Waiting for funds to settle on Scottrade

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IzzyfoShizzy

Does this piss anyone else off? I cant tell you how many times I've missed out on an opportunity to make money because of having to wait 3 ways for my funds to settle.

Is there any possible way around this? I know you can open margin accounts but I think they require a minimum balance. Are there any online brokers where you do not have to worry about funds settling? I know its an SEC rule, but there has to be an alternate method instead of constantly waiting.
 
Quote from IzzyfoShizzy:

Does this piss anyone else off? I cant tell you how many times I've missed out on an opportunity to make money because of having to wait 3 ways for my funds to settle.

Is there any possible way around this? I know you can open margin accounts but I think they require a minimum balance. Are there any online brokers where you do not have to worry about funds settling? I know its an SEC rule, but there has to be an alternate method instead of constantly waiting.
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trade futures.
 
If you have 25k or more you dont have to wait, anything less than that and you do more than 3 daytrades in a 5 day period they will flag the account.
 
min margin is 3000 and you don't have to wait
open a margin account .. if you don't have 3000 in your account then just wait
S2007S - you are talking about the pattern day trading rule which is 25k min requirement
 
Quote from S2007S:

If you have 25k or more you dont have to wait, anything less than that and you do more than 3 daytrades in a 5 day period they will flag the account.
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The OP didn't mention daytrading, which would require $25K
He said he doesn't like to wait for funds to settle which is not a problem in a margin account as long as he stays within the PDT rules.

BTW, you can use unsettled funds to make a purchase as long as you hold the new position until the original settlement. If you sell the new position too soon you are guilty of a free ride.
 
Quote from S2007S:

If you have 25k or more you dont have to wait, anything less than that and you do more than 3 daytrades in a 5 day period they will flag the account.
More...

This is the part that confuses me. Ive heard conflicting reports on this. 3 day trades in 5 days, 3 day trades on a rolling 10 day schedule (whatever that means). I guess ill have to speak to a scottrade representative about it. Either way though, its better than waiting for my funds to settle on every trade.
 
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