posted
Say I bought 20,000 shares of a stock a few weeks ago and another 100,000 yesterday... I know you have to wait three days before your funds are available if you sell right after you buy... so if I sell 20,000, will I be able to use the cash right away or would I have to wait because I bought some yesterday? Thanks -Jon
Posts: 243 | Registered: Apr 2004
| IP: Logged |
quote:Originally posted by YunGFree: Say I bought 20,000 shares of a stock a few weeks ago and another 100,000 yesterday... I know you have to wait three days before your funds are available if you sell right after you buy... so if I sell 20,000, will I be able to use the cash right away or would I have to wait because I bought some yesterday? Thanks -Jon
---------------------------------------
You can buy a stock with the unsettled funds from your sell of 20,000 shares but you can't turn around and sell the new shares until the money settles. (Usually around 3 business days) It doesn't matter that you bought any shares yesterday. I hope this answers your question.
Dan
Posts: 133 | From: Colorado Springs, Co, USA | Registered: May 2004
| IP: Logged |
posted
Good question. I would like to know what is the purpose of the Unsettled Cash is not like you are going to Withdrawal the money or cancel the account.
That sucks for day trading, if you don't have extra money you can't trade a stock more than once in one day. Is every trader like that, or just mine? I use Ameritrate
posted
I am in the same boat with Scottrade. I am pretty sure all are the same. I am just hoping to make a little money so I can have some on the side to make more trades. But then you also have to watch out and not make too many day trades in a row or you will be labeled a pattern day trader.
Posts: 133 | From: Colorado Springs, Co, USA | Registered: May 2004
| IP: Logged |
posted
I have lowtrades.com account. I called them and asked about this. Here is what I asked and the responses I got.
Q: If I buy today and sell today, when will my funds be available to buy again? A: Next business day.
Q: If I buy today and sell tomorrow, when will my funds be available to buy again? A: imediately.
Q: What about unsettled funds? A: Nothing to it, if you buy and sell on same day, you can not use that money. If you wait one day, you can use that money.
All of this was dealing with the same stock. I don't have a daytrade account so I just am going by what they tell me. However, I normally swing or position trade and buy and sell one to two stock during the week.
posted
like jimbo already mentioned.. its probably best to swing/position trade ... you wont have any problems like that and you can make just as much money that way then if u only daytrade... besides for daytrading you need around $25,000 in your account .. how many of us have that much to throw into a account?... with swing/position trading you can grow it up to $25,000 and with the experience you gained in trading you can make the switch to daytrading if that is what you want to do... for those who dont know what swing/position trade is.. swingtrading is buying,holding & selling stocks anywhere between 2 to 5 days... position trading is buying,holding & selling stocks anywhere between 4 to 6 weeks maybe even less then those #'s if you see fit to do so... point is you can make the same profit that way then you can make at daytrading.... just some people have no patience and want to make profits NOW.. today not tomorrow etc.. lol swing/position trading can be very profitable as Big T or was it Bob Frey mentioned a couple of days ago about there accounts were started on $1,000... and in about a year or little over a year had grown it to $60,000 (but right now its at $30,000 but thats a minor glitch that can be reversed to go back on the uptrend :-) ).....
Posts: 4669 | Registered: Mar 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
