Hey guys! I'm really new to share trading and I think I may have stuffed up today..
This morning I was holding $10000 in Stock A and $0 in bank. Before I went to work I put in a sell order for $10000 of Stock A and a buy order for $10000 worth of Stock B. I was sure that Stock A would sell but it didn't! So the sell order never went through but the buy order for $10000 of Stock B did...
The buy order settlement date for stock B is 13/05/2009. If I sell Stock A on Monday for $10000 will there be any problems? or will there be problems because settlement date would be 14/05/2009 for Stock A.
Also these made me wonder could you buy and sell the same stock within the same day without having any funds in your bank account? and commsec credit/debit the profit/loss?
Really appreciate your help guys! I feel a bit stupid!