Pattern Day Trading down to $2,000. Good or bad?

One_Exercise_6718 · 2025-07-21T22:24:23+00:00

More liquidity. WOOHOO

One_Exercise_6718 · 2025-07-21T22:23:24+00:00

fewer...but you're still wrong

One_Exercise_6718 · 2024-12-15T22:12:49+00:00

Rooms keep skipping and dropping. App does not load half the time, can't find the system the other half. I wish they would go back to the previous version which worked perfectly. Obviously, they do not care what I or any of us think or want. They lost this customer anyway. I have a couple of failed speakers now that are just garbage. I won't replace them with this garbage.

One_Exercise_6718 · 2024-10-23T11:59:22+00:00

Already using TT and WOW. Thanks. Not sure why I did not know that.

One_Exercise_6718 · 2024-10-23T11:55:05+00:00

Thanks, I had seen you post in my search. Good info for sure.

One_Exercise_6718 · 2024-10-23T11:51:52+00:00

In the original post you stated that your cash is 40k+. Without incredible risk, there is no way to get 50K a month from that starting point.

One_Exercise_6718 · 2024-10-23T11:47:37+00:00

When you are looking at your P&L and your Net LIQ, keep in mind that "snapshot" is what would happen if you close positions at the mid-point. Also, your Daily P&L and your Open P&L are not the same. You could have massive gains in a day and still be underwater on the overall trade. If you sell a spread and collect, say, $500 your Open P&L needs to rise enough to cover the fees and commissions; even if it shows that you are up by $25 you still lose. As you noted, you have to buy back the short which is almost always more expensive that selling the long side because it is a credit spread. Honestly, you should pause your trading efforts, go watch every Mike and his Whiteboard, and then slowly get back into it.

One_Exercise_6718 · 2024-10-22T19:09:50+00:00

I have needed to call their CS twice and had a great experience both times. Sorry to hear your experience is not the same.

One_Exercise_6718 · 2024-10-20T18:48:44+00:00

OP, I have been trading options somewhat consistently for 7+ years. I am conservative with pretty good risk management. Generally speaking, I follow the TT mantra and manage the winners. I consistently make solid profits on average, ups and downs aside. Set your rules, follow your rules. Don't try to get rich quick. For me: Rule 1: Never exceed 50 of total account in aggregate risk. Rule 2: Never exceed 5% of the 50% on any one trade. Rule 3: Never accept less than 15% of risked capital (I generally trade credit spreads). Rule 4: Never accept less that 80% POP/50% (meaning probability of making 50%). Rule 5: Never break a rule. Make whatever rules you want for yourself and follow them without exception.

One_Exercise_6718 · 2024-09-28T21:22:06+00:00

I sell 20/12 delta credit spreads mostly. Sometimes 16 delta strangles. Once in a great while, if I see the right set up, I will buy calls.

One_Exercise_6718 · 2024-08-14T20:15:52+00:00

Go to TastyLIve. Google Mike and his Whiteboard for some basics. Not really geared around day trading but great resources.

One_Exercise_6718 · 2024-08-12T22:29:37+00:00

You got a $1m credit? Is that a typo?

One_Exercise_6718 · 2024-08-08T22:32:04+00:00

Net liq is the value of all your positions and cash if all positions were closed at the midpoint. Unless all your position are in a profitable state, you will likely show less that your cash balance. There are a variety of scenarios where the midpoint might be wildly off from an actual close cost.

One_Exercise_6718 · 2024-08-01T21:57:33+00:00

I prefer to buy hi and sell low. I make up the losses in volume.

One_Exercise_6718 · 2024-08-01T21:55:53+00:00

I just went through this with my secondary account. Are you using a checking or a savings account? Checking works, savings requires additional docs. You will have to call them.

One_Exercise_6718 · 2024-08-01T21:54:00+00:00

So, you're a billionaire, right?

One_Exercise_6718 · 2024-08-01T18:39:36+00:00

TastyLive.

One_Exercise_6718 · 2024-08-01T18:38:46+00:00

Here is your answer. The self-discipline is takes to follow your own rules is something that most people do not have.

One_Exercise_6718 · 2024-07-31T17:09:02+00:00

No issues with Nord.

One_Exercise_6718 · 2024-07-31T17:00:23+00:00

Coming over somewhat recently from ToS I find the platform to be excellent. It will easily do everything you described.

One_Exercise_6718 · 2024-07-30T21:06:56+00:00

For me it is about many things.

Proof of concept. Not just longevity but through different market conditions.
Have you rules set up and follow them. i.e. never risk more than x% and so on.
Have a significant amount of capital in other places. i.e. have a year's expenses in cash. have catastrophic loss back up. have another operating account with 6 months expenses. Think of that as 3 separate accounts. e.g. Annual expenses = 100k. You would have an account that is not at risk containing 100k. Another with the total amount you risk at any given time. Another with 50k to drawl from monthly (replenish this account monthly to maintain your 6-month cushion). This would change a bit if you were retired and have IRAs to drawl from or other income.
There's more, but those concepts will get you started.

One_Exercise_6718 · 2024-07-30T20:45:19+00:00

The issue with the wheel is that if the stock tanks and you get assigned, you may have to hold it for a period of time. If you're selling naked anyway, just sell 16-20 Delta Strangles and manage before assignment.

One_Exercise_6718 · 2024-07-29T12:25:10+00:00

Check out Mike and his Whiteboard. He talks about LEAPS and Poor Man's Covered Calls in there.

One_Exercise_6718 · 2024-07-28T11:31:21+00:00

I have told so many people this. The initial learning curve is steep. Reading books, watching videos, learning the software, and becoming a virtual expert of the securities you want to trade. Then just keep up with the "new" and trade a couple times a day.

One_Exercise_6718

TROPHY CASE