# How soon after buying can you sell a stock?



## puka05 (3 July 2007)

Hi All.  I'm quite new to this stock market scene.  I've already invested in some shares but I'm beginning to think that there may perhaps be a little more money in trading.  I've been looking at a share that has risen and fallen in a range of low twenties to high twenties cents and that there is money to be made from those fluctuations.  
My question is:
When you purchase a share, how long before you can sell it?  Does it have to be in your chess holdings statement (holdings in westpac) before you can sell?  Sorry if this question had already been asked, I tried search but unrelated thread results popped up.

Cheers

Puka


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## UPKA (3 July 2007)

puka05 said:


> Hi All.  I'm quite new to this stock market scene.  I've already invested in some shares but I'm beginning to think that there may perhaps be a little more money in trading.  I've been looking at a share that has risen and fallen in a range of low twenties to high twenties cents and that there is money to be made from those fluctuations.
> My question is:
> When you purchase a share, how long before you can sell it?  Does it have to be in your chess holdings statement (holdings in westpac) before you can sell?  Sorry if this question had already been asked, I tried search but unrelated thread results popped up.
> 
> ...




Normally u can sell it straight way, and contract notes on Etrade n Commsec r usually sent via email. bt the proceeds from selling takes 3 days to settle.


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## puka05 (3 July 2007)

Thanks for the quick reply UPKA.  The contract notes are sent straight away after buying.  So from what you're saying.. from the contract notes.. it states that the stock is owned by myself.. just not in my chess account yet.  So that means I'm able to sell the stock without it being in my chess account. Correct?


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## UPKA (3 July 2007)

puka05 said:


> Thanks for the quick reply UPKA.  The contract notes are sent straight away after buying.  So from what you're saying.. from the contract notes.. it states that the stock is owned by myself.. just not in my chess account yet.  So that means I'm able to sell the stock without it being in my chess account. Correct?




I think as soon as u get ur contract note, the chess statement is updated straight way electronically (may be someone can correct me on this), except ur chess statement will only be sent out in mail, which will take longer, bt that doesnt prevent u from selling.


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## gfresh (3 July 2007)

Depending on whether Westpac has a real-time trading system, you should be able to buy one minute, and sell the next. You can with the likes of Etrade, Commsec, etc. 

However, if your new purchase holdings don't show up straight away, I have a feeling you won't be able to sell them until they show up in the Westpac system. 

Somebody more familiar with Westpac may be able to answer a bit better.


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## son of baglimit (3 July 2007)

a lot of traders buy then sell almost instantly, hence their name.

the tricky question is............how soon after you sell can you buy back and not create CGT issues outside the normal ?


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## jammin (3 July 2007)

Hi Puka,
I'm with Westpac and can confirm you can sell as soon as the "order status" shows the purchase is complete. ie status = filled.


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## Pat (3 July 2007)

son of baglimit said:


> the tricky question is............how soon after you sell can you buy back and not create CGT issues outside the normal ?



As soon as you sell an asset it creats a CGT event... if you will. Even if you buy back your still pay CGT on the gains, and if its a loss you keep your losses to offset gains.


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## puka05 (3 July 2007)

Hey All.  Thanks for all the great replies much appreciated .  Thx Jammin for the insight of westpac.  Now I know, I'm able to trade trade trade .  

Cheers

Puka


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