Introduction and question about Scottrade

[awahl63]

Hey OTF,

My name is Andrew and I am from the suburbs of Chicago. I am currently a junior finance student at the University of Iowa and have had my Scottrade account for a little over a year. I am a huge Peter Lynch fan - read all of his books in addition to Benjamin Graham's The Intelligent Investor (I have read other investment books but these were my favorites).

I am a little bit more cynical about the efficiency of the market now than when I initially started but there is still money to be made. I gained a little of money in the beginning but then lost a good amount during the past year. This past couple months I have made back my initial loss and then a little bit Now to the question...

I currently have $13K in a Scottrade cash account. I would like a margin account so I can make quicker trades - waiting 3 days for cash to settle is a PITA. I know Scottrade Elite is 25K+ but I can't find anything on just a margin account. I have no interest in borrowing additional funds for trading I just would like the reduced time in buying/selling stocks. I don't plan on making enough trades to be labeled a pattern day trader but a little quicker would be nice. If anybody knows anything that would be great but I will call my local branch on Friday anyway.

Additional background (with a little bragging): When I was 15 I started my automotive detailing business - ACW Elite Detailing and have been very sucessful. I garnered a pretty high reputation in the midwest (Chicago specifically) and have done well enough to pay for my expenses at college, toys, and my investing. I received a scholarship to the University of Iowa and have 3 semesters left. I have a part time job at school and when it is nice I come home and knock out 2-3 details on the weekends. As a compliment to detailing, I started Midwest Detailing Supply selling detailing supplies. I kicked off MDS last spring break and it has been a fun experience so far.

I haven't really posted yet but I have been reading over all of the threads. I would like to learn more about trading in the short term. I plan on making a trip to the library next week to look for some books especially
Reminiscences of a Stock Operator. Well I just wanted to say hi to everybody and I love the information that I have read so far. Nice to be here guys!

[awahl63]

Tough crowd eh?

Update - I called Scottrade and was able to fax over a margin agreement form. Should be all ready in a couple business days. The minimum was 2K. Nice rally today

[Albert0373]

How'd I miss this thread!?

Welcome awahl Sounds like you're doing pretty well!

Yeah, it's pretty easy to get approved for a margin account with ST, I use them.

And I actually ordered "Reminiscences of a Stock Operator" a few days ago, it was recommended by aiki14 as a must