Day trading with usaa?
In confused in how to day trade. I have a cash account with usaa but when I make a trade and sell a stock I have to wait 3-5 to make another transaction. How could I day trade ( buying and selling 3-5 stocks a day) if I had to wait. I don't want to have to trade on margin
- MLv 66 years agoFavorite Answer
Two things, first of all in order to day trade you need to change your account to a margin account. Just because you have a margin account though doesn't mean you have to "trade on margin". Trading on margin occurs when you use your margin account to borrow money in order to buy stock. To avoid trading on margin, just make sure you don't invest any more money than you have deposited in the account (it's that simple). Without a margin account however, all trades must settle before you can place another trade. It takes 3 trading days for a typical stock trade to settle, so you won't be able to do much daytrading.
Secondly there is a SEC (Securities Exchange Commission) regulation that says you cannot daytrade unless you have at least $25,000 invested in your account. USAA must comply with this regulation, so make sure you have $25k in the account otherwise USAA won't let you daytrade.
- Anonymous3 years ago
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- Anonymous4 years ago
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Day trading with usaa?
In confused in how to day trade. I have a cash account with usaa but when I make a trade and sell a stock I have to wait 3-5 to make another transaction. How could I day trade ( buying and selling 3-5 stocks a day) if I had to wait. I don't want to have to trade on marginSource(s): day trading usaa: https://biturl.im/RViK7
- DavidLv 76 years ago
Your account value would have to be $25,000 or more to actively day trade.
Index futures have no such limitation. But futures have high leverage, and you can blow out twice as fast.
Why would you want to day trade before you know how? In this business, it costs money to learn by trial and error.
Before you decide to become a day trader, check out these articles, first by the SEC (Securities & Exchange Comm), second by the FTC (Federal Trade Commission, and third by the Motley Fool:
You really need to learn more about trading before you start making decisions about a system. But that would require that you develop a trade plan and learn something first.
Article: Trading is Timing
Day Trading Strategies For Beginners
Better to learn investing first, and trade a simulator while you learn, and test your plan on the simulator in up and down markets. Once you become consistent, then you still might want to take a look at trading.
Getting Started In Stocks
Five Minute Investing: How To Evaluate A Trading Strategy
The Cardinal Sin Of Beginning Investing -- And How To Avoid It
- 4 years ago
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The best strategy, if you do have experience type of return on a penny stock, is to sell the stock quickly.
Of course, it’s easier said than done. The natural thing to want when you see an increase in stock price is to hold the stock and hope for an even larger increase.
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