posted
Has anyone bought stock with unsettled funds, and sold it prior to those funds settling? My on-line broker said you could do it, if necessary.
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posted
you can but then your account gets a 90 day restriction
-------------------- Choosing individual stocks without any idea of what you're looking for (or without reliable information) is like running through a dynamite factory with a burning match. You may live, but your still an idiot.
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posted
scottrade gives ya 1 or 2 freebies then restriction
-------------------- Always do your own due diligence. My posts are neither a buy, sell, or hold recommendation; and express only my personal opinion. Please consult your financial advisor before making any investment decisions.
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My broker, who will remain unsaid at this time, told me you can get away with it 2-3 times before your account gets flagged. (Hint: it is not Etrade)
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once you sell, takes about 3 days for all accounting involved to catch up...
somewhere in your broker's software there's a way to view all your account activities; somewhere in there you will find total, available, settled, unesttled, etc...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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buytex gave u a great explaination but Buytex, I get my funds settled after 1 day... I mean I am new but I sell my funds say monday, and wednesday I know itll be up (BTW i use scottrade)
posted
I sold something yesterday and right away the money was back in my "Funds available for trading" section. There is no way that the funds were settled, however. Does this mean I violated something? What would the reprecussions of this be and why don't they lock up funds?
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The funds are available for trading.. Which means that yes, you can buy stocks with that money.. but you just can't sell those stocks that you buy until the funds that you used to by them is settled..
Example.. You sell $500 worth of stocks on Monday at 11am. You see that you then have $500 available for trading. You buy $500 worth of a new stock on Monday at 12pm. --This is where the 'unsettled' comes in-- You can't sell off any of your new stock purchase until your 11am sale is settled (which probably wouldn't be till about Wednesday or Thursday).
So, if you plan on playing a swing or a run, you definately don't want to buy with unsettled funds, cuz then you can't get out whenever you want.. you'd have to wait a few days, and by then, you could be screwed.
Hope this makes sense. If you need any other clarification, PM me, or just search this forum for 'unsettled funds'.. it's been written about plenty of times here.
-------------------- Hindsight is 20:1. It's like printing money.
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