NASD Seen Moving Toward Limiting Day Trading

Discussion in 'Retail Brokers' started by buzzy2, Jun 3, 2004.

  1. The major impact will be in IRA accounts. I believe IB already does it that way. If you sell a stock, the proceeds are not available to buy something else until it clears three days later. I know that other firms let you use those proceeds immediately however.
     
    #11     Jun 4, 2004
  2. maxpi

    maxpi

    With a cash account you can't use the proceeds from a sale for 3 days. The firms that were ignoring that were in violation. I know that Mytrack would not let me use proceeds for 3 days in a cash account. The trick was to get a margin account, not that I wanted to use the margin, I just did not want to wait 3 days.

    Max
     
    #12     Jun 5, 2004
  3. regulations goes to the next highest bidder.

    so NASD gotta beef up on the campaign contributions

     
    #13     Jun 5, 2004