ok so here's what happened. I went over the 4 day trade limit on robinhood and didn't even notice. (I know go ahead and say how retarded I am) so I got flagged and my day trade protection setting was off. So naturally it let me go over the day trade limit. Needless to say it says I have $1300 in "unsettled" funds. I only have 400 in cash. So I put 1300 in to cover the "margin". Now biz what happens now. Was that 1300 in unsettled funds the margin because I literally just put 1300 in to cover it. Are there going to be any penalties? When will the "unsettled funds" part go away. Pls help.....no seriously please help.
ROBIN HOOD BIZ HELP ME
Bump for hlp
Why the fuck did you turn day trade protection off
It kind of went off by itself.
Contact support and tell them what happened. Immediately.
Do you know how this works?
Does anyone know what will happen?
So is there a penalty?
Bump for help
1 bit coin to whoever has the answer
You should be fine honestly. You can't lose more than the initial cash you put in. The unsettled funds refers to the time it takes robinhood to process money from the bank.
No the 1300 unsettled funds were there before I put 1300 in because I read something about margin calls so thats what I thought the 1300 was there for so I matched it and it still says 1300 "unsettled" funds . Sorry that was alot of 1300. Also I checked my day trades and it only said I had 3 in the past 5 days wtf is going on. I'm serious about the btc
UPDATE: ROBINHOOD says I only have 3 day trades wtfuck
He can if margin or gets short squeezed
You're fine. The unsettled 1300 is just Robin Hood taking their time getting the cash into your account. Nothing to worry about bro.
So your saying I made 1300 dollars in fucking Ceru today because it says only made about 100 in the past week
Unsettled funds Means that you cycled your funds twice or more making trades. SEC requires a 3 days clearing period. It's nothing to worry about. you're good.
I swear if someone has an answer. A real logical answer they're getting a shineys ass bitcoin
So my friend you seem to be the one who gets the BTc so these "funds" will not show up in my account keep in mind I had 400 when I saw this shit pop up. I kept buying and selling ceru till I got 400 and that's when I saw the 1300 unsettled funds.
Bump for reply
Margin is like a loan. You can lose all assets and still owe money.
But can robinhood even do that?also was buying and selling 100 shares of ceru at a time "like" 300 each time. I want using a loan I was using my buying power from the 400 I hhad
@Garbage Can Lid
Sorry for the wait, I'm on a new device. You're fine, jesus! Stop worrying man, same thing happened to me 2-3 months ago. Just wait until the 3-day clearing period for your money.
If you're serious about the BTC my wallet address is:
Enjoy prison you fucking stock trading faggot
Sorry for the delay OP. Robinhood does not offer ACTUAL margin -- the unsettled funds refer to either $1300 in stock SALES you made or a $1300 DEPOSIT you made. If you don't have Instant, then all deposits/sales take 3 days to settle. If you have instant, you are allowed to access that money instantly; basically, a bank loans you that amount for 3 days at no interest. So there's no REAL margin, you can't spend more than you deposit, but you can spend deposits instantly. You can check the History tab to view your deposit / sales history. Just so you know, you won't ever have to "cover" with RH. You cannot spend more than you have deposited.
If you DID get flagged, you are NOT in trouble. You are just flagged as a pattern day trader and cannot day trade again until the 90 days are up OR you have an account balance greater than $25k. This is an SEC rule. It's okay, you just have to hold everything you buy for at least a day. You won't be allowed to sell it. Check the Account tab to verify that you really made 4 day trades (see picture for day trade count in Account tab).
Here is the Robinhood article on Instant and how it is a form of limited margin. You are NOT loaned any more money than you have deposited.
You don't need to send me anything, but I am in a lot of debt, so I will provide address.
seriously? learn how to google, mr. mouth-breather.
i'll help you out:
"Pattern Day Trading
We define a Day Trade as the purchase and sale of the same security on the same trading day.
Pattern Day Trading rules only apply to margin accounts (including Robinhood Instant); a customer trading in only a cash account will not be designated as a Pattern Day Trader.
A customer is designated as a Pattern Day Trader if they make four or more Day Trades in a five trading day sliding window (the Day Trades don’t necessarily have to be for the same security.) In order to engage in Pattern Day Trading you must maintain an equity balance of at least $25,000 in a margin account.
If you’re labeled as a Pattern Day Trader and don’t have an equity balance of at least $25,000, then you’ll be restricted from Day Trading for 90 days.
Please note that there is no limit on Day Trades in a cash account.
you’ll be restricted from Day Trading for 90 days
Here's my wallet. Check the id.
Lying ass bitches. That shiny ass bit coin is mine. If Op is honorable and delivers...
Sorry man, Veeky Forums is biz. I saw an angle to profit with no risk, and I took it. You can respect that though, correct?
You are a villain. I jest not. I will make it
good how you dare, with what you dare, and when you dare.
This has happened to me. You get flagged as a pattern day trader. You then cannot with your account for 90 days or have 25000 dollars in the account. My broker lifted the restriction one time per account life. You will lose no money and have no fees
Cannot trade*...with your account...