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Old 05-09-2011, 11:52 AM   #21
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Originally Posted by ERD50 View Post

I've got some ominous warnings when I purchased stuff and the previous sell trade had not settled. Something to the effect that I can't sell what I bought until after things settled. But no actual wrist slap. I assume I'd actually be locked out from doing it anyway, but I never tried (never had the need to). They are just following fed rules I guess (or their interpretation of them).

-ERD50

The warning is because if you trade every day, then you do not have the money... IOW, your first trade has not settled when you bought the second stock... if you sold the second stock and bought a third... well, you now have two sells that have not settled... kind of like 'kiting' checks... if you have a margin account, no big deal... if not, then it is like you are borrowing money when you do not have an agreement to borrow...

it is a slap that probably will not matter... 6 or so weeks where you can not trade until settlement... maybe 6 months at some places... I got hit with this on my mom's account... but did not trade any during the penalty, so no harm....
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Old 05-09-2011, 03:25 PM   #22
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It was an attractive buying opportunity that did not last long and it was tough to execute orders given the whole system basically crashing. Ho hum.
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Old 05-09-2011, 04:52 PM   #23
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Originally Posted by W2R View Post
With the market doing as well as it did during March and April, I think we all probably feel like geniuses no matter what we did.
Reminds me a little of the market runup before the crash in 2001. I had just "discovered" stocks and was following some stock-picking method outlined on the Motley Fool website which involved technical analysis and re-balancing every month. I watched with joy as my 29K increased to around 105K in a short time (probably around 6 months to a year, though can't remember exactly how long). Then I watched as the value of my account dipped sharply during the crash. Finally got out when the account was at 30K.

Most of the stocks that this technical analysis method had me picking were tech companies. Little did I know that I probably could have put my money into any one of the big tech stocks and held onto it for the duration, ridden the market up and done equally well.

That little foray into individual equities taught me two things:

a) I'm not a technical analysis kind of guy. I don't like making frequent trades, and

b) Markets that are booming don't continue to boom forever. Though it is of course, common sense, I didn't know it at the time.

I do have a small amount of my portfolio in 3 stocks now however - GOOG, BIDU and RAX. It's only 2.5% of the portfolio, and I can afford to lose it all without it making much difference to my ER plans. The potential upside of these stocks, combined with the chances they will do well over the next 5-10 years, is much greater than the potential downside.
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