Friday, May 05, 2023 9:48:19 PM
Hello, sorry for the late reply, been busy during the day (outside of stock watching).
I haven't seen an email from Schwab, but it's possible I ignored/deleted it.
I suppose it is being implemented so that you can't somehow end up with a negative balance. I thought Schwab already had this (or similar) policy for buying power, (only allowing buying power minus the current open buy-order amount.)
Maybe it's other brokers that already have that policy (I have so many). Many times (at other brokers), I have to cancel an open order, so that I can place another, more important buy order. Of course, those are cash accounts, not margin, and I no longer trade with the 'Pattern Day Trading' status. Not sure if those variables have anything to do with it.
New rules to save you from yourself I guess.
I'll have to see what it looks like when they implement the new policy. Hopefully it won't be confusing
"I use multiple orders daily - sometimes well below the current price just for luck sake. By doing this it will drain my balance."
As long as you have enough buying power to cover all your buy orders (if they were all to fill), then I suppose it shouldn't be an issue?, but of course, I'm not sure exactly how you trade. I hope it's not too disruptive for you.
Why can't brokers ever implement a new policy that greatly increases the convenience of stock trading?
Good luck with your trading, and with life in general!
Shawn (ottoman)
I haven't seen an email from Schwab, but it's possible I ignored/deleted it.
I suppose it is being implemented so that you can't somehow end up with a negative balance. I thought Schwab already had this (or similar) policy for buying power, (only allowing buying power minus the current open buy-order amount.)
Maybe it's other brokers that already have that policy (I have so many). Many times (at other brokers), I have to cancel an open order, so that I can place another, more important buy order. Of course, those are cash accounts, not margin, and I no longer trade with the 'Pattern Day Trading' status. Not sure if those variables have anything to do with it.
New rules to save you from yourself I guess.
I'll have to see what it looks like when they implement the new policy. Hopefully it won't be confusing
"I use multiple orders daily - sometimes well below the current price just for luck sake. By doing this it will drain my balance."
As long as you have enough buying power to cover all your buy orders (if they were all to fill), then I suppose it shouldn't be an issue?, but of course, I'm not sure exactly how you trade. I hope it's not too disruptive for you.
Why can't brokers ever implement a new policy that greatly increases the convenience of stock trading?
Good luck with your trading, and with life in general!
Shawn (ottoman)
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