Being relatively new to the market, it would be great to confirm a few things.
Basically I want to buy stock XYZ as soon as possible and will be selling stock ABC in order to pay for it. How long do I have to wait after selling ABC in order to safely buy XYZ?
As far as I understand, if I sell ABC today, the funds will be available on the 3rd business day not including today. So if I also buy XYZ today, the money will also be taken from my account on the third business day not including today.
Therefore is it safe to sell and then buy a stock on the same day, whilst using the money from one stock to pay for the other?
If the same day is not safe, what is the minimum time period until its completely safe?
The last thing I would want is comsec fining me for insufficient funds, but often I like to drop stocks and pick up others quickly.
Any help is much appreciated.