Is the SEC trying to eliminate day trading

etouch · May 24, 2005

My brokerage firm has just informed me that under a new SEC ruling effective on 18 May, funds from the sale of securities considered as short sales, or held for a limited amount of time, cannot be used for another securities purchase until that sale has âclearedâ which takes three days.

What do you think about that?

just21 · May 24, 2005

Single stock futures or index futures then!

Truff · May 24, 2005

Quote from etouch:

My brokerage firm has just informed me that under a new SEC ruling effective on 18 May, funds from the sale of securities considered as short sales, or held for a limited amount of time, cannot be used for another securities purchase until that sale has âclearedâ which takes three days.

What do you think about that?

Thats the news out. Its ridiculous IMHO. Thats why i don't touch equities anymore. Its becoming a joke.

risktaker · May 24, 2005

Are all brokers enforcing this new 'rule' and can someone post a link?
Thnx

hopeless · May 24, 2005

They certainly seem to be going after the small accounts.

Bob111 · May 24, 2005

Quote from hopeless:

They certainly seem to be going after the small accounts.

what for? no one will benefit from it.just like with 25K limit to daytrade.

ratboy88 · May 24, 2005

Quote from etouch:

My brokerage firm has just informed me that under a new SEC ruling effective on 18 May, funds from the sale of securities considered as short sales, or held for a limited amount of time, cannot be used for another securities purchase until that sale has âclearedâ which takes three days.

What do you think about that?

The SEC is always trying to help us little guys by f***ing us over. pass the KY and grab your ankles!!!

sprstpd · May 24, 2005

Quote from etouch:

My brokerage firm has just informed me that under a new SEC ruling effective on 18 May, funds from the sale of securities considered as short sales, or held for a limited amount of time, cannot be used for another securities purchase until that sale has âclearedâ which takes three days.

What do you think about that?

Link please. Does this apply to accounts over $25k?

Cdntrader · May 24, 2005

Quote from etouch:

My brokerage firm has just informed me that under a new SEC ruling effective on 18 May, funds from the sale of securities considered as short sales, or held for a limited amount of time, cannot be used for another securities purchase until that sale has âclearedâ which takes three days.

What do you think about that?

what firm? and I assume you have a margin account?

ang_99 · May 24, 2005

This is pretty big news for most people not to have heard about it. There has to be more to it.