Hi I am overseas. I just sold INO to take some profits. My account balance shows $32000+ but my available funds for trading shows only $12000+ anybody why it is like that? and when will my funds be available in full? Thanks
Many eons ago you could sell for "cash" and get your funds immediately. Haven't had the need to do that the last 45-50 years. Anybody know if it can still be done? Yes, there was a minor penalty. I believe I traded with Shearson-Lehman back then.
With Merryll Linch, You can buy and sell a stock and then immediately use the sale proceeds to buy again. If you sell the second time before the initial sale funds clear (3 days), then you have committed a "freeriding restriction". This will result in 90 days of not being able to buy the second time before funds are cleared. If you do 2 of these "freeriding restrictions" within 1 year time, they will drop you. Hope this helps. Remember that a stop loss is a sell order and will count for that 2nd sell. So basically, if you re-buy with the funds before they clear, you lose the ability to set a stop or sell the stock until the initial funds clear. This is fact. I did it by "unknowingly" earlier this year. Only way around this is buying on margin. Trade safe! Go INO!
Click on Accounts and Gain/Loss, then check "unsettled closed positions." If you have anything that shows up, it means you have trades that need clearing before your funds are fully available. Remember the rule T+3 applies with a non margin account.
Thanks Capt. I see a stock i sold last thursday. Under Total proceeds column I see 18k+ and under settlement column i see "1 day" in red. I traded few times before but this is the first time it happened. I am guessing i have to wait one more day. Appreciate your help.
My broker BOA, always takes 3 days to settle the trade but, (and they confirmed this for me ), my funds are available immediately to trade with. Imagine you could have the same set up but will depend who you are brokering through.