posted
I hope someone can answer for me. I started learning how to trade a few months ago and just started doing it with "real money" on the 15th.
Friday I found a stock I wanted but didn't have the funds, so I dumped something that wasn't performing like I thought it was going to. As soon as it was sold, I hit the buy button for the new one and an alert popped up that said something to the affect of, if I bought a new stock with the money from the one I sold, before that transaction was complete they could suspend my account for 90 days (ouch) I was already late for work, so I had to hit the door.
By the time I got home the money was there, but I was under the impresion that everything happened instantly. So I'm wonddering, how long does that usually take? If I had waited a few more minutes, would the money be there, or does it take a few hours? or does it depend on the service? I've got etrade if that means anything.
Thanks for the help Posts: 4 | From: Indiana | Registered: Feb 2006
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posted
once your funds show up as unsettled, you can buy sumpin...but ya can't sell that one till funds settle. Takes about 3 days...may vary among brokers. If ya sell while unsettled, you run into "free ride" provisions...
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