Beginner question on settlement dates

xrox wrote: ↑ Just starting out with RBC Direct Investing (TFSA) and one question that I seem to get mixed messages about is the rules around settlement dates.

I'll use TSLA as an example:

1 - If I use all the funds in my account to purchase TSLA on day one, when am I allowed to sell it? Right after the order fills? Or only when the trade settles 2 days later?

2 - If I then sell all my TSLA stock, when can I purchase different stock? Right after the order fills? Or only when the trade settles 2 days later and my account updates the funds available?

Note: this is a TFSA cash account, not a margin account.

To answer your question, yes, you are able to sell it right away. Also, you can re-purchase the same stock or a different stock right after you sell. Both of the settlement will take place on the same day, which is I believe two business days after, but that is for the broker to handle. Especially on a cash account, that should not make any difference to you.
On the other hand, if you are new to investment, I would strongly recommend not to trade tsla due to its very high volatility. Also, in a tfsa Account, you should not be trading frequently. Especially not several trades the same day. Otherwise you could possibly be taxed on that income. I hope this is helpful.