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stocktrader22
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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

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hedfe
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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
Posts: 550 | From: MI | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
stocktrader22
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It was under $5 it was CHND and the other i bought before the margin became an issue was over $5 TSTC...

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stocktrader22
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so do i just need to sell the amount of stock dollar wise as i borrowed from margin?

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T e x
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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.

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Nashoba Holba Chepulechi
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stocktrader22
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I guess I'll sell some and then see if the total money balance on scottrade changes from negative to positive.

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T e x
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yoikes...why not call 'em first?

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Nashoba Holba Chepulechi
Adventures in microcapitalism...
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metal1
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yes, sell enough to cover the margin balance or deposit cash in the amount of the margin balance
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003  |  IP: Logged | Report this post to a Moderator
   

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