Momentum Daytrading - Tricks of the Trade Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Don Pueblo who wrote (2115)	9/17/2000 10:15:56 PM
From: Dan Duchardt	Read Replies (2) of 2120

TLC, It was an end of day accounting issue. Perhaps if I had called and demanded an execution, even the ultra conservative broker would have caved in, but in fact it was written into the account agreement that stock purchased could not be sold on the same day. Fortunately, the ultraconservative gorilla (not to me named, but the initials are ML) no doubt realized how far out of step they were this policy and upgraded to intraday accounting. I no longer have that problem. The only thing hanging over me now is uncertainty about whether I can trade as long as I have available cash from credited sales, or if there are vestiges of the old "spend your money only once per day or you're free-riding" concept in play. As best I can figure it, that concept has its roots in end of day accounting and maybe clearing issues. Some firms seem to think it's just fine to trade all you want in a cash account, as long as you never own more securities than you have cash to cover at any one time. I'm not sure the gorilla agrees with that, but it's not a great concern for me at this point. I would be interested in hearing your opinion though. Dan

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next