Greenline: I use only cash and no margin. I have frequently bought and sold stocks in one day with Greenline. I don't have to wait for a buy or sell to settle after 3 days, and as long as I know that I don't have a negative balance I can trade as much as I want. Make sure you are comfortable with this as trading frequently on an intra-day basis can be too much for a beginning trader. If you mess up, you have to settle within 3 days. Don't buy more than you can afford and make sure you settle everything within 3 days, or else your account will have more restrictions on it because you can't "free ride" in your account by using Greenline's money to make money. Also, you can't buy a stock one day, sell it the next day, and think that you will settle in time without adding additional cash. The sell will settle one day after your buy settles, and that is "free riding". When I first traded a couple of years ago, I had a restriction put on my account for unknowingly doing this by not settling in time. It was no fun after that, believe me, until that restriction was lifted.
I don't know what your personal situation is, but I just wanted to make new traders aware.
On occasion, though, Greenline will cancel a trade because the person reviewing the trade didn't see that it would balance out and assumes you don't have the money. This has certainly pissed me off.
Regards, Wisam |
