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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TraderRick who wrote (2896)2/8/1998 5:39:00 PM
From: TFF  Read Replies (1) of 12617
 
TraderRick: You cannot buy the same stock via the NASDAQ Market Maker System(SOES) within 5 minutes of a previous purchase of that stock (assuming your prior purchase was for a quantity equal to the tier size for that stock). Conversely, you cannot sell short the same via the NASDAQ Market Make System(SOES) within 5 minutes of shorting that stock the first time. Note that this rule, known as the "5 minute Rule", does not prevent you from selling a stock (or buying a stock in the case of a short sale) you had previously bought less than 5 minutes ago. But you can buy a stock that you had previously sold or sold short (assuming the buy is not within 5 minutes of a previous buy in the same stock on SOES).

Ask your broker for a summary of their particular rules. I know A. B. Watley carries a full explanation of the rules for entering orders on their ftp site.

If you have any other questions ask away:)
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