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Strategies & Market Trends : Option GEMS - Hot Options in Booming Companies...
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To: Glenn D. Rudolph who wrote (100)7/27/1997 6:04:00 PM
From: Fred Weiss   of 396
 
Hi Glenn,

I had a similar experience at Waterhouse/WebBroker when they issued a margin call on me for "daytrading". As they explained it to me, my normal margin percentages had not been exceeded but different percentages applied to accounts that bought and sold a stock in the same day.

I told them to shove it or close my account. They backed off.

The trade, BTW, was a profitable one.

I suspect that what may really underlie this sort of contact is that they really can't charge you margin interest if you don't hold the stock overnight. Therefore, you are using their money for free and they don't like that. That's just my opinion - not verified as a fact.

Trader Spud
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