quote:Originally posted by Love the Market: Tex - my sentiments EXACTLY. Whether we WOULD have sold at .002 or NOT is NOT the point - we COULDN'T if we wanted to - unless we were with Scottrade?!?!?!?!?! We can't sell 'til Monday or whenever our accounts are rectified. Not right.
NOW I see why we should have waited to this morning (post-split) to buy - and sold on the bounce!!!!! Whew!
Well, I can tell you from experience that Scottrade absolutely will not deliver shares "on spec," ie, on promises of shares. They have to have delivery before they will credit accounts.
lol, if I would've had Ameritrade during the GVRP fiasco, I would've turned $100 into anywhere from $15k to $30k...simply because Scottrade would *not* advance shares.
Hard lesson: if you're going to play splits, roundups, "geek plays" or *anything* that might stress your brokers' systems/policies, you have to know your broker.
This ain't about the regs. It's how your broker does business. I don't know *ANYbody* in pennyland who loves one broker. That's why I always say to get multiple accounts...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by Love the Market: I know - so if it goes down to anything below .001, then I've lost - and it's a stinky pinky - so I could be at .0005 before I can even sell my shares? ILLEGAL - How come my friends with Scottrade had there's LAST NIGT and could have sold at .002 for a double + ???
I can give a little imput. Years ago I posted a thread named NGRU....T e x will remember. Well, NGRU had a cash divy of $0.85 per share. The price went up 2-3x and we bought in. My father and I bought in on the last few days before the Divy. Well, his account showed the mega $$$ funds and he has Charles Swabb. My account showed nothing but I was down a ton!!! My father sold his stock that very same day and made out like a bandit. Well....the next day his account was down and the CASH DIVY that he had was taken away because he sold too soon. It had a provision of ex-Divy date. Well, a lot of us sold before it because our accounts showed the money....mine never showed anything. I had Ameritrade. So like T e x states. You have to know your broker and understand the rules. TDAmeritrade is Trade date plus 3 days. Meaning if the ex-divy date or record date is Friday....you must own it by Monday. Math works like this:
Monday: Trade date Tuesday: +1 Wednesday: +2 Thursday: +3 Friday its clean/safe/etc.
Maybe you didn't follow the rules your broker has. Not sure but wish you luck with it.
Go search NGRU and look for poster name Bill2Drunk or R1Man....not sure what user I was then.
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Scottrade doesn't let you sell if the cash you used to buy it is "unsetteled" Your friends must of had cash to cover it. I sit here now with unsetteled funds watching stocks fly past me. If I buy today I won't be able to sell until the funds settle, takes 3 days. By then anything that flys today may be dumped and I lose. I have Scottrade and it suks!!
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