The Securities and Exchange Commission has issued specific rules for day traders. Take this quiz on those rules and see if you are ready to day trade the market.
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Day trading is defined as securities trading where an opened securities position is held for less than one market day. A day trader may hold a position for a few minutes to several hours, but the true day trader has his account all in cash by the time the market closes for the day.
Successful day trading requires high levels of knowledge, experience and skill. To make sure a trader has the financial ability to day trade, the Securities and Exchange Commission has put together a special set of rules for accounts designated as pattern day trading accounts. How well do you know these rules? Take our quiz and find out.