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Non-Tech : Webstreet Online Broker (www.webstreet.com)
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To: Daniel Miller who wrote (5)3/14/1999 12:15:00 AM
From: songsung   of 114
 
Daniel, I don't understand why Webstreet had to charge your stock buy on margin. You sold Stock A before buying Stock B and expected the fund from selling A to cover B. The money was not there when you bought B since it took 3 days for A to settle. But you had 3 days to settle B too. By the time you needed to settle B, the trade for A had already been settled and hence the fund to pay for B. So why the margin charge?

On the margin account. I have been given advice against using margin to buy stocks. But it seems it's essential to have a margin account if you want to do daytrading due to the sec rule of 90 days restriction. Anyone has any thought on this?
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