To: MMK who wrote (38128 ) 5/4/1999 11:32:00 PM From: Mike S. Read Replies (1) | Respond to
Margin Acct use. I have had 3 calls myself. (1) if you hold a stock overnight and sell the next day or later you cannot buy back that same stock that day without generating a daytrade call. (2) If you hold a stock overnight and sell the next day or later you cannot use any of that money from the sale to daytrade with, if you enter a new position that same day with the money used from the sale, that new position cannot be sold until the next day or later. If you sell it the same day it will be considered a daytrade. Of course if you had other funds in the account other than from the sale then you can still daytrade with those separate funds, just don't buy that stock you sold after holding overnight. (3) Your overnight buying power is less than your daytrading power, if you hold a position overnight that exceeds your overnight buying power you will generate an overnight buy power call. If you don't know what your buying power is for daytrading and overnight, look under detailed account info, register and get a password from penson financial services if you have not already done so, and under Queries/buying power will give you the info you need, if not, call and ask. Your buying power will always be under the previous trading days date. (4) Don't use anymore than 50% of you margin money at a time, less to be on the safer side because there are maintanance fees that are to remain in your account for each position being held on margin, more volitile stocks have higher maintanace fees. Thes fees can be seen under the detailed account info under you current positions for a better understanding. Hope that helped, good luck. Mike S
