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Tagiscom

Rules For Day Traders in Australia?

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Hi, l have been messing about with the stockmarket and heard that more than three trades in a week, (or if l buy and sell shares on the same day more than three times in a week) that l can get my account locked up for 90 days.

This was some kid that is on the stockmarket in the US, (video) so l don't think that living in AU that l need to be worried.

I also went to the ASX site, and could only find info, on day trades, but nothing on that rule.

So l appear to be safe, but just wanted to check here first, in case it is a new rule, and the gov, did a sloppy job telling us?

B)

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2 hours ago, Tagiscom said:

Hi, l have been messing about with the stockmarket and heard that more than three trades in a week, (or if l buy and sell shares on the same day more than three times in a week) that l can get my account locked up for 90 days.

This was some kid that is on the stockmarket in the US, (video) so l don't think that living in AU that l need to be worried.

I also went to the ASX site, and could only find info, on day trades, but nothing on that rule.

So l appear to be safe, but just wanted to check here first, in case it is a new rule, and the gov, did a sloppy job telling us?

B)

In the US you can trade the same stock all day long, you just have to do it with new money. You can't trade the same money over and over, unless your account is setup as a day trader.

I have no idea about AU.

Also consider swing trading, you're left holding the bag (stock) a little longer (about 3 business days min. in US) but you can trade the same money over and over. IMO this is a better route than suddenly jumping into day trading. Get your feet wet with swing trading (learn to research stocks), then build up money to start a 2nd account later on for day trading.

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2 hours ago, yukon said:

In the US you can trade the same stock all day long, you just have to do it with new money. You can't trade the same money over and over, unless your account is setup as a day trader.

I have no idea about AU.

Also consider swing trading, you're left holding the bag (stock) a little longer (about 3 business days min. in US) but you can trade the same money over and over. IMO this is a better route than suddenly jumping into day trading. Get your feet wet with swing trading (learn to research stocks), then build up money to start a 2nd account later on for day trading.

Go about 15 minutes in...

And also found this...

https://www.timothysykes.com/blog/what-is-the-pattern-day-trading-rule-and-why-you-dont-need-25000-to-trade-stocks/

So, as long as l have 25k in a ASX/Account, before any trade, l can day trade my brains out.

 

Although for me, l can do 3 day trades, or buy/sell in the same day, and have to hold the other two trades overnight, to get over this rule.

 

I have sent an email to my online broker in AU, so we will see what they say?

 

And yep doing a swing trade now, so it is another option.

B)

 

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