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Lightspeed acquires Terra Nova
- Thread starter chictrader
- Start date
Quote from da-net:
The account was opened with cash ($1000) & stock ($35,000). I placed a trade to short LU. The head trader , Mark saw nothing wrong with the trade and placed it. The trade settled and the next day Mark called. He explained that Penson required CASH ONLY in account for margin and wanted a minimum of $25,000 CASH that day or I must close the trade.
You're annoyed they won't let you trade no-money-down? Or am I missing something?
Quote from Rodney King:
You're annoyed they won't let you trade no-money-down? Or am I missing something?
"no money down"...i'm not sure how you arrive at that
this was a short sale of a stock in a downtrend, eventually delisted....as a short sale i received a credit into my account...the amount of cash deposit penson wanted was a multiple of the 2 year stock high at the time...i had more than enough cash and cleared securities with penson to cover
the head trader of rushtrade, mark who was also their compliance officer felt that the account was acceptable to rushtrade's, nasd and sec rules as he personally stated so.
IF the trade had gone against me drastically, it could have been closed out and my cleared securities could have been sold with or without my permission to cover on the same day and both would have settled @ T+3 or T+7 whatever it was at the time
i was not annoyed about the trade, i was angry at penson for having rules that neither i, mark or rushtrade was aware of; however we had to comply with those rules without any knowledge of what those rules were and then penson refused to disclose those rules to me....would you be angry under those conditions? would you want to do business with them under these conditions?
any realtick users getting an error message saying account closed in 2 days?