hat is how the broker explained it to me, additionally they would not let me re-enter the same security with the sell proceeds untill the funds had cleared.
I have 2 accounts. One that I use most most often is Scottrade. I'm not a Day-Trader but sell and buy most of the time different stocks the same day with no restrictions on my money. The funds are fully available after a sale goes through.
The account is a margin account. Rarely I buy and sell a stock the same day. Except of course when pps of a stock rises substantially the same day. It happened one time only this year. GLTY
Sounds like the person currently has what is called a "cash" account. What they need is a "margin" account. Simply fill out one document as required by whatever broker they are using, sign it, and submit it to your broker and voila' they have a "margin" account.
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