Can someone please explain how this works..and what I can do, and what I cannot do. Ex. I have 500,000 shares of advc that I want to unload. If I do so tomorrow morning, can I move that money into something else?
Posted by JoeMillion on :
only if you have a margin account you can buy again after you sell.
If you have a cash account you have to wait until your money has cleared, usually takes 3 business days.
Joe
Posted by Love the Market on :
I use Ameritrade and I have a margin account - so I can sell an OTCBB stock and can buy another OTCBB or even a pink about 10 seconds later. Call whichever online broker you use...and see what they require for you to be able to do that too!
Good Luck -
Steve
PS: I happen to like ADVC and think it could even hit .001 soon. Why do you want to sell it?
Posted by BuyTex on :
cash account: you can buy with the proceeds, but not sell the new position (even at a profit) until settled (yes, 3 days, although some brokers are reportedly more lenient).
If you do (ie, broker's software allows it), you will be notified (maybe before you pull the trigger) that you're transcending "free ride" provisions--basically taking a loan from your broker.
They will want those funds covered; you can deposit more, sell another position, or take a chance on the broker liquidating any given position to satisfy the "loan."
Do it again? They can suspend your trading, period of suspension varies broker to broker...
Posted by coalkickin on :
Choicetrade?
Posted by 7 of 9 on :
BuyTex is right
You canbuy something else ASAP
Posted by macdrsirules on :
I'll second that. Buytex hit the nail on the head.