Additional ticker symbols can be added to the window. It will contain maintenance margin requirements for long and short stock positions and naked options. Enter any symbol in the search box, and a pop-up window will appear. The first resource we want to look at is the house margin look-up tool. All of them can be located by clicking on the ‘Accounts’ tab in the top menu, then selecting ‘Portfolios.’ You’ll see ‘Margin’ in the sub-menu. There are three margin calculators on E*Trade’s website. Stocks under $1 cannot be shorted at E*Trade. They will try to locate hard-to-borrow stocks, which of course carry additional fees. If it doesn’t, then you’ll need to call in and talk to the firm’s trade desk. If it does, then obviously the stock is shortable. The standard procedure to short a stock is to enter a sell short order and see if it goes through. None of E*Trade’s platforms have a short locate feature. Some securities, like leveraged ETFs or low-priced securities, will have less leverage than the numbers stated here. The broker does provide up to 4:1 leverage for day-trading purposes. Maintenance is 25% for long positions and 30% for short. This means initial margin for both long and short positions is 50%.
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Powerful desktop software with advanced chartingĮ*Trade’s general policy on borrowing is that it follows the Reg T guidelines.Despite this slight inconvenience, the company does offer several features day traders will want to see.
Day Trading with Etradeīecause E*Trade is based in the United States, it must enforce FINRA’s PDT rule. But the penny stock and OTC offerings do catch my attention. The other investment vehicles do require an account equity of $25,000 to day trade. These products can be day traded without pattern-day trading regulations. Notable assets on the list are options and futures. Equities (including over-the-counter and penny stocks).
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One of the checking options offers free checks and unlimited ATM fee rebates.įor self-directed trading, E*Trade has the following instruments: The bank accounts come with FDIC insurance.
Brief OverviewĮ*Trade got its start in 1982 in Silicon Valley as a brokerage startup. Moreover, E*Trade is a financial conglomerate, so there are many more resources available. But the broker has some serious trading tools that day and swing traders should be aware of.
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