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Strategies & Market Trends : Day Trading Rules
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To: Mikey who wrote (18)5/3/1998 1:39:00 PM
From: maria  Read Replies (1) of 40
 
Mikey,

My understanding is that as long as you have cash in your cash account to fully pay for the securities you want to buy, you can buy and sell them the same day. You would not, however, be allowed to purchase another security with the proceeds from the sale of your stock until the next day or until your account has been credited with the money. I think it has something to do with "free riding." If you have a margin account, however, these rules don't apply, as you are in effect borrowing money from the brokerage to fully pay for your securities before you sold them.

I would speak to a representative from your brokerage, though, as you don't want to take any chances with this.

Regards,

-M
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