Day vs Initial... I know, I know
I know this has been discussed here and a lot of other places but, I think I finally got it through my thick head. I've been thinking for months that I couldn't trade past the session cutoff, 3:45 PM CST for me. I've been paper trading for months and I'm about ready to make my 1st trade and I started wondering what time I could start trading during the day. 🤔
"Initial" margin level is required to hold a position past the session cutoff, which is 3:45 PM CST for me.
"Day" margin level is required to open and hold a position after 5:00 PM CST, Sunday through Thursday, for 23 hours, day, night, overnight, until 15 minutes before the session close at 3:45 PM CST.
I don't know if other brokerages do it, but NT mentions "overnight" a lot. They should replace all instances of "overnight" with "session cutoff".
FAQ
Can I carry a position overnight?
Yes, you can carry a position overnight as long as your account meets the initial margin requirements. Also referred to as exchange margin, this is the minimum amount, per contract, required by the exchange that must be maintained in your account to hold a position overnight.