just curious how many days it takes for freetrade.com or lowtrades.com to clear your money when you sell a position? it has always taken 3 days with ameritrade for me as long as i can remember. this is with my cash account. i don't have a margin account. it is really frustrating because there are many times when i would like to go through all of my capital in one day and sell all my positions but. then i have to wait 3 days to trade again. so how is it with you guys? also with ameritrade if you use them?
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If you sell the same day you buy you won't see your funds until the following trading day. If you own shares for more then 1 trading day and you sell them you will see the funds immediatly after you sell.
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now is this with a margin account because i never see my funds in my cash account until about 3 days, maybe 2, but almost always has been 3 days. i've emailed them (ameritrade) and supposedly i should be able to buy a stock, but not sell until my funds clear or i violate the "free ride" rule. either way, it sounds like i should have my funds the next day for trading but i don't and it pisses me off.
say i have $5000 "cash available for trading" in my account and then use it all to buy say 3 stocks. ok i sell those 3 stocks that same day for a total of $1000 profit. well, minus commissions, i should have $6000 "available for trading" the next day? i don't. it takes 3 days for it to show up in my account.
which broker do you use?
[This message has been edited by budme (edited March 05, 2004).]
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