Made A Mistake Entering # Of Shares @ Schwab! Help!

Be grateful you only lost $700. I easily lose that each month to keystroke errors. It's strange that they let you over-use your BP by that much, but it's your fault... if you can get them to reimburse you it's worth a shot, but I doubt you can, and again, it could have been so much worse. You could have lost $18,000 very, very easily.
 
Get real that aint a lot of cash I dropped over 70K on a Bund error as a broker (still came off my bonus) Another mate of mine was doing an order for Paul TJ and bought cable instead of selling it that was a lot bigger than my prob.
 
Quote from BRAD7OUT:

I have been day trading on Fridays using Schwab for a few months. Have approx. $28,000 in account with approx. $87,000 day trading buying power. I shorted 900 shares of APA @ approx. 86 per share. It started down, and instead of buying back 900 shares, I accidently bought 9000 shares. This went WAY past my buying power. In the past if I went $50 over it would come up and tell me that I was over my amount. I had a market order in and could not cancel. After I regained my composure, I sold 8100 shares asap. Called Schwab immediately and the nice lady said instead of buying back, I should have called them about mistake. I told her I paniced and the price was dropping fast. Ended up losing $700 instead of making $200. They would not admit fault. What do I do? Thanks
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you have basis for a lawsuit and need to advise Schwab that you plan to pursue that route if your situation is not handled properly- both your 9000 and 8100 share orders canceled.

I can recommend an attorney.Pm me for his number.

btw, what part of the country are you in?

blackguard
 
Quote from Bogan7:

Get real that aint a lot of cash I dropped over 70K on a Bund error as a broker (still came off my bonus) Another mate of mine was doing an order for Paul TJ and bought cable instead of selling it that was a lot bigger than my prob.
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amount of money is not the issue. you are comparing the actions of a retail account to a professional account. it is not comparable.
 
Quote from islands111:

you have basis for a lawsuit and need to advise Schwab that you plan to pursue that route if your situation is not handled properly- both your 9000 and 8100 share orders canceled.

I can recommend an attorney.Pm me for his number.

btw, what part of the country are you in?

blackguard
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No offense but for $700.00? LOL
 
Quote from FXTraderWill:

Be grateful you only lost $700. I easily lose that each month to keystroke errors. It's strange that they let you over-use your BP by that much, but it's your fault... if you can get them to reimburse you it's worth a shot, but I doubt you can, and again, it could have been so much worse. You could have lost $18,000 very, very easily.
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"but it's your fault..."
statement is false.
a properly worded response will result in recovery of the money.
 
Quote from islands111:

you have basis for a lawsuit and need to advise Schwab that you plan to pursue that route if your situation is not handled properly- both your 9000 and 8100 share orders canceled.

I can recommend an attorney.Pm me for his number.

btw, what part of the country are you in?

blackguard
More...

OP probably signed arbitration agreement when account opened. No attorney, no lawsuit.... and $700 is too small to mess with beyond begging broker to "make things right".

There is also an agreement that the client bears full responsibility for all online errors. I think he's SOL, unless broker just wants to be "nice".
 
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