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Novation Companies, Inc. Message Board

  • rvirzi2000 rvirzi2000 Apr 20, 2004 12:44 PM Flag

    Sorry to lament

    What do I do now? I have kept my margin requirement at bay by buying calls in place of the stock that I had to sell. But now I have another problem. As a "day trader", I'm required to have 25K of equity in my account, which was my initial investment two years ago. Now I'm below that and I can't buy calls or anything else. Can this really drop below $30?

    Lessons learned. Be careful about options trading and associate margin. Use stops at SOME level. Getting stopped out is hard, but not as bad as a loss. My NAV is now negative after taking my initial 25K and turning it slowly into about 65K in two years. All that work. If I get liquidated and I can't even hold tight until this blows over.

    Maybe you guys can keep buying for me until earnings at least. Sorry, just a bad day.

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