Broker question?

[mgc06 10]

Hello, I am currently trading at Scottrade, one thing that hinders me is when

 

I make a trade, the funds used for the trade are frozen for 3 days. Is this

 

standard industry procedure or would I have more freedom at another site.

 

Also, stop/loss must be in access of .10 0f buy price.

 

Great site, awesome info., not stock hyping so to speak.

 

Thanks again, Mike

[brownsfan019 17]

Mike - I don't trade stocks anymore, but T+3 is the way it is unless you are classified as a daytrader is my understanding. To do that you will need at least $25k in your account. I'm not sure if you have to 'declare' to the broker that you are a daytrader.

 

Of course, the quick and easy way around this is to trade futures. Funds are not held for T+3 and you can open accounts with very low minimums. Probably too low, but that's an entirely different discussion.

 

Here's the index fut's area on TL: http://www.traderslaboratory.com/forums/f3/

 

Other good sites for info:

http://www.cbot.com/

http://www.cme.com/

[darthtrader 10]

mike, i had that problem when i started on scottrade. i think you just need to get a margin account with them. it will still be 3 days for settlement but one of the sides will go into margin, pretty much gets rid of that problem.

 

also you can buy stocks with unsettled funds but you cant sell until everything is settled or you will get a "free ride" and either have to come up with the cash or if you do it too many times they will freaze your account. not recommended to buy with unsettled funds.

[weiwei 10]

Scottrade is not for trader. Friend of mine had a short call back from Scottrade, while I was at TS had no problem. and it was QQQQ, suppose to be very liquid.

 

Plus, its accounting system is not trader friendly. Takes a lot of time to do schedule C. If one dose a lot of trades, that would end up taking a lot of time at tax time.

[mgc06 10]

thanks for the info...

[khagans 10]

I really like Infinity--great platform and customer service. You can contact my guy--Khurram at 888-716-3589. I think you will be impressed.

[Guest cooter]

I really like Infinnity--great platform and customer service. I think you will be impressed.

 

You'll be impressed by the platform for sure. The InfinnityAT (a private-labelling of the TransAct AT) is one of the better execution platforms out there.

 

Ask around and you'll find out which brokers at Infinnity are highly recommended by seasoned professionals, not just journeymen 1 or 2 round pikers.

 

InfinnityAT platform - yes. Two thumbs up!