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Intel Corporation Message Board

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  • trappedbybears trappedbybears Mar 5, 2007 2:40 PM Flag

    Still long AMD in the eye are eh?

    "You had to wait for settlement at Cyber?"

    Yes, a couple of years ago everyone got religion because Ameritrade had to pay a multimillion dollar fine because Datek had allowed daytrading in cash accounts. As a result, Cybertrader instituted the worst possible interpretation of the rules - they didn't free up your cash for a new trade until T+3 after the sale of the position. That really put a crimp in my style for my IRA (but, of course, had no bearing on anything else I do).

    I tried to get the Cybertrader guys to reconsider their interpretation since Ameritrade's interpretation is a little less severe (they free up your cash at T+3 after the BUY, not the sale), and that appears to be fine with the rule makers. But the guys at Cybertrader acted as if I was out of my mind.

    Anyway, the IB margin account for my Roth means I can get back to making my indexit-style trades tax free.

    Something else I noticed about IB: they don't even hit you for the SEC sales fee (at least as far as I can tell so far). I remember indexit bitching about IB not giving him interest on his cash, and that is obviously the business model at IB. Which is just fine with me. As long as the money is in motion, I could give a damn about making interest on it in my daytrading accounts. Why put money in a daytrading account if you're trying to make 5% interest? That's what Treasury Direct is for.

    So, anyway, I'm happier than a pig in shinola, and twice as shiny brown!

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