I have a margin account with Schwab. This morning tried to buy jut 50 shares limit order for $40.56. Could not get it filled, so cancelled trade two minutes later. Then I placed an order for $100 shares about an hour later and got it at $38.10- smart move right? Here's the kicker. The original order for 50 shares did not cancel until 7:50 p.m. tonight. It got filled sometime during the day at $40.50. No one at Schwab has any idea when it was filled but it created a margin call- I know- I am a small player.
Now they tell me I owe $1,500 and change. I can sell the stock but I will have a trading violation because it is a non-marginable stock- now I am restricted to cash up front and have to wait 3 days for trades to settle to trade for the next 90 days.
Thanks Nasdaq and thanks F--k book!!!!!!!!!!!
U may want to check with schwab rep again. I believe that u can sell and then wait for 3 days before u buy anything.
BTW, why buy FB. It is overpriced. If u want to make money, buy ARNA a biotech company that makes drug to help people lose weight. It just got a YES vote from FDA, Its price is only $5.50 and it will double end of next month after it gets FDA final approval and it will double again when the company gets bought out. Go and read on ARNA, a nasdq symbol.
$38 is way too high for buying in which is considered to be speculative.
Don't get ARNA I just shorted that today at 5.70 and been up $700 all day today the minute after I shorted it. Arnas going back down under $4 this month. Maybe a a couple months from now it might be a buy but definitely not today.
Could give you a crapload of list of stocks you could get your 1500 back off of and a lot more that are falling and you should short but no where near as many rising. And even if they are rising they'll take 10 times as long to profit off of compared to when they fall.
Your problem is that you dealt with those Schwab crooks. Sometime ago they took twenty five of my Apple shares for what they called an inactive account and did not alert me in advance. My Schwab account was never inactive at that time. DO NOT TRUST SCHWAB!!!!!!!!!!
Sounds like someone needs to get an education about trading stocks. This is not for children. This person should probably stick with a good savings account and leave equity investing for adults.
That's why I stick with M&T. High commisions but all my trades go through in seconds. Shorted stocks at most a couple secs while they find the shares that can be shorted. You probably couldn't get it cancelled because of all the traffic on the stock. It was like 2.7 million shares trading every second. It set a record.
You get what you pay for with discount trading.
But one of the many good things about shorting a stock, compared to buying one and waiting on a rise in price, is that it doesnt really matter how long it takes before the order goes through. If the price of a stock is falling and worth shorting it will always keep going down from wherever you get in on it.
I don't know about Schwab but at M&T there should be a reciept or transactioin record of when you cancelled. I doubt they can make you pay for their mistake. That would be illegal. Take em to court if you have to. There's no way the transaction could be listed as cancelled at 7 pm. The market would have been closed for 3 whole hours. So you would be able to prove you cancelled earlier. If you get email notifications on all your trade transactions check those.