Large Trader status after overtrading?

[Mihail Valkov 0]

Hi fellow Bearbulltraders,

As I'm still quite inexperienced, recently I had a bad red day with severe overtrading, but this is not the actual problem I'm having right now. Today I received a bulletin from IB that because of this day I may be subject to Large Trader status, probably because I exceeded trading "limit" in some way so they say "I may have to file a form with the SEC" . I do not see any obligation from this text.  Has anyone gone through such an issue and can share if there is something I really need to do at this point. Of course I certainly do not plan to trade this much and be a "Large Trader".

Thanks!

-MV

[Abiel 475]

Quote

 

Who Is a "Large Trader"?
"Large Trader" is defined as a person or entity who, directly or indirectly, through the exercise of "Investment Discretion," effects transactions in exchange-listed equities and options that equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million over the course of any calendar month.

Requirements
The Rule contains the following requirements:

Filing a Form: A trader who engages in a substantial level of trading activity is required to analyze whether they meet the definition of Large Trader and, if they qualify, identify them self to the SEC by filing a Form 13H with the Commission. The rule provides guidance on certain types of transactions that are excluded for purposes of  calculating trading levels.

 

Source: https://ibkr.info/node/1842

Hi Mihail, reading above webpage I guess this is an invitation to define if you meet the definition of Large Trader and, if you qualify, identify yourself to the SEC. If you won't be trading normally as a Large Trader you can disregard this message from IB. 

[Mihail Valkov 0]

Thanks so much Abiel,

You are extremely helpful! I felt really bad about not being able to control overtrading but this "invitation" was like adding much more stress on top of all.

Thank you one more time!

Wish all Bearbulltraders to stay green and stay away from overtrading like the plague! 🙂   

Regards,

-MV