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Thread: JTH's Account

  1. #11

    Join Date
    Dec 2007
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    906

    Default Re: JTH's Account

    Nice trade, and good thinking - taking profits. I am thinking Monday could be a big up day, based on pre/post options historical action. Big down day on Thurs/Fri of options week tends to get reversed the following Monday.
    -- Tom | My Trades

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  3. #12

    Join Date
    Feb 2009
    Posts
    654

    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    Sold SDS @ 91.40 for a profit of 5.79% (not including transaction fee)
    Good job! Giant happy face!

    Lady
    If you think education is expensive, try ignorance. - Derek Bok

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  5. #13

    Join Date
    Jan 2009
    Posts
    215

    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    Sold SDS @ 91.40 for a profit of 5.79% (not including transaction fee)
    Great job! Just think how long it would have taken to have made that in CD's.

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  7. #14

    Join Date
    Feb 2009
    Posts
    415

    Default Re: JTH's Account

    Thanks everyone.

    Tom, I certainly agree and I'd rather not be invested over the weekend. And as much as I like SDS, I'd rather see this market take a breather. I've also taken a position in stocks in TSP, so this will gove me something else to concentrate on, while I wait the 3 days for the funds to settle.

    Lady, thank you for inviting me, I'm glad to have a new place with friendly familiar people to sharpen the o'l ETF skills.

    Gumby!!! We almost got 95, I should have bailed in the 94s, but hey, either ways, your right. At lease I'm not tied up in CDs right now.
    Candlestick crack addict...

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  9. #15

    Join Date
    Jan 2009
    Posts
    215

    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    Thanks everyone.

    Tom, I certainly agree and I'd rather not be invested over the weekend. And as much as I like SDS, I'd rather see this market take a breather. I've also taken a position in stocks in TSP, so this will gove me something else to concentrate on, while I wait the 3 days for the funds to settle.

    Lady, thank you for inviting me, I'm glad to have a new place with friendly familiar people to sharpen the o'l ETF skills.

    Gumby!!! We almost got 95, I should have bailed in the 94s, but hey, either ways, your right. At lease I'm not tied up in CDs right now.
    I generally set a limit order to buy or sell at the price I want. 20/20 hindsight, I should have just sent market orders in for SDS and SSO. I really thought SDS had a good chance of touching 95 yesterday and only missed it by 20 cents. Oh well, there is always next week.

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  11. #16

    Join Date
    Feb 2009
    Location
    Pacific Northwest
    Posts
    149

    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    so this will gove me something else to concentrate on, while I wait the 3 days for the funds to settle.
    OK, newbie question: 3 days for funds to settle?? Is that due to options trading or is that any sell? Thanks, JB

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  13. #17

    Join Date
    Feb 2009
    Posts
    415

    Default Re: JTH's Account

    Quote Originally Posted by justbizness45 View Post
    OK, newbie question: 3 days for funds to settle?? Is that due to options trading or is that any sell? Thanks, JB
    I'm not really sure what it is and I can't seem to find any information on it. I came across the reference in Show-Me's account talk ( I think)

    It might be some kind of ROTH IRA rule that prevents you from day trading multiple times within a day.

    Anyways, after I sell a stock, I have to wait about 3 days before I can use that money again. I can use other money in the account, just not the money That came from that stock.
    Candlestick crack addict...

  14.  
  15. #18

    Join Date
    Dec 2007
    Posts
    906

    Default Re: JTH's Account

    Quote Originally Posted by justbizness45 View Post
    OK, newbie question: 3 days for funds to settle?? Is that due to options trading or is that any sell? Thanks, JB
    Once you buy an ETF (or stock, etc.) and sell it, you can buy another right away, but you can't sell that one until the prior sale has settled. Otherwise it is considered a "free ride" trade and the SEC does not allow that.

    Assuming you don't have other funds in the account to cover the new trade, you can be given a margin call and they will ask you to deposit money in your account to cover it (you can't sell something to meet the call).

    With Scottrade, you have to have day trader status and a $25,000 minimum balance to waive the 3 day settlement rule.

    I found this out the hard way when I had my $25K in my Scottrade account, but withdrew some to put into a futures trading account. All of a sudden I was not allowed to day trade anymore and I had a margin call.
    -- Tom | My Trades


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  17. #19

    Join Date
    Feb 2009
    Posts
    415

    Default Re: JTH's Account

    Quote Originally Posted by etftalk View Post
    Once you buy an ETF (or stock, etc.) and sell it, you can buy another right away, but you can't sell that one until the prior sale has settled. Otherwise it is considered a "free ride" trade and the SEC does not allow that.
    I don't think I have a margin account, and I've notice USAA won't let me use the SDS cash for anything, until the funds have settled. I guess they made it idiot proof?
    Candlestick crack addict...

  18.  
  19. #20

    Join Date
    Feb 2009
    Location
    Pacific Northwest
    Posts
    149

    Default Re: JTH's Account

    Quote Originally Posted by etftalk View Post
    Once you buy an ETF (or stock, etc.) and sell it, you can buy another right away, but you can't sell that one until the prior sale has settled. Otherwise it is considered a "free ride" trade and the SEC does not allow that.

    Assuming you don't have other funds in the account to cover the new trade, you can be given a margin call and they will ask you to deposit money in your account to cover it (you can't sell something to meet the call).

    With Scottrade, you have to have day trader status and a $25,000 minimum balance to waive the 3 day settlement rule.

    I found this out the hard way when I had my $25K in my Scottrade account, but withdrew some to put into a futures trading account. All of a sudden I was not allowed to day trade anymore and I had a margin call.

    Thanks Tom!!

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