Hi again, Anaxagoras,
No, not a broker, so I am way outside of my limited range of knowledge here, but basically:
type 1= cash account
type 2= margin account
type 3= short account
There is a legal/holding account too, for example when you transfer certificates, or whatever....I think that's type 5, not sure...sorry. I can check this tomorrow, or perhaps someone will post to correct me, please?
It's not involved at all, just record keeping standard to the houses. I'm sure if you asked your broker, he would explain it to you.
When I buy or sell, I specify where I want the trade to take place, although of course, you cannot always buy on margin, some BBs or under $10 stocks must be in cash - but typically, I will place an order by saying, "Do me 1000 of xyz, at 50 1/8, good for the day, type 2!"
Then, my broker will say, "What do you mean, 'Do me 1000'? Who are you trying to kid? Like you have that kind of dough?" <gggg>
Take care!
Vicki
P.S.
BTW, are you Greek? <ggg> I was confirmed in the Greek Orthodox church, although I'm not Greek, but that's a long story! (Try sitting through those liturgies...literally, "It's Greek to me!") Father Athenogoras is now a Bishop, I believe...but of course, I knew him back when he was only a pawn. :) (No blasphemy intended, just kidding a bit. <ggg>) |
