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  • sonof2442 sonof2442 Jun 23, 2005 12:50 PM Flag

    Help! I did a free-ride

    I think RMKR is a STRONG BUY long term, but when the price rose recently I sold some. Then the price fell and I was in such a hurry to get back in (with just several thousand dollars) that I mistakenly didn't count the days right over the weekend and ended up violating a free ride rule.

    I don't buy on margin-- this is just about the 3 days wait for settlement. I'm also not a "day-trader" because I don't trade often enough to be considered one.

    It took my online broker about one New York minute to figure out that I broke the rule, so now I have a 90 day suspension from trading. They certainly have the computing power to have warned me of my mistake beforehand.

    My question is this: Why won't the online broker warn of a possible free-ride violation when you place the order? Surely their computer could calculate the potential violation mistake. They certainly warn already when there are not enough funds to cover an order, for instance, when I've calculated a wrong number of shares to buy.

    Since they refuse to provide this service, it's going to cost my broker a few months commissions since I think I'll just cool it for awhile.

    Does anyone know of an online broker that will notify you if your order causes a potential violation?

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