Wrong on so many levels. That's like saying you crashed your bike and completely destroyed everything but the gas cap then saying you haven't lost anything because you haven't sold it yet lol
I got tagged for being a day trader, making 4 same day trades without having 25K in the account. So I can't buy for 90 days. FINRA rules....Basically a poor tax.
Interesting, I didn't know they did that? Back when I played a bit, it was with Fidelity in the late 90's and early 00's. Back then I remember having to talk with people when opening the account and some other stuff when I got into puts and calls, but don't remember them ever discussing trading limits, but I did play with more than 25k. I DO REMEMBER MARGIN CALLS WHEN THE STOCK I SHORTED STARTED GOING UP!!!!! That really sucked and helped get me out of doing what I was making good money at for awhile, until the stock market let me know I wasn't really that smart. Just like over the past year , I kept thinking Tesla is overvalued and I would be shorting it if I was still playing around. Or like how I thought about investing in Bitcoin, but was too stupid/scared to actually do it. I have a friend of a friend out here that is probably the smartest guy I've ever met. He knows stuff on everything. He is in his 40's and owns over 200 apartments in the San Diego area, some commercial buildings, and his house is worth a few million. Anyway just yesterday he was telling me that he and one of his partners cashed out of some deal with $2-300k. His 70 year old partner put it all in Tesla, because he just likes the company. My friend, who owns two Tesla's tried talking him out of it, saying it was too overvalued and risky for a 70 year old. Anyway, his partners stock is now worth $1.9 million and my friend said his chunk only went up 100-150k in whatever he put it in. We discussed bitcoin, and he has been against it as too risky. Now he seems to think it will be breaking 100K, I just don't remember how quickly he thinks it will? My son just last week told me he is thinking about buying some Bitcoin. I wish he would have, because it was around 40k when he told me he was thinking about it, and I stupidly told him I wouldn't.
Not trying to sound all prominent and shit, but I have a college degree in accounting. I get the theory. But this is real life, not accounting. If you were planning on buying something with your 25% of Amazon and suddenly can't because the stock price cratered, that loss is very real to you (albeit temporary).
Fidelity hates day trading on their platform, they just want you to give them money and never touch it while they make their fees. Even though they didn't restrict GME/AMC purchases, I've noticed weird things lately, like not posting the execution of the trade until the end of the day so your money is tied up (even on other securities). They really do everything they can to rig the system.
I think Schwab is the worst. It takes several days to get your money out. They cling to it for as long as they can. Its ridiculous.
And I'm sure everyone who owned GM or wachovia stock are glad it's only paper losses. Guess they better not hit the sell button or they will lose everything
So the restrictions seems that I can only buy stocks that I don't own, and can sell any stocks that I had already owned, and the next day on the new ones. Not too terrible, but also can't get out of a new stock at all if it starts getting bullied. they won't allow me to use new money on penny stocks, it must be settled cash. Etrade won't allow instant deposits. must wait 5 days to trade. all these are bastards
Yeah, sounds like they converted you to a cash account when you were previously a margin account, so you have to wait the +2 days to settle the trade before reinvesting. You can also just move your money out to a different brokerage, the FINRA PDT rules only apply per account, not per person.
Same thing happened to me on Schwab. I was selling, then buying with that money before the trade settled. I got a 90 day ban but was buying/selling again in a few days.
Just learned you can get discounted refinance mortgages by having your stock portfolio over at Schwab. My friend did it last summer and got .5 off and he said he only put a small amount, so maybe it was different back then? https://www.schwab.com/public/schwab/banking_lending/todays_mortgage_rates
My buddie who did it got a loan at 2.1% 30 year fixed, but that was last July-August timeframe. Same problem I have, not enough stock that I could move over. Unless you meant OWE and unfortunately I OWE a lot so I could use a super low rate.
new vehicle acquisition changed that but it's at 1.99% already. yeah i meant owe, not own. but mainly because my house is 1/4 as fancy as society tells me it should be where i'm at.