$1450 gain in 24 hrs but my hands are tied. I'll be PIST if I have to watch these gains disappear before I'm allowed to sell. What a helpless feeling...
If you had the settled funds in the account to initiate the buy there should be no reason why you cannot sell them. The funds will not be available for a new trade but you should still be able to sell.
Is it that you believe you cannot sell them or is the brokerage's trading platform actually rejecting the sale? If that is happening I would find another broker.
"If you had the settled funds in the account to initiate the buy there should be no reason why you cannot sell them. The funds will not be available for a new trade but you should still be able to sell."
I called my broker and you are 100% correct. I had been buying stock with unsettled funds and selling them before the original original even settled. But that didn't apply here and I was free to sell. Sold 1000 shares at $48.30 for $1750 gain and will hold 200 until 1470's in the S&P.
I received a warning for 2 "good faith" violations recently. I wasn't sure if it was I sold a stock too soon, or if I bought anonther stock before that sale settled. One more and they say my account gets locks up for awhile.
I clearly bought these recent shares with settled cash. I have no intention of buying anything with the proceeds if I sell these before the settlement date tomorrow. I just don't want to lose a decent little gain of nearly $2000 now. I want to sell 1000 shares and keep 200 but I'm worred about this being strike 3.
Thanks again for you reply. Maybe I should let it ride until next week anyays. This couls actually payoff by preventing me from selling too early as usual.
I'm surprised you don't know this already, but you can sell whenver you want. The 3 day settlement rule only applies to when the cash will be available in your account. The only restriction on when to sell is if you can't day trade you have to hold some positions overnight.
Friday is the settlement date. Does anyone know if that means the beginning of the day, or the end of the day? If it's the end of the day, I'll have to hold them until Monday, nearly a full week after buying them with cash. What a #$%$... rule geared to handicap the little guy.
The rule isn't meant to handicap the little guy. It is meant to prevent you from free-riding on brokerage money and exposing them to the risk of loss.
If the brokerage firm is preventing the sale that sounds firm-specific and I would move to someone else.