i didnt even notice it but i bought part of a stock on margin, must have calculated wrong and borrowed $1,000 on margin. Do I have to sell $1,000 worth of the stock to get back to all cash and have no margin balance? Thats what im assuming
Posted by hedfe on :
You risked more than the cash available in your account?, was it for a stock over $5?, most brokers dont let you buy a stock under $5 a share on margin
Posted by stocktrader22 on :
It was under $5 it was CHND and the other i bought before the margin became an issue was over $5 TSTC...
Posted by stocktrader22 on :
so do i just need to sell the amount of stock dollar wise as i borrowed from margin?
Posted by T e x on :
regardless of the answers you get (reminder: I don't trade on margin), I would most definitely get in touch with the brokerage... Others prolly will have experience and insights, but what counts is how *your* house follows *its* procedures.
Posted by stocktrader22 on :
I guess I'll sell some and then see if the total money balance on scottrade changes from negative to positive.
Posted by T e x on :
yoikes...why not call 'em first?
Posted by metal1 on :
yes, sell enough to cover the margin balance or deposit cash in the amount of the margin balance