If I trade out of a cash ONLY account, paying the normal commissions for each trade, can I theoretically then buy and sell the same security 10 times a day if I wish? Do the day trading rules of no more than 4 per week apply to margin trading or also to trading with a basic cash account as well? Thanks.
No, you cannot do that.
If you make 4 or more day trades within any 5 consecutive business you will be classified as a pattern day trader. At that point you must have a margin account and maintain a minimum balance of $25,000.00. This is a regulatory requirement. Your broker cannot make exceptions.
Also, in a cash account if you try to do a lot of trading, the T+3 settlement time is going to come into play. That means that when you sell a stock it takes 3 business days for the trade to settle. You can use those proceeds to buy another stock. But you can not sell that new purchase until the first sale has settled. (T+3 also applies to buys, it just isn't as significant for the buyer.)
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