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Strategies & Market Trends : Margin Calls - Share The Pain
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To: htransport who wrote (46)12/2/2000 5:40:43 AM
From: Rick_Barry  Read Replies (1) of 158
 
Can someone please explain for me about the 3 times selling. I understand about use new cash to pay for margin but not the 3 times selling. I was told the same thing by my broker, lousy Datek. Here is the situation:
My total portfolio value was 12K, account value was 2K and margin was 10K. I was told I must sell 3 times of stock which around 14K, I don't know how they came up with the number. Then I told Datek that I am going to send in 10K I today. They said they would liquidate my account anytime. Then two hours later they liquidated my account, so I used my 10K to buy the SAME exact stocks that they sold at at the same price. Luckily I live near TdWaterhouse so I was able to walk in their office and bought back the same shares.
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