Do I still have too wait for funds too clear in a Margin Account?

From what I understand "penny stocks" are not marginable. But if I have a margin account do I still have too wait for my funds too clear before using that Money too buy and sell more penny stocks?

No not if u have a margin account. Most penny traders get a margin account for that reason not to play margins

Thanks Catfish

It's going to depend on the individual broker, my experience with Scottrade is that your account must be anchored with adequate 'marginable' securities. After establishing a margin account and subsequently selling my anchor holdings I immediately received a margin call. Probably should make a phone call or two to be certain.
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