Trade Authorization: No
No trades for me today. My balance screen says my cash balance is $2415.26 and my buying power is $0. My Customer Info screen says:
Trade Authorization: No
Pattern Daytrader: Yes
Account Status*: Closed.
I looked at my account information screen. I apparently have a margin call due today for $15,839.74. Oops. How did this happen? I don’t know, I never know how these things are created. I believe if I deposit $15,839.74 and leave it in there a couple of days, the requirements will be met and my account will be re-opened. This will probably take several days for me to get cleared up.
4 Responses to “Trade Authorization: No”
Comment
Stock Indexes
|
|
How can you have a margin call if you don’t have a margin account? Are you cheating?
Here I thought that you weren’t a pattern daytrader…
I think that you should just throw in whatever money you can find and start challenging me in this competition. So far the only challenge is trying to keep the combined value of our accounts above $10,000.
Love,
Michael
This happened because you made 3 day trades (buying and selling the same security in the same day) within a 5 trading day period. This is not allowed on trading accounts with a balance of less than $25,000. You will only be allowed to make cash trades which means you will have to wait days after a trade for the money to show up in your account for you to be able to use it again on other trades. This makes it very difficult to actively trade. This happened to me once and I got the restriction lifted because I told my brokerage company that I didn’t know about the rule. Sometimes they will give you one get out of jail free card.
I forgot to say that I believe the restriction will be in place for 90 days which is a helluva long time.
[...] and reading count than other popular posts on Retard Trader like Timothy Sykes psychic detective, Trade Authorization: No, and the lead into this post which is Losing thousands of dollars. The reason for the potential [...]