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Do pattern day trading issues arrive from having to many trades (4+) per week based on account or person? If I had another brokerage account at a different firm could I use this to increase the number of trades I can do in a week?
Example, buy and sell stock ABC on Wednesday, then buy and sell stock XYZ on Thursday? If XYZ purchase occurs in a different brokerage.
I would have less than $10000 in each account (not enough to qualify as a day trader in 1 account.)
Yes, this is a way to avoid the pattern day trader regulation. The only downside being that your broker will have different commission rates and your capital will be split amongst several places.
No, if your brokers find out about this, even though it is unlikely, you will be identified as a pattern day trader.
The regulations do not specify a per broker limit.
Also, it's like a credit history. Brokers are loosely obligated to inform other brokers that a client is a pattern day trader when transferring accounts.
