Go to Jeff Salisbury LWGate Home Page.From: "genr" <genr@swbell.net>
Subject: Re: [CANSLIM] New trading restrictions
Date: Mon, 17 Mar 2003 12:16:18 -0600
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Jerome, I just checked with Schwab and they have the same procedures for =
non-margin accounts. I believe that brokers just want to get paid =
(interest) for lending you (us) money and suggest using a margin account =
if additional funds are required to make a trade. The IRA accounts =
require money to be in the account prior to an order (no margin).
Can't speak for any other brokers,
Gene
=20
----- Original Message -----=20
From: Jerome Buckmelter=20
To: 'CANSLIM LIST'=20
Sent: Sunday, March 16, 2003 3:20 PM
Subject: [CANSLIM] New trading restrictions
=20
Tom Worley,
Thank you for your input. I followed your advice, and called =
Ameritrade requesting that they email me the new rule. It is attached. =
This is a "canned" response: It says, "Our records indicate that you =
have recently sold securities in your account prior to making full cash =
payment." even though I am a new Ameritrade customer and have never =
placed any orders with them yet. In contrast to my earlier discussions =
with Ameritrade, this new ruling does not appear to be from the NASD as =
they claimed, but rather from the staff of the Board of Governors of the =
Federal Reserve System as they now claim per the attachment. This "new =
rule" is further disturbing since the only alternative is to have a =
margin account which is not, according to the attachment, permitted for =
IRA's and custodial accounts. This could be devastating for us who are =
using the canslim system to build our retirement account. We will be =
forced to keep a large portion of our account in cash during a bull =
market in anticipation of a break out or we could be fully invested and =
miss every breakout by three days, after the sale settles. I guess the =
main questions are: is this just an Ameritrade internal policy as you =
suspected? Will other brokerages follow suit? What do you -- and the =
other canslimers -- think should be done about this onerous restriction? =
Again, Tom, thanks for all your help. Jerome =20
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<DIV><FONT face=3D"Comic Sans MS">Jerome, I just checked with Schwab and =
they have=20
the same procedures for non-margin accounts. I believe that =
brokers just=20
want to get paid (interest) for lending you (us) money and suggest using =
a=20
margin account if additional funds are required to make a trade. The IRA =
accounts require money to be in the account prior to an =
order (no=20
margin).</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS"></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS">Can't speak for any other =
brokers,</FONT></DIV>
<DIV><FONT face=3D"Comic Sans MS">Gene</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Djsjbuck@myexcel.com =
href=3D"mailto:jsjbuck@myexcel.com">Jerome=20
Buckmelter</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">'CANSLIM LIST'</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Sunday, March 16, 2003 =
3:20=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] New trading=20
restrictions</DIV>
<DIV><BR></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tom=20
Worley,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Thank you for your =
input.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>I followed your advice, and =
called=20
Ameritrade requesting that they email me the new rule.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>It is attached.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>This is a =93canned=94 =
response: It=20
says<SPAN class=3DGramE>,</SPAN> =93Our records indicate that you have =
recently=20
sold securities in your account prior to making full cash =
payment=85=94 even=20
though I am a new Ameritrade customer and have never placed any orders =
with=20
them yet. <SPAN style=3D"mso-spacerun: yes"> </SPAN>In =
contrast to my=20
earlier discussions with Ameritrade, this new ruling does not appear =
to be=20
from the NASD as they claimed, but rather from the staff of the Board =
of=20
Governors of the Federal Reserve System as they now claim per the=20
attachment.<SPAN style=3D"mso-spacerun: yes"> </SPAN>This =93new =
rule=94 is=20
further disturbing since the only alternative is to have a margin =
account=20
which is not, according to the attachment, permitted for IRA=92s and =
custodial=20
accounts.<SPAN style=3D"mso-spacerun: yes"> </SPAN>This could be =
devastating for us who are using the <SPAN =
class=3DSpellE>canslim</SPAN> system=20
to build our retirement account.<SPAN style=3D"mso-spacerun: =
yes"> =20
</SPAN>We will be forced to keep a large portion of our account in =
cash during=20
a bull market in anticipation of a break out or we could be fully =
invested and=20
miss every breakout by three days, after the sale settles.<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>I guess the main questions =
are:<SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>is this just an Ameritrade =
internal=20
policy as you suspected? <SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Will other brokerages =
follow=20
suit?<SPAN style=3D"mso-spacerun: yes"> </SPAN>What do you -- =
and the=20
other <SPAN class=3DSpellE>canslimers</SPAN> -- think should be done =
about this=20
onerous restriction?<SPAN style=3D"mso-spacerun: yes"> =
</SPAN>Again, <SPAN=20
class=3DGramE>Tom,</SPAN> thanks for all your help. <SPAN=20
style=3D"mso-spacerun: yes"> </SPAN>Jerome <SPAN=20
style=3D"mso-spacerun: yes"> </SPAN><SPAN=20
style=3D"mso-spacerun: yes"> </SPAN><SPAN=20
style=3D"mso-spacerun: =
yes"> </SPAN><o:p></o:p></SPAN></FONT></P></DIV></BLOCKQUOTE></BODY>=
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Previous Article (by Date): RE: [CANSLIM] Question regarding "test" symbols "Edward W. Gjertsen II"
Top of Thread: Re: [CANSLIM] New trading restrictions "Tom Worley"
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