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 Non-Tech : Etrade's Market Trader

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To: Ga Bard who wrote (292)2/9/2004 10:25:07 AM
From: Patricia MeaneyRead Replies (1) of 397
 
Gary,

I still wouldn't be able to trade from a cash account using ScotTrade because you can only buy with the unsettled money - I trade very short term - If I purchase a stock with unsettled money from another sale, I have to wait three days in order to sell it - that's not a good thing. Back in June I wrote the NASD regarding the rule and this is how they answered: Thank you for your e-mail. Cash accounts are subject to the prohibitions prescribed in Regulation T of the Board of Governors of the Federal Reserve System, which can be viewed at the following web site: www.access.gpo.gov/nara/cfr/waisidx_02/12cfr220_02.html. For more information on Regulation T, you can contact the Federal Reserve Board (http://www.federalreserve.gov/feedback.cfm)

For additional information regarding trade settlement issues, please review the following Securities and Exchange Commission publication:
sec.gov 

Etrade has the worst executions - I agree - they are constantly partially filling orders if you don't use an AON - if you use one, your chances of getting filled are cut. I know a lot of people who use Freetrade, with a margin account so they bypass RegT but don't use the margin and they love it. Most claim that even though they don't have a telephone response for customer service, the email response if just as good and prompt. Darn, I call Etrade all the time and speak with the worst customer service and just get aggravated!
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