Got a 90 day restriction today from Etrade.. I know I broke the rule of not making too many trades. I sold one to buy MTBC yesterday and sold, then did it again today with MTBC, apparently not enough cash in my account (I'm not on margin since I'm still starting out) and they hit me with this.. It looked so damn good though!!
Anyways I contacted Etrade, and they said something that just sounded wrong. They said I can only use settled cash to make any future trades until I get a margin account. Okay cool, it will slow me down a bit and probably help so I don't over trade again. But then he said if I buy a security, with settled cash, I would have to wait 3 days to sell??? Is that true?? If that's the case I'm not trading for 90 days, but it sounds wrong to not be able to get out of a trade. He said I can but I'll be in violation again and risk more restrictions... Is this true?? I cant buy without waiting 3 days to sell?? Even when the buy was on settled cash?? I'm confused.. lol Won't over trade again that's for damn sure..
geez.. cut off... I had one buy and one sell within one day, and they haven't done anything other than send me a reminder warning - just to remind me that I cannot buy... But, I couldn't anyway seeing that the funds are not showing as "available" anyway.
So, it's a moot point. But, to address this issue, I only play half of my cash right now which leaves the other half available if something else comes up within that same week.
In short, Etrade guy is only correct in this one particular scenario because you bought twice now. Otherwise, yes you can buy and sell - once in a day. Then, wait three days... which is really four.. ...
For future references when your signed in to E-Trade app or online ,go Accounts tab then balences, that will show you if funds are not settled at the bottom. If your able to pull it up click on View profile it will then show ya.
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