T+3 Trading on Commsec

[beerwm]

Hi

Just wondering whether this example would work

With $0 in my trading account

say, I have 5k in Stock x.
and i would like to buy 5k of Stock y.
can i sell Stock x. today for 5k, and on the same day buy 5k of Stock y.

does the T+3 account for this scenario [using commsec btw]

thanks

 

[MichaelD]

With $0 in my trading account

say, I have 5k in Stock x.
and i would like to buy 5k of Stock y.
can i sell Stock x. today for 5k, and on the same day buy 5k of Stock y.

Yes, CommSec will allow these trades so long as your nett balance does not drop below $0.

 

[Dezza]

As MichaelD stated, you can, but just don't forget to factor in brokerage costs as well.

 

[warennie]

Similar question:

If I have zero dollars in my trading account, can I buy 5k worth of XYZ monday, see it increase in value to 6k, sell 6k of XYZ on thursday and the account will settle thursday night with 1k - brokerage?

 

[ROE]

Similar question:

If I have zero dollars in my trading account, can I buy 5k worth of XYZ monday, see it increase in value to 6k, sell 6k of XYZ on thursday and the account will settle thursday night with 1k - brokerage?

No

The first lot you bought would have settle on Thursday
The Thursday Lot will settle 3 Days after (Tuesday following week)

To do this you must sell and buy on the same day

 

[warennie]

http://images.comsec.com.au/common/pdf/ClientGuide.pdf - On page 37

Commsec will ofset payments when you buy or sell in a short period of time.
Buy shares, then sell shares on the same day or the next trading day.
Sell shares, then buy shares on the same day or next two trading days.

Looks like the sale needs to take place the same day or the next day. So you can enter into a position and hold it for a day without needing any capital.

Sorry to ask a question then answer it myself. Thanks for your answer anyway.