- Status
Well I started already and there's no going back. Now, about the margin interest rate, is that charged on a daily basis like my credit card does until money is repayed or is the interest charged on the total money borrowed?
Most of my stocks haven't done a 10% gain so far so I don't see margin being profitable to me considered TD Ameritrade charges 10.5%. I almost had a cardiac arrest when I found that out.
I'm up another $50K, folks. I just thought I'd keep you up to date on the good advices I get here.
Most of my stocks haven't done a 10% gain so far so I don't see margin being profitable to me considered TD Ameritrade charges 10.5%. I almost had a cardiac arrest when I found that out.
I'm up another $50K, folks. I just thought I'd keep you up to date on the good advices I get here.
slag
Lifer
- Dec 14, 2000
- 10,473
- 81
- 101
Everyone has to learn sometime and somewhere.
People told me the same thing when I went into a specialized shop and ordered some ATSG manuals on transmission repair. The guy asked me if I was a mechanic and I said no. He looked me in the eye and told me that I had no place being inside an automatic transmission if I didn't know what I was doing and that he would not be responsible if I came back later bitching and asking for help. Yeah, he was a real ass.
I still bought the manuals (they were the cheapest place to get them) and also an overdrive band and some clutch packs.
Long story short, I made a couple mistakes but went through my work and caught them. Had to uninstall the tranny once because i forgot something but I fixed it. You dont learn sometimes unless you get your hands dirty. That Ford Explorer is still on the road today, 4 years later, running like a top with the automatic tranny I rebuilt.
Its pretty much the same thing here. If he can afford to make these mistakes and learn from them, then there's no reason he shouldn't be doing what he likes to do.
Incidentally, complain via the website about the recent security breach and receive 12 months of credit monitoring (including credit score) and 20 or so free stock trades for 60 days. 
There's a mandatory settlement period where the money you got from selling those securities can't be used until the trade settles -- 3 days usually. Settlement happens when the securities are located and transferred to you (or to your brokerage with you as the beneficiary).
Some brokerages will let you float it and buy something else so long as you hold that new security past the settlement of the sale. Scottrade does that IIRC. Not sure if they HAVE to do that.
If the above posters are correct and you're swinging that much money, contact a financial adviser, broker, or securities lawyer to answer your questions. You can afford it, right?
Off Topic forums are no place to get financial advice, especially when you're demonstrating that you don't know the basics. Use google if you're cheap and want an answer now. Call Ameritrade if you're cheap and can wait til Monday for an answer. Call a financial adviser if you're not a moron.
Everyone does have to learn somewhere. You went into a specialized shop and got books to do it. This guy is asking on an off topic forum. This isn't the place to get financial advice or learn about securities trading, regulation, market mechanisms, etc. We probably have a few experts lurking, but with the large sums he's talking about (faking?), this isn't the right place.
By the way, how hard was it to fix the AT? I might give my own a go soon
Originally posted by: AndrewR
Incidentally, complain via the website about the recent security breach and receive 12 months of credit monitoring (including credit score) and 20 or so free stock trades for 60 days.
you have a direct link to file a complaint to get those free trades? I could use some commission free trades.
HardcoreRobot
Lifer
- Nov 7, 2000
- 16,403
- 3
- 81
50K gain? are you trading in old pesos?
whatever, its a miracle you can still afford an internet connection
whatever, its a miracle you can still afford an internet connection
We've all been there. T+3 rule is one of those things that hits you after your first sell and you go "wtf did just happen". Until you find out the rule and feel stupid.
I've sold & bought down to near zero within minutes. I have a cash account.
It might be that if your account is new, they freeze the funds or something ... I've had an Ameritrade account for a couple years.
If you run five (I'm pretty sure it's five) trades a month for a couple months, you are automatically bumped up to an "Apex" member, and some additional tools (L2 streamers, RT News, etc) are made available at no extra charge (I'm also an Apex member).
To purchase, you must have the money in the "Available for Trading" column, which includes the MM account as well as the cash. Any money from a sell is immediately credited to "Available for Trades" (or at least, it has been for me).
I've also used the triggered trades, where some threshold is crossed, a sell is triggered, then that sell triggers a buy for something else (as long as another threshold has / has not been crossed).
I like Ameritrade. Their human help has been very good for the couple times I've needed them, and their documentation is also very good.
I don't know what kind of problems the kid that posted this had, but he can certainly call Ameritrade and they'll (at the least) explain it to him or fix it.
FWIW
Scott
It might be that if your account is new, they freeze the funds or something ... I've had an Ameritrade account for a couple years.
If you run five (I'm pretty sure it's five) trades a month for a couple months, you are automatically bumped up to an "Apex" member, and some additional tools (L2 streamers, RT News, etc) are made available at no extra charge (I'm also an Apex member).
To purchase, you must have the money in the "Available for Trading" column, which includes the MM account as well as the cash. Any money from a sell is immediately credited to "Available for Trades" (or at least, it has been for me).
I've also used the triggered trades, where some threshold is crossed, a sell is triggered, then that sell triggers a buy for something else (as long as another threshold has / has not been crossed).
I like Ameritrade. Their human help has been very good for the couple times I've needed them, and their documentation is also very good.
I don't know what kind of problems the kid that posted this had, but he can certainly call Ameritrade and they'll (at the least) explain it to him or fix it.
FWIW
Scott
I think under the current rules you have to have a minimum of $25K in an account to qualify as a day trader, otherwise you have to wait the 3 days turnaround.
Fingolfin269
Lifer
- Feb 28, 2003
- 17,948
- 34
- 91
Miramonti
Lifer
- Aug 26, 2000
- 28,653
- 100
- 106
Close but its the other way around - if you do 4 round trip trades within a 5 day period, you get labeled a "daytrader" per mandatory SEC rules, which then brokerages require the account holder to have 25k in the account to open additional positions.
I predict this rule will be dropped within a few years. It was a ridiculous kneejerk reaction to the .com bubble bursting and ensuing losses, but does nothing imo to benefit the individual or the industry (it actually hurts market liquidity, and also limits brokerage and exchange revenues). People will profit or not profit in the markets regardless of their account size, and people will still choose to gamble or not gamble their money, regardless of whether or not they can afford it (and that's the way it should be.)
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Do they notify you of their decision of denial or acceptance? I did it online last Friday. I'm waiting in suspense.
It's odd that to apply for Options requires you to mail the form while Margin can be done online.
It's odd that to apply for Options requires you to mail the form while Margin can be done online.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Pliablemoose
Lifer
- Oct 11, 1999
- 25,195
- 0
- 56
Oh the ironing...
We're due for about a 5% correction, do you have a good grip on your underwear?
We're due for about a 5% correction, do you have a good grip on your underwear?
- Status
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 23K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter