I do a lot of trading with Etrade. What I don't like is in my global trading account there is a 3 day settlement period for funds to be available to trade after I sell a stock. I was wondering if Scottrade had this same stupid rule. It has cost me a lot of money in recent weeks.
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I do a lot of trading with Etrade. What I don't like is in my global trading account there is a 3 day settlement period for funds to be available to trade after I sell a stock. I was wondering if Scottrade had this same stupid rule. It has cost me a lot of money in recent weeks.
It is true that Scottrade has the rules regarding funds clearing..the only way to get around that is to sign a margin agreement and keep a certain threshold level that makes it possible to bypass the daytrading rules.
But if you sell a stock and trade with the funds before settlement, they will let you do it once or twice, but then any firm worth a crap will put a restriction on your account for free riding..
Thats not completely true..
It is true that Scottrade has the rules regarding funds clearing..the only way to get around that is to sign a margin agreement and keep a certain threshold level that makes it possible to bypass the daytrading rules.
But if you sell a stock and trade with the funds before settlement, they will let you do it once or twice, but then any firm worth a crap will put a restriction on your account for free riding..
I have a pal who works at E-trade, we both started at Fidelity and he is still a broker. I will ask him about it. I doubt you could margin TSX stocks but I will see if there are any loopholes to the funds clearing issues.
Jeff,
I have a pal who works at E-trade, we both started at Fidelity and he is still a broker. I will ask him about it. I doubt you could margin TSX stocks but I will see if there are any loopholes to the funds clearing issues.
I have a pal who works at E-trade, we both started at Fidelity and he is still a broker. I will ask him about it. I doubt you could margin TSX stocks but I will see if there are any loopholes to the funds clearing issues.
Thanks Walls I doubt it though. I spoke to someone about it on the phone today.
Quote Originally Posted by wallstreetcappers:
Jeff,
I have a pal who works at E-trade, we both started at Fidelity and he is still a broker. I will ask him about it. I doubt you could margin TSX stocks but I will see if there are any loopholes to the funds clearing issues.
Thanks Walls I doubt it though. I spoke to someone about it on the phone today.
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