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To: steve goldman who wrote (3789)	4/21/1998 4:11:00 PM
From: LTBH	Read Replies (1) \| Respond to of 12617

When is Margin Not Margin If a concentrated margin position requires 50% of actual cash as maintenance excess, then a $12K starting balance can only buy $12K of stock ($6K cash in maintenance excess, $6K cash for position plus $6K margin in position). The same $12K cash starting balance in a cash account buys the same amount of stock as the margin account (due to the maintenance excess requirement). So a day trader MUST have a margin account BUT if only positioning in one stock he really DOESN'T have any margin leverage? This is my question and what seemed contradictory to me. Appreciate your time and assistance Networm