Why is my account classified as a Pattern Day Trader account, and what can I do about it?
The FINRA and NYSE instituted regulations intended to limit the amount of trading that can be done in accounts with small amounts of capital, specifically accounts with less than 25,000 USD Net Liquidation Value. A Pattern Day Trader is someone who effects 4 or more day trades within a 5 business day period. You have violated these rules and are therefore subject to PDT restrictions.
According to the governing bodies, you are now disallowed to initiate any new positions (though you can always close out preexisting positions) for a period of 90 days. You do have options which are:
a) Deposit funds into the account which bring the account value greater than USD 25,000. Accounts valued greater than USD 25,000 are allowed unlimited day trades.
b) Create a web ticket through Account Management, requesting that IB reset your PDT status. The subject of the ticket should be PDT Reset. Once the ticket is sent to IB, a representative will reply with a letter that contains instructions on what you need to do. Respond to this with corresponding answers if you wish to reset, and IB will review each case individually. In general, an account is allowed one reset in a 180 day period, and a maximum of 2 resets in a rolling calendar year.