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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (3684)4/10/1998 10:56:00 PM
From: cj  Read Replies (1) of 12617
 
Beginner Questions:

1) Is it true that the SEC limits you to ONE margin account (I suppose to prevent people from over leveraging themselves)

2) How does a day trader handle the 3 day settlement issue? Is it up to the broker to determine when your account gets credited (after a buy/sell), or is this a mandatory SEC rule? In other words, is it legal to trade a stock multiple times during the same day without breaking the SEC "free rider" rules (assuming of course that you have already deposited your cash with the broker before starting the trade.) I've noticed that Datek credits your account instantly after a day trade, but Schwab doesn't show the new credit until the next day.

3) Are there any other SEC rules that a beginner should know about?
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