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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: tom pope who wrote (61978)	3/23/2006 4:47:49 PM
From: Claude	Read Replies (4) \| Respond to of 206094

OT- Well every broker I've been with has done the same so far. Anyone know of an online broker that allows you to use fund immediately from a trade?? - because if there is one I'm switching. tia. Claude

To: tom pope who wrote (61978)	3/23/2006 8:54:19 PM
From: Paul Senior	Read Replies (2) \| Respond to of 206094

I've been able to buy stock (in an IRA) from funds sold the same day (before settlement date). Where I've run into a problem is where I sold the stock before payment was received (before settlement date) by the broker for the BUY of that stock. Example, if I bought PTEN on Monday in the IRA, sold it on Tue am, and used those proceeds on Tue pm to buy something else. (note term "those proceeds". If you have cash in the account to cover, you are okay.) That kind of trading is a no-no ("considered a violation under security industry regulations", the broker says.) After a couple of warnings, the account gets restricted apparently. Which means after I sell a stock, I can't buy anything with the proceeds until the sale closes at settlement date (I believe on third day). Whereas before restriction, as I say, If I bought a stock last month, sold it today, I'd immediately have that money freed up to reinvest. Restriction eventually gets lifted. Does this clarify? -g-