So this is the only broker that restricts selling after hitting PDT limit. Been trying to close my account for an hr but no email response.
So my question is how the heck do I get some support?
Hi @BullHazard, has this issue been resolved?
If not, CCing @Dan_Whitnable_Alpaca @Mallory for assistance
@BullHazard The Alpaca support staff generally responds to email requests within one business day. I see you have been corresponding and the ticket seems resolved.
That said, I fully appreciate individuals starting out with trading and coming up against the many regulations imposed by the SEC and FINRA. Buying and selling securities isn’t like buying and selling on eBay. It’s a regulated industry. There are a number of instances where one cannot always buy or sell as one wishes. One area is ‘Day Trading’ but there are also times where one cannot sell short or sell at all (in the case of a trading halt).
Accounts are restricted from selling if that sale would create a day trade and the account has under $25,000 in equity as of the previous market close and 1) the account is flagged as Pattern Day Trader (PDT) or 2) the account in not flagged PDT but has accumulated 3 day trades in the past 5 trading days. These trading protections/restrictions are generally implemented in a similar fashion across brokers. Here is a quote from Robinhood’s site
If you day trade while marked as a pattern day trader, and ended the previous trading day below the $25,000 equity requirement, you will be issued a day trade violation and be restricted from purchasing (stocks or options with Robinhood Financial and cryptocurrency with Robinhood Crypto) for 90 days.
The recommendation I always give is to not day trade at all if your account equity is under $25,000. In that way, the 3 day trades one gets are always available to exit a position in an ‘emergency’.
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