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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Allan C. who wrote (2088)2/14/2000 5:55:00 PM
From: Dan Duchardt   of 2120
 
Allan

I do have a question, if you have your account restricted for 90 days, can you sell the positions you have? Say I accidentally violated rule and have a lot of short term trades going, will I be allowed to sell or am I stuck with them?

If you are hit with a 90 day restriction in a cash account, you lose the privilege of delaying payment for securities purchased. You cannot call your broker to buy stock on your behalf before sending him the money. (I would assume that also means he cannot sell stock on your behalf if someone other than himself is holding the certificates.) As long as the broker is holding the stock you can sell it, and as long as there is free cash in the account you can still purchase stock. You are restricted to using only "cash on hand".

Dan
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