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TwitterI think I qualify as being labeled a pattern day trader, so I have to have 25k in my account. I am transferring brokers. Do I need to have 25k immediately in the other broker as well? What I want to do is this, for example.
Broker A — Stock A ($10k), Stock B ($10k), $15,000 cash
I want to wire $10,000 to my bank account and then wire that to Broker B so I have some money to trade with and I’m not completely frozen while the account transfers. Then I want to transfer account from Broker A to Broker B. Is this OK? Is there any sort of rules or anything that I am breaking?
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You may find this information about “pattern day trader” useful:
http://www.finra.org/Investors/SmartInvesting/AdvancedInvesting/DayTrading/p005906
If the 2nd broker has the same policy, YES— IE #25K in EACH account.
Wait until you have the full $25K to x-fer, and it will circumvent any “floor minimum” that each brokerage might have….