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390 rule professional designation cross-over

Reddit r/options·u/FreeDuty6826·6 months ago
#Qh3Aqxvl
#professional#brokerage#rule#schwab#account
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Has anyone been flagged at one brokerage as professional for violating the 390 rule and been able to open up a new account at a different brokerage with retail status or did the professional "w" status follow you?

The details (TLDR...the opening sentence is the real question).

I violated the rule without knowing it was a thing (flagged on April 2) and my strategy absolutely does not work with the awful professional fills I am getting at Schwab now. I am not looking to close or transfer my Schwab account as I've got a ton of long term hold/dividend stuff there.

I was contemplating just opening a new account somewhere else for at least the next few months until the professional flag comes off at Schwab (presumably at the beginning of Q3) so I can use my strategy to trade (being sure to stay well under 390...probably around the 300-340 range to be safe). I would open it with enough cash to satisfy the PDT requirements.

Has anyone been successful in doing this? If so, with what brokerage?…

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