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Pastimes : ETRADE Sucks! -- Ignore unavailable to you. Want to Upgrade?

To: Alec Epting who wrote (841)11/10/1997 6:33:00 PM
From: BenYeung  Read Replies (1) | Respond to of 3262
 
My parents was using PCFN (now DLJ Direct) two or three years ago, and my dad put in an order for 1000 shares of MSFT and 1000 shares of INTC when he was overseas. Not seeing any confirmation, he asked my mom to enter the order in US. Then nothing happened, so my father entered an order again. They end up with 3000 shares of each stock, and they had to wire money from their bank accounts to the brokerage house. They made a lucky mistake because these two stocks shot up like a rocket in the next 3 years.

The point of the story is, you can buy stock and pay later before the settlement date depending on the brokerage house's rules.



To: Alec Epting who wrote (841)11/10/1997 6:52:00 PM
From: Janice Shell  Read Replies (1) | Respond to of 3262
 
If you don't send in the money you are liable. They sell the stock immediately.

And if the stock tanks ten points between the time you make the trade and the time you send in your money? Your brokerage cheerfully eats the difference?

My guess is that if you've ever thought you did this, what you were really doing was buying on margin. The bottom line: if you don't have the buy power, you don't buy.


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