to sell the position.
Did You Know, #4
At Expiration:
Typically, traders must close all
short sides of an iron
condor/butterfly because
requirements will exceed
buying power.
Did You Know, #5
Cash Accounts
Can NEVER:
1. Short stock
2. Sell naked options
3. Trade option spreads
(unless you are an IRA with a COA)
Margin Accounts
Can’t do “Everything”
Did You Know, #6
Cash Accounts
Are subject to settlement requirements.
Did You Know, #7
Margin Calls
May not always be satisfied on a dollar-for-dollar
basis (when closing positions)
Did You Know, #8
Selling
(an option or spread)
Cash will automatically be credited to
your cash balance but reflected as a
negative in your portfolio balance
• Net change to account value = zero
• Price from this point = profit (loss) on the trade
Did You Know, #9
Equity Margin Calls
Day-Trading Calls
Did You Know, #10
“Last Price”
Mid-point of NBBO (National Best Bid and Offer)
Note: Our clearing firm uses the official
OCC closing prices. This can cause
discrepancies in account values.
Did You Know, #11
Virtual Accounts
• Trades will NOT be exercised or assigned
• Quotes are delayed by 20 minutes
(if “real” account is not funded)
Did You Know, #12
1:00 pm CT
Cutoff time for withdrawing
funds on the platform
(Note: Email and fax transactions are not
guaranteed same-day processing)
Did You Know, #13
There are new day trading
requirements for option trades
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