I sold a stock I recently bought to add more ALKS.....but now on day 2 of waiting period - no cash left in account til tomorrow (I hope)! Soooo aggrevated. BUT, I did add some yesterday........still annoyed with the settling system. Want my money available!!!
Doesn't sound like your day trading it either.
"What is a day trade/round trip?
A day trade occurs when you buy and sell (or short sell and buy to cover) the same stock or option position during the same trading day. A trading day includes all pre-market, normal trading hours, and extended session hours. Selling a position held overnight and reacquiring the position the following day is not considered a day trade.
The NASD provides that a pattern day trader is any account that executes four or more round-trip day trades within any rolling five-business-day period, provided the number of day trades represents at least 6% of the total trading activity during the same five-business-day period.
If you are flagged as a pattern day trader, you'll be subject to restrictions, including a minimum equity of $25,000 at the start of any day in which day trading occurs. Pattern day-trader accounts that fall below the $25,000 minimum equity requirement and day trading will be restricted to closing transactions only for 90 days, or until the equity is brought up to $25,000."
To have a margin account at Ameritrade or anywhere else I believe due to new SEC regulations your account must have a minimum $25,000 CASH VALUE .If it falls below this level your account is restricted to 3 round trip trades in a rolling 5 day period. If you go over your account must be brought back up to $25,000 or face a 90 day sell only restriction.
I can understand that, so I guess you are over seas, what time is it where ever you are located? Looks like a strong open for ALKS this morning, keep our fingers crossed. Premarket is showing 25.65 bid by 25.74 ask. UP 2.28% thus far
I had a Merrill Lynch (london) account for years. Switched most of it to Datek, and as a "lure" to return, ML actually got me some IPO shares in the boom days!! Nice feature, but don't really need full service anymore....