Can Etrade be held liable?
- Thread starter kizzy
- Start date
Exactly. You still have not given us details about how this happened. What does a glitch in the system mean? Did the system give you incorrect buying power figures? Day-Trading buying power vs regular b.p.? Did you have open GTC orders that executed?
It's funny you bring up the fact that you don't have anywhere close to 25k in your account. What does that have to do with your margin ratios? Nothing. It sounds as though you're pretty knowledgeable about the Day Trading rules since having 25K in your account only matters if you are considered a "pattern day trader". Were you classified as one? If so, then you can't daytrade while your measly account is under 25K.
Is that what you're whining about? The system let you daytrade while you were under 25K and you have a day trade call? You didn't know you were a pattern day trader?
Give us more info.
hey kjkent, thank you for that invaluable commentary.
as for more info.
hypothetically, let's say you deposit $500 in your account, as little as that money is, you will still be allowed to purchase $30K worth of securities and hold the positions overnight. I don't really day trade so they can't really argue that aspect. even now, i have $0.00 in my account, I can still buy $20K worth of securities. thats really all there is to it, their system just feels that i deserve $20K-30K more b.p than everyone else.
This has been happening for the past 3 mos. it was gravy at first but my losses started accruing exponentially as I took on riskier bets to try to get back to par.
as for more info.
hypothetically, let's say you deposit $500 in your account, as little as that money is, you will still be allowed to purchase $30K worth of securities and hold the positions overnight. I don't really day trade so they can't really argue that aspect. even now, i have $0.00 in my account, I can still buy $20K worth of securities. thats really all there is to it, their system just feels that i deserve $20K-30K more b.p than everyone else.
This has been happening for the past 3 mos. it was gravy at first but my losses started accruing exponentially as I took on riskier bets to try to get back to par.
in canada we have rule that they can not send money to anyone but the account name holder. This would prevent such problem.
Why not just bust all the trades you made and take the profits away from the other parties. If we do foolish things that we know are wrong and someone else lets us we should be able to get all are money back. It sounds very fare to me. I think if you made money and they took your profits away you would be singing a different tune. The problem is you wanted to play a big boy game and you lost. So instead on being a man youâre a bitch saying I want my money back Mr. Bookie because betting is illegal. You will never win
