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Author Topic: Zecco  (Read 16095 times)

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February 29, 2008, 12:23:15 PM
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cmackensen

Guest
Does anyone have them? I added them on as a second place for me to trade with. the only thing I wonder is after selling some stock, I still can't use my money for another trade after two days. How long do they hold the money. I mean I do have trades to make I'm not making money with them holding my money.


I called and have the answer. guess I should of called before. 3 days on all cash accounts. Some Fcc rule he said.

February 29, 2008, 01:09:45 PM
Reply #1
Offline

tikasingh4


Samething with AMTD, guess the money needs to settle.

But if you have 26,000.00 dollars in your account they can set up some how where you get your cash availabe sooner.

I choose not to do this cause, I only want to play with what I have.  I don't want or need credit for AMTD.


Only play what you are willing to risk I say. ;D

February 29, 2008, 01:18:43 PM
Reply #2
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scott


I thought it was 2,000 you could change your account type to a margin account where you could immediately trade you money. I think it is basically a credit type account and they charge a fee I would assume. Not real sure I have a strickly cash account like Tika

March 01, 2008, 02:13:45 PM
Reply #3
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Dr PennyStock

Administrator
That is called the daytrade pattern rule, if you have more than $25,000  in your account you don't need to wait the 3 days to the funds clear.
Dr PennyStock

March 14, 2008, 09:44:33 PM
Reply #4

Dzielak51

Guest
I have the same problem with scottrade.  I think the rule is you can buy using unsettled funds but you cant sell until the funds clear.

you need to have a margin account

March 18, 2008, 06:54:57 AM
Reply #5
Offline

omar


does any brokerage give u loan to trade stocks???? not the margin thing but regular loan....just thinking it would make more sense investing OTM (other peoples money) :P

March 18, 2008, 01:02:26 PM
Reply #6
Offline

Dr PennyStock

Administrator
does any brokerage give u loan to trade stocks???? not the margin thing but regular loan....just thinking it would make more sense investing OTM (other peoples money) :P

Don't do that Omar, follow the advice from Tikasingh, play only with your money.
Dr PennyStock

March 27, 2008, 01:35:45 AM
Reply #7
Offline

jason22


The bad thing about not having a margin account, is that you can't short a stock

October 08, 2008, 02:29:45 PM
Reply #8

jotuk6771

Guest
Hello everybody,   ;)
I open again this topic ancient so that every user of Zecco can express himself concerning any sorts of problems or questions in relation.

I owe clarify  a little the situation concerning me with regard to my previous messages...

I signed at the beginning of September an account at Zecco. I notice that I benefit in fact from Margin account, it why my capital is faster available than  someone of you...
I am particularly surprised with this fact given that I have   NEVER  asked or to sign any approval going to the sense of such a demand.....

I had certainly seen well that my Buying Power was the double of my stockholders' equity, but I thought that this margin was indicative and would be operational only on my demand...

Which was my surprise to receive by e-mail one " Day trading margin Call " to settle in 5 days!!! Especially that I was not careful at once in this among any lesw e-mails which I receive every day.
I thus wrote in the customer service, and you made share partially...

fRom Zecco:

"
Dear Valued Customer,

 

 

Your recent account activity has generated a Day Trade Margin Call. A day trade is defined as the buying and selling, or selling short and buying to cover, of the same security during the same business day in a margin account. You received the call for exceeding your Day Trade Buying Power on the date the call was generated.

 

Once the first day trade call has been issued the account is given buying power of 2 times maintenance excess.
Once the first day trade call is past due the account is restricted to cash only purchases (1 times maintenance excess) and one round trip per day.
 

Please review your account and take the necessary steps to bring your account current. For additional information, including Due Date, please refer to the Margin Call Summary under the Account Records tab of your Zecco Trading Account.
"

From me to Zecco:


"
By reading my e-mails and my account, it seems that I can not rule on it.
 
 Please accept my sincere apologies for this, I am not yet familiar with U.S. rules on the matter.
 
 Could you please help me solve this problem of "Day trade margin call "....
Do I stay in cash for the amount due for three days?



Zecco reply:


"
Thank you for contacting Zecco Trading. The Day Trading call generated in your account was caused by over spending your Day Trading Buying Power. The day trading call is due on 10/10/2008 for the amount of $ xxxx. Please note that you can deposit cash to meet the call by either using an ACH or Wire transfer. Selling security will not reduce the amount of the Day Trading call because it can only be meet by depositing cash or transfer security from another brokerage house. Please act on the call as soon as you can because once the call is pass due, your account will be restricted to sell only status for 90 days

 

Regarding day trading rules, if you happen to day trades more than 3 times within a 5 business days period, your account will be flagged with a pattern day trader status. When you have a pattern day trader status in your account, you are required to bring your total equity up to $ 25000 or your account will be restricted to sell only for 90 days. You had done 2 day trade on 10/3 which mean that if you are still within the day trading limit. Once you exceed the 3 times limit, you will become a patter day trader.

 

I hope this information will provide a better understanding on margin calls. "

 
 ;D
Well guys, I was able to send capital just and my account is at present my account is blocked, it why I always keep Lehmq because I could not buy back it  at present any more if I sold it...
Also note for information that Margin account can be granted only from a minimum $2000 amount.

All this guys, and specially novices, to tell you to be all very careful when you begin  just to discover the first pushes of adrenalin which gets a trade... ;)

I have to say all the same that the US rules on the subject are very complicated and restrictive compared with Switzerland...
I have never had this kind of problems to trading since my country...

I wish you all the best!!! 



 



October 08, 2008, 03:11:57 PM
Reply #9
Offline

rlordi20


I really dont understand it. Why is it like they are looking down on day trading? If i can make quick buy/sell and make 100 bucks or something, who cares? You would think they would encourage it if they are getting paid per trade.

So I made a buy this morning of 1,000 FNM stocks and quickly sold them. I honestly did it just to see how to buy and sell actualyl worked. I never bought a stock before so I wanted to just make a quick move to see how u buy and how u sell. I resold pretty much instantly thinking I would still show my money and liek 10 bucks profit in my account. They told me I have to wait for trading day to end plus 3 business days in order for that to be spendable. So yeah, I made a 10 dollar profit and now I cant invest for 3 business days... :(

Then she said that I can do it on margin but then corrected herself saying any stock under 4 dollars is cash only.

So i am kind of confused.. Am i only allowed to buy and sell 3 stocks a week? Any information would help.

October 08, 2008, 03:50:52 PM
Reply #10
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Dr PennyStock

Administrator
I really dont understand it. Why is it like they are looking down on day trading? If i can make quick buy/sell and make 100 bucks or something, who cares? You would think they would encourage it if they are getting paid per trade.

So I made a buy this morning of 1,000 FNM stocks and quickly sold them. I honestly did it just to see how to buy and sell actualyl worked. I never bought a stock before so I wanted to just make a quick move to see how u buy and how u sell. I resold pretty much instantly thinking I would still show my money and liek 10 bucks profit in my account. They told me I have to wait for trading day to end plus 3 business days in order for that to be spendable. So yeah, I made a 10 dollar profit and now I cant invest for 3 business days... :(

Then she said that I can do it on margin but then corrected herself saying any stock under 4 dollars is cash only.

So i am kind of confused.. Am i only allowed to buy and sell 3 stocks a week? Any information would help.

This is a little confuse, first of all, all these rules are from the SEC and government, the brokers need to respect them.

The first rule is the PDT rule, Pattern Day Trader, this rule don't let you make more than 3 round trips  in 5 trading days period, to make this you need to have more than 25k dollars in your account.

Another rule is the settlement rule, here some brokers act one way and other brokers another way, for example, my broker tdameritrade counts the 3 days since the time I buy a stock, if I hold this stock more than 3 days, when I sell the money is immediately available to buy another stock, scottrade only allow the money to trade 3 days after you sell, independently of the time you hold the stock, this rule you can avoid having a margin account, to that you need to have $2,000 in your account.

That 4 dollars question I don't know, it may be related with short sell, but, it's 3 dollars not 4, you can't short sell any stock under 3 dollars.

Hope this helps.
Dr PennyStock

October 08, 2008, 03:58:45 PM
Reply #11

jotuk6771

Guest
I really dont understand it. Why is it like they are looking down on day trading? If i can make quick buy/sell and make 100 bucks or something, who cares? You would think they would encourage it if they are getting paid per trade.

So I made a buy this morning of 1,000 FNM stocks and quickly sold them. I honestly did it just to see how to buy and sell actualyl worked. I never bought a stock before so I wanted to just make a quick move to see how u buy and how u sell. I resold pretty much instantly thinking I would still show my money and liek 10 bucks profit in my account. They told me I have to wait for trading day to end plus 3 business days in order for that to be spendable. So yeah, I made a 10 dollar profit and now I cant invest for 3 business days... :(

Then she said that I can do it on margin but then corrected herself saying any stock under 4 dollars is cash only.

So i am kind of confused.. Am i only allowed to buy and sell 3 stocks a week? Any information would help.

I understand that you is a little disappointed by this first experience), but rules are the similar for everybody and the brocker can nothing there because it is SEC rule one...

My advice is that if your means allow it you increase your deposit up to 2500-3000 $, like that you will can benefit 10 trade free a month, because below $2500 equity in your account is not entitled to you to it and you pay $4.5 every orders that you send.

 In this case on your first one trade you have to have to gain(win) 21 $ so that your profit is $12...

The fact that you increases your deposit(warehouse) will allow you to ask a margin account which is more comfortable but also more dangerous if you do not pay attention as I explained it previously. The daily buying power which is posted on your account is the maximum sum which you can use to buy (shares) in one day given .


To take your example, if you just had to buy for 300 $ of FRE, if you sell them in the same journèe do not raise problem, (3 daytrade every maximum days 5), you can continue to buy with the rest of your buying power, but this 300 will return really your account only in 3 days, what is not a problem with a margin account where the money is again available at once.

The (story) of 4 $ is right,But the fact of having a made margin account that your account is credited at once for the buying power. Attention also on the interest rate of the margin...    
Try to search the site Zecco, Of Faq for example to understand indeed all the subtleties of the trading. There is also "fictitious" account on certain sites which allow you to entrainer you with some virtual money
 
Inform you it more that you can.Personally, I waited 3 Months before opening an account and crossing my first order, because I inquired a maximum to understand the financial vocabulary, the various orders and the strategies used on the market, and since I knows the site of Doc, the technical analysis!

Note that Doc realizes its challenge with a simple account as you, you just have thus to follPow him without the other bend to remain tuned....   ;)

Kind regards

October 08, 2008, 04:10:37 PM
Reply #12

jotuk6771

Guest
To explain better $4, you can on a margin account buy an share from $4 minimum for a double purchasing power that your cash amount personal, but if your share falls, you are going to lose the percentage of the fall, + the interest rate of the granted margin.

You cannot double your stake on an share under 4 $, you can only bet your own money

October 08, 2008, 04:22:34 PM
Reply #13

jotuk6771

Guest
To explain better $4, you can on a margin account buy an share from $4 minimum for a double purchasing power that your cash amount personal, but if your share falls, you are going to lose the percentage of the fall, + the interest rate of the granted margin.

You cannot double your stake on an share under 4 $, you can only bet your own money
( *+ interest due to the brocker )
And of course if the stock fall more than 50% AND you have been double your entire own cash  to margin  , you will lose your entire money and you will generated a DEBT to your brocker.....


October 08, 2008, 04:25:34 PM
Reply #14

jotuk6771

Guest
would to say "and you had doubled" , sorry for my english  ;)