Why won't my broker allow me to sell one stock and buy another on the same day?

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August 2017
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You can sell a stock and buy another the same day, but the only requirement is that you must hold that newly purchased stock until the original sale "settles" if you do't have enough "free cash" to cover the trade and using the "unsettled" funds for the purchase. Currently  this is T+3, or trade day plus 3 days.  This is going to T+2 on Sept 5th, 2017, so within a month.  So as long as you intend to hold the stock over the T+3 deadline, you are fine.

Hope this helps and best of luck, Dan Stewart CFA®

August 2017
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