RCVD Margin call on ES (-1) pos on fri

K

ksonsinc

Dear ET
i had a es contract i forgot to close on fri and i was 1 minute late and the market closed
I called my broker they say since i am trading Es - mini on a $2500 account and i have only $500 day trading power i am in a margin call and that i have to put a order in to close the position as soon as the market open on sunday evening
what price will i be liquated - ? since the es closed at 1307
IT has never happend to be before and i am a little bit worried
 
Likely at the market when it reopens. It's a thick market, and worse case is a couple of points, most likely very close to friday's close.
 
Quote from ksonsinc:

i was short from 1302
and they got me out at 1306.25
and the es is now 1304
what bad luck
More...

Bad luck? You're lucky you got any money left at all. You didn't know you were daytrading? You didn't know when the market closed? If you actually sold at 1302, you spent the last 1-2 hours minimum in the market, all at a loss. And you didn't know the market was getting ready to close?

You need to wake up...and the broker you're dealing with needs to wake up too for allowing this whole situation to begin with.

OldTrader
 
Quote from ksonsinc:

Dear ET
i had a es contract i forgot to close on fri and i was 1 minute late and the market closed
I called my broker they say since i am trading Es - mini on a $2500 account and i have only $500 day trading power i am in a margin call and that i have to put a order in to close the position as soon as the market open on sunday evening
what price will i be liquated - ? since the es closed at 1307
IT has never happend to be before and i am a little bit worried
More...

Different brokers have differnt criteria. They could have put you in "liquidation only mode" but freeze you from taking additional positions. Also I think they should have given you at least give 72 hours to meet a magin call. In this case around 1400 dollars. If you felt confident that was a good position, you shouldn't have contacted your broker, as 1 contract cant really destroy the account. You would have need a gap up of 50 points to lose that 2500 but overnite margin is around 3900+.
 
Quote from ksonsinc:

i was short from 1302
and they got me out at 1306.25
and the es is now 1304
what bad luck
More...
You need to sitch brokers ASAP. There is NO reson you should of had to liquidate that position on sunday night considering the circumstances.
 
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