posted
i need help i have Ameritrade account and i have started buying and selling Pinkstock & OTCBB but i found out they are charging me 10.99 commision and $150 Miscellaneous Corporate Action for every trade i make, dos all other Brokers charge this way?????
quote:Originally posted by Kakooz: i need help i have Ameritrade account and i have started buying and selling Pinkstock & OTCBB but i found out they are charging me 10.99 commision and $150 Miscellaneous Corporate Action for every trade i make, dos all other Brokers charge this way?????
posted
Dude you need to look at that again. I have used Ameritrade for 8 months and I have never been charged anything other than the 10.99 + sec fees .03-.05. Call them and twist off! lol
Posts: 142 | Registered: Sep 2003
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posted
Your Misc Corp action will show up just about every day if you are buying on a margin, also this action is a debit or credit depending on the previces days closing prices of your stocks, keep an eye on your cash totals even if you do not make a trade one day these figures will change, it will all balance out in the long run.
quote:Originally posted by Kakooz: i need help i have Ameritrade account and i have started buying and selling Pinkstock & OTCBB but i found out they are charging me 10.99 commision and $150 Miscellaneous Corporate Action for every trade i make, dos all other Brokers charge this way?????
posted
Speaking of Ameritrade, how does this new rule work regarding "unsettled cash"? I last sold a stock on Monday and purchased another stock on Wednesday. I just sold it today but its saying my cash is unsettled? I thought the settlement process was three days from the sell, which would have been from Monday for me, correct?
Posts: 34 | From: Baltimore Md 21210 | Registered: Jan 2004
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quote:Originally posted by dodga: Speaking of Ameritrade, how does this new rule work regarding "unsettled cash"? I last sold a stock on Monday and purchased another stock on Wednesday. I just sold it today but its saying my cash is unsettled? I thought the settlement process was three days from the sell, which would have been from Monday for me, correct?
Set up an account on margin and you will never have that problem again! You don't even have to dip into the margin ever (really).
posted
I just started an ameritrade an account like 2wks. ago. Could i just transfer to a margin or do i have to wait the intial 60 days before being able to remove funds? I wonder...
Posts: 206 | From: silver spring, MD, USA | Registered: Feb 2004
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posted
unsettled cash occurs as you can't get the cash from a sale until the original purchase is settled, which is three days...basically you need to wait three days after you buy something untill you can use the cash from its sale...even if you bought it and immediately sold it. I'm new and just learned this so if i'v made a mistake please correct me.
Posts: 122 | From: philadelphia, pa, usa | Registered: Jan 2004
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posted
Just remember that the NASD rule for pattern daytrader applies when you trade with margin. If you have Ameritrade, just look at the margin reqirements, they'll have the rule posted there. Just want the newbie's to know the facts--good luck!
Posts: 84 | From: Indianapolis | Registered: Jan 2004
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posted
unsettled cash occurs as you can't get the cash from a sale until the original purchase is settled, which is three days...basically you need to wait three days after you buy something untill you can use the cash from its sale...even if you bought it and immediately sold it. I'm new and just learned this so if i'v made a mistake please correct me.
Posts: 122 | From: philadelphia, pa, usa | Registered: Jan 2004
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posted
OK, OTBCC trades are different that NASD, NYSE, & AMEX trades. Here's the response from AMeritrade. Its three days from the orginal BUY.
Thank you for giving me the opportunity to assist you today. I show that you recently sold IBIZ TECH. Because of our interpretation of Federal Reserve Board of Governors regulation, you cannot use these proceeds for further trading until the original buy transaction settles. I show this buy settles on 02-09-04. Until then, the cash would reside in the account portion marked "Unsettled Cash".
posted
Ameritrade will not let me put stop, and stop limit on octbb stocks. I have a cash acount at this time do I need to get a margin acount to do this. Thanks anyone. Todd
Posts: 56 | Registered: Jan 2004
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quote:Originally posted by Dogleg: Ameritrade will not let me put stop, and stop limit on octbb stocks. I have a cash acount at this time do I need to get a margin acount to do this. Thanks anyone. Todd
NO they still will not allow the stop orders in a margin account on otc stocks.
PAUL
------------------ But godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out.
quote:Originally posted by dodga: OK, OTBCC trades are different that NASD, NYSE, & AMEX trades. Here's the response from AMeritrade. Its three days from the orginal BUY.
What he describes is the "free ride rules". When trading stocks, a "free ride" describes the case when you buy a security and sell it anytime within 3 days, without having the free funds to cover the settlement of the trade. This activity is prohibited by the exchanges: NASD, NYSE, OTC, etc (e.g., NYSE Rule 431 forbids member organizations from allowing their customers to day-trade in cash accounts). If you trade in a cash account, you must be able to settle the original BUY trade (usually 3 days), even if you would take the profit from it in the same day.
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