Anyone With Scottrade? I Got A Couple ??'s

[gatorboy2424]

hey guys... im new with using scottrade and i was wondering if anyone could answer a couple of these questions. I put in an order to buy 1065 shares of cbay and it went through but as 2 seperate orders. does that mean i got charged for the both of them? and if so how do i prevent that from happening again? Also is there a limit on the amount of trades i can do each week so i'm not established as a "day trader"? any answers?!

[Gonz]

There's no limit on trades, but I'm not sure about the other thing.

When you placed the order, did you place it as "all or none"?

[George Costanza]

If you have less than $25,000 in your account, you can't have more than 3 buys and sells in a 5-day period. Otherwise they classify you as a "pattern day-trader" and remove your margin privileges. They do give you one warning though.
As for the multiple transactions to fill your order, that's normal. As long as you don't alter the order once it has completed part of the transaction or the trading day doesn't end before it fills the whole order, you will only be charged the $7.

[Hanger]

Anyone have a clue if Scottrade is going to open ACH deposits again any time soon? Such a PITA to wire it or go to the office(1.5 hours away)

Thanks

[GDFLS]

I think I heard that they will have a money transfer system in place by or during this summer.

I have to swing by my office brank so i will scope it out. Taking Friday off of work to rn a few of these errands.

[George Costanza]

Originally Posted by Hanger

Anyone have a clue if Scottrade is going to open ACH deposits again any time soon? Such a PITA to wire it or go to the office(1.5 hours away)

Thanks

The guy I spoke to when I opened an account there in February seemed to think that it "was coming soon". I don't see any other signs of that though.

[Bill]

Originally Posted by gatorboy2424

hey guys... im new with using scottrade and i was wondering if anyone could answer a couple of these questions. I put in an order to buy 1065 shares of cbay and it went through but as 2 seperate orders. does that mean i got charged for the both of them? and if so how do i prevent that from happening again? Also is there a limit on the amount of trades i can do each week so i'm not established as a "day trader"? any answers?!

As long as both trades take place on the same day, Scottrade doesn't charge you anything extra. If, say, an order for 1000 shares went through yesterday; then, another order went through for 65 shares today, you would get charged double commission. If you check the "all or none" box when putting in your order, the order won't go through unless it can be filled with a single trade.

Scottrade considers you a pattern daytrader if you do 4 round-trip trades (buy, then sell the same day) per week. Pattern daytraders are required to maintain at least $25,000 minimum equity in their accounts.

Also, you may want to take a look at scottrade's interpretation of "Regulation T". This states that once you sell a stock, the trade is not settled for 3 days. Durring that 3 days, you can use that money to buy another stock, but you can't sell that stock until your original sell order is settled.

Hope this helps.

[Hanger]

Originally Posted by George Costanza

The guy I spoke to when I opened an account there in February seemed to think that it "was coming soon". I don't see any other signs of that though.

Yea, I see you were told the same thing lol........I would love to consolidate....currently using Scottrade and Etrade, but, this is the one thing preventing me from doing it..(dont like Etrade enough to abandon Scottrade)...I love throwing some "loose bills" in the market sometimes via the ACH....lol.....
Thanks

[meth]

ya, the multiple trades thing has got me on a sell, never on a buy, but i guess it works the same.

you are charged $7 for the first part of the order, if they cannot fill it because of its size, it takes them multiple orders to fill. the other trades cost like a few cents, very negligible. check your account, the charges should be shown somewhere. you will see like $.03 for the rest of the order.

[Mad Girl Investor]

Its a good idea to buy inround lots like 100,500,1000...no 5's on the end...just easier to match you with a seller. That may be why, that extra 65 mightve been hard to find.