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Strategies & Market Trends : From the Trading Desk
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To: Ira Player who wrote (3159)6/5/1998 9:38:00 AM
From: DADDY WARBUCKS  Read Replies (2) of 4969
 
To all: I have run into this daytrading question before. Here is the deal.

If you come into the day long XYZ and then sell it. Next you can trade any stock with the proceeds, including XYZ. BUT if you leave the day long XYZ again. The SEC only looks at the trades that day. Not times of execution.

EXAMPLE.

Monday- Long XYZ
Tuesday- Sold XYZ, Bot ABC, Sold ABC, Bot CDE, Sold CDE, Bot XYZ.
Wednesday- Still Long XYZ.

In this example they will think that you Bot and sold XYZ, ABC, and CDE. You came into the day with no cash to cover these trades. The way to get around this is to wait until the next day to buy back XYZ.

Then it is obvious that you Sold XYZ, then Bot and Sold ABC and CDE.

Hope this helps.

DADDY
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