Day-trade Call Question

T

ThisOneGuy

New to trading, and I have just a small regular margin account. I did a day trade today, giving me one day-trade for the period and it exceeded my day trade buying power and/or daytrade excess. I haven't received a DT call, but thinking that I might, and I'm not sure what to expect. All the info I can find seems to emphasize pattern day traders, and saying if DT call not met, account would be limited to overnight trades etc., but not much in terms of just regular margin account

Question is, will I receive a day-trade call, and if I dont meet the call, and deposit funds, (I have cash in my account from sale, but did not complete T+3) what can I expect? Would my account be changed to cash only? Something else that might happen. At this point, I dont know if I can keep trading (overnight trades) or if I should wait to see how this plays out?

Just to add, I'm still holding stocks that have completed their T+3 for the buy, as well as few that haven't.

I'll take as much info and advice as can be offered on this.

Thanks in advance
 
ThisOneGuy said:
New to trading, and I have just a small regular margin account. I did a day trade today, giving me one day-trade for the period and it exceeded my day trade buying power and/or daytrade excess. I haven't received a DT call, but thinking that I might, and I'm not sure what to expect. All the info I can find seems to emphasize pattern day traders, and saying if DT call not met, account would be limited to overnight trades etc., but not much in terms of just regular margin account

Question is, will I receive a day-trade call, and if I dont meet the call, and deposit funds, (I have cash in my account from sale, but did not complete T+3) what can I expect? Would my account be changed to cash only? Something else that might happen. At this point, I dont know if I can keep trading (overnight trades) or if I should wait to see how this plays out?

Just to add, I'm still holding stocks that have completed their T+3 for the buy, as well as few that haven't.

I'll take as much info and advice as can be offered on this.

Thanks in advance
More...
Honestly... the best thing to do is call your broker and talk to the margin dept and let them explain all the intricacies to you. Its also written out I'm sure on their website.... but I personally like talking to someone. Its not like you're "tipping your hand" either if you made a mistake... if you did do something wrong, believe me, their computers will have the appropriate response for you. So call and chat. That's the best way to learn. Good luck to ya. Beware the evils of margin. ;)
 
Thanks for reply.
Yeah, I'll give them a call.
And yeah, I try to only use margin as a sort of clearing house for T+3, but have found myself over, and quickly got rid positions to bring myself back to under my live value.
 
ThisOneGuy said:
Thanks for reply.
Yeah, I'll give them a call.
And yeah, I try to only use margin as a sort of clearing house for T+3, but have found myself over, and quickly got rid positions to bring myself back to under my live value.
More...
Yeaaa...Like I said, its not like you're ratting yourself out. They'll be more than accommodating and patient in spending time helping you I'm sure.
 
And make sure you use the term 'margin call' and 'meeting the margin requirements' instead of day-trade call...
 
I noticed brokers are lenient on margin call lately considering they are charging traders equivalent to credit card interest rates. I thought I went over margin and expected a margin call, when I called them, they agreed and said you have enough funds to pay interest and left it as that. However, i only went over for a couple of weeks, then prices recovered.
 
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