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After a sale of equities, ETFs, or options in a cash account, the transaction will typically need to settle before the funds can be withdrawn. Equity and ETF trades settle 1 business day following the trade date (T+1), and option trades settle 1 business day following the trade date (T+1).

Cash Account

Settled Funds

Immediately available as buying power
Immediately available to withdraw

Unsettled Funds in a Cash Account

Immediately available for use to place trades, but closing the position before the funds generated from the closing sale have settled can result in a good-faith violation (GFV). If you earn three good faith violations in a 12-month period, Tradesk will restrict the cash account for 90 days. This means you will only be able to purchase stocks if you have fully settled cash in the account before placing a trade.
If you have 2 or more GFVs, unsettled funds will not be available for trading until the closing trade has settled

Margin Account

Trading in a margin account allows for the use of unsettled funds to place trades. Proceeds from the sale of positions will immediately be available as buying power.

Monday to Friday / US Eastern Time

Regular Trading Hours: 9:30-4:00pm

Pre-Market Trading: 4:00-9:30am

After-Hours Trading: 4:00-8:00pm 

Please note the additional risks associated with extended hour trading. 

Tradesk does not currently support equity trading on exchanges outside of the US. However, American Depositary Receipts (ADRs) currently are available for trading on the platform.

Buying power, also referred to as excess equity, is the money an investor has available to buy securities in a trading context. Buying power equals the total cash held in the brokerage account plus all available margin. When using margin, your buying power for different stocks varies because each stock has different margin maintenance requirements. 

Cash Account:

In a cash account, the amount of free cash is your buying power. You cannot borrow funds to place trades.

Margin Account:

In a margin account, there are two kinds of buying power: Day-Trade Buying Power (DTBP) and Overnight Buying Power (ONBP).

Day Trade Buying Power refers to the amount available to day trade for the day. Day-trade buying power is equal to the equity in your account at the close of business on the previous day, less the Self-Regulatory Organization (SRO) requirements, multiplied by up to four. Each security will have an SRO requirement, which is based on the exchange minimums allowed.

Overnight buying power refers to the money available to buy securities and hold the position overnight. In the majority of cases, this amount is simply double the cash on hand.

Margin trading is only available for margin accounts with no less than $2,000 net account value.

The price at which a security is trading and could presumably be purchased or sold.

There are a number of reasons why your stock order could have been rejected:

Your limit order is too aggressive: 

Your limit order may also be rejected if it fails one of our risk checks. Risk checks help us to identify orders that don't quite make sense in the context of where the stock is currently trading in the market, such as a $1,000 limit sell order for a stock currently trading at $5. This means that your order may be canceled if the price of the security moves significantly away from your limit or stop price and is then seen as too aggressive.

You incorrectly placed a stop order: 

A stop order converts to a market order or a limit order once the stock reaches your stop price. However, if you set a stop order for a stock at its current price, we’ll reject your order. Additionally, if you set a stop order which would execute immediately (e.g., a buy stop order below the current market price, or a sell stop order above the current market price), we’ll reject your order.

Margin call risk: 

Your Good-til-Canceled (GTC) BUY Order(s) could be cancelled if your brokerage account doesn't have enough buying power to support them. Buying power is the amount of money you can use to purchase stocks, options, or cryptocurrencies. You may find yourself with negative buying power if your portfolio value drops below your initial margin requirement. While having negative buying power doesn't necessarily mean that you're in a margin call, we cancel these orders because they would put you at a much higher risk of a margin call.

Currently, we support following order types:

Limit Order 
Market Order 
Stop Order (Stop-Loss Order) 
Stop-Limit Order

A market order is triggered immediately when placed and will be filled at the current market price, not the last sale price. The fill price may be different from the market price you saw when placing the order due to price movement, low liquidity and/or bid/ask spreads of certain stocks.

If you want to have control of the range of your fill price, a market order may not be a suitable choice.

A limit order is triggered at a price specified by you when entering the order, and it will be filled at the limit price or better. If the market price never reaches your limit price, the order will not be filled.

A GTC order is an order to buy or sell a stock that lasts until the order is completed or canceled. Generally, all open GTC orders expire 60 calendar days after they are placed on Tradesk. You can place GTC orders during both regular trading hours and extended hours (from 4:00 am to 8:00 pm EST on business days), and you can modify or cancel your open GTC orders anytime.

In the event of any corporate action (stock split, exchange for shares, or distribution of shares), all open GTC orders for a security would generally be canceled.

For example, if you have a GTC order in on a security that has gone through a corporate action resulting in a new symbol due to a merger, your GTC will be canceled with the old symbol.

Note: Tradesk does not currently support GTC orders but plans to add this order type in the future.

A stop-limit order is triggered at your pre-specified stop price and will be filled at your pre-specified limit price or better.

A stop order is triggered at a pre-specified stop price and will be filled at market price once triggered (it becomes a market order). If the market price never reaches the stop price, the order will not be triggered. The stop price cannot guarantee you with any certain filled price (because it executes as a market order). If you hope to set a bottom line to stop loss, you may consider a stop-limit order.

A Money Due Call occurs when a cash account exceeds its buying power. MD Calls can be triggered during excessive trading in volatile markets as price swings can impact market order values as they are executed. An MD Call can be met by depositing money in full amount of the call.

If the MD Call is not met before the due date, a forced liquidation will be performed to meet the call.

What is a GFV?
A GFV occurs in a cash account when an investor buys a stock using unsettled funds, and liquidates the position before the settlement date of the sale that generated the proceeds.

How it happens
A GFV occurs when a cash account liquidates stocks that were purchased using proceeds which have yet to settle.

Receiving a GFV
After 3 violations in 12 months, your account will be restricted to using settled cash only. This means that if you sell a security, you must then wait two business days if it is a stock sale, or one business day if it is an option sale, before using the proceeds on a new purchase. After 4 violations, your account is restricted for 90 days. After 5 violations your account will be closed.

How to resolve a GFV?
No deposit or liquidation can lift a GFV. Each GFV will automatically expire at the beginning of the 13 months since its trade day.

While a halt is in place, you can still cancel a pending order before it's executed in the market if the order is for whole shares. However, if you place a fractional order and it's routed to a market center, but a trading halt goes into effect before the order executes, you cannot cancel it. The order will execute when the halt is lifted.

You can place new orders during a trading halt, but new or existing orders will not be processed until the market reopens or the trading halt is removed. This applies to market-wide halts and halts on specific securities.

If you enter a “Good-til-Canceled” order and the market closes while a halt is in effect, your order will be held for execution at the opening of the next trading day. Additionally, orders entered as “Good for the Day” will be canceled at the end of the trading day regardless of whether a trading halt is in effect.

All new and outstanding orders will remain “pending” until markets reopen, or the trading halt is removed. When the halt ends, your orders will be processed. This also applies to options orders.

There are no routine restrictions on up and down price fluctuations of U.S. stocks in a single trading day.  However, there could be Exchange and/or SEC imposed trading halts on individual stocks or market-wide trading halts.

Trading halts on specific symbols

Trading halts for specific symbols may be implemented for a number of reasons and can interrupt your orders to buy or sell particular securities. These stock-based halts are initiated by the specific stock exchange where the stock is listed or by the Securities and Exchange Commission.

During a trading halt, one or more securities exchanges will prevent all trades of the affected security. These halts typically last less than an hour but may be longer. Halts can occur multiple times in a single trading day or remain in place over multiple trading days. If a security is in a trading pause in the last 10 minutes of normal trading hours, the primary listing exchange will not reopen trading on that security until the next trading day. You can keep track of current and historical trading halts with both the NYSE and the Nasdaq websites.

Exchange Circuit Breakers

Market-wide trading halts can also be implemented by exchanges during periods of heightened volatility across the broader market.

Stock exchanges take measures to ease panic selling by invoking Rule 48 and halting trading when markets have severe downside movements. Under the 2012 rules, market-wide circuit breakers, or curbs, kick in when the S&P 500 index drops 7% for Level 1; 13% for Level 2; and 20% for Level 3 from the prior day’s close. A market decline that triggers a Level 1 or 2 circuit breaker before 3:25 pm EST will halt trading for 15 minutes, but will not halt trading at or after 3:25 p.m.

Level 1

7% market decline

Halt trading time - 15 minutes

Level 2

13% market decline

Halt trading time - 15 minutes

Level 3

20% market decline

Halt trading time - Close