posted
On Etrade they allow 3 day trades in a 7 day pieriod , if you go over 4+ they put you on a 90 day restriction. Unless you have a $25,000 ballance in your account which puts you in daytrading status. Thats how it was explained to me. Better double check on your own . 1-800-ETRADE-1
[This message has been edited by BJ (edited November 18, 2004).]
quote:Originally posted by BJ: On Etrade they allow 3 day trades in a 7 day pieriod on the same stock, if you go over 4+ they put you on a 90 day restriction. Unless you have a $25,000 ballance in your account. Thats how it was explained to me. Better double check on your own . 1-800-ETRADE-1
what you can't do is sell a stock you just bought with funds that were not settled. For example I sold some stock, bought something else the same day, it went on a run the next day, I sold in spite of the warning that i would have to wait for the funds to clear (usually takes 3 days) and I got the 90 day cash resrtiction, actually just got off it last month. What I'm not sure of if that is just an E-Turd thing or if you will have it with any broker, other than that it has been fine, never found anything I could not buy, and if you're active it's $9.99 per trade
[This message has been edited by sonnydbar (edited November 18, 2004).]
posted
I just joined ChoiceTrade last week. So far I love it. $5 per transaction. No cash minimum to open an account. The rules say they allow 3 buys in a 5 day period unless you have $25,000 on account. I did 4 buys last week without penalty, but I won't push my luck. If you sell, the cash from the sale is available the next morning for stock purchases.
posted
As long as its a margin account and not cash your money gets freed up after a sale. Usually need at least 2 grand to open a margin....at least at all the ones I checked!
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