Alright, so for some reason today I am running into an issue with daytrading buyer power with Tradestation. to preface, my account if over the 25,000 daytrade limit. I initiated a position (not on margin - all cash) Friday before the close - then sold at the open today. I went to re-enter the position at 12:00 but got a rejection due to my daytrade buying power being $319.80... what!?! I've never run into this issue with Tradestation before and tried to communicate that to them that I've bought - even days before sold that day then re-entered the say day I sold - no issue. Why is this an issue now? I'm not buying on margin - actually $500 under my account total. Why am I not able to actually daytrade with my account. Anyone else have issues with Tradestation? I'm about to just withdrawal my funds from them because this is the exact opposite of being able to daytrade.
Did you contact their tech support? I've had issues with Tastyworks in the past, but contacting their tech support solved it. The trade desk or other departments don't know much. Make sure you are talking to tech support.
Just a wild shot, but if your account is set up as a cash account instead of a margin account, then you have to wait for the 3-day settlement after closing a trade before the funds are available.
It is a margin account. I called their tech department and they said that if I hold a position overnight and sell the next day it doesn't settle until the following day.... I've never heard of this on a margin account. Yes, it should be unsettled - but my buying power should not stay at what it was overnight. Makes zero sense to me. If I run into this issue again I'm done with Tradestation.
Alright, I finally found the root of the problem. They have buying power for SVXY @ 4x - so basically it zaps all your buying power and the buying power can never go higher than the night prior. Ugh everyone keeps F*@king with these volatility ETFs to where you can't trade them. SVXY was already nerfed to .5 leverage to ensure a volpocalypse doesn't happen again and now Tradestation has it at 4x buying power. Unfortunately I developed multiple algorithms around the volatility instruments and they keep dropping like flied due to margin and now buying requirements.