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To: steve goldman who wrote (4238)	5/20/1998 12:52:00 PM
From: cj	Read Replies (1) \| Respond to of 12617

Thank you Steve. I appreciate your comments on this thread.

To: steve goldman who wrote (4238)	5/20/1998 6:09:00 PM
From: Mary A Young	Respond to of 12617

This is almost ironic that I found this discussion in the last two days. I'm new to daytrading and have been paper trading for some time. I opened an account with a daytrading firm downtown and finally, last Thursday, began trading with "real money". I was elated to end my day up. And I was up nicely $2700 after commissions. All that paper did not go to waste. However a major problem occurred. That stock I traded in and out of was XYBR. We determined that it was not a margineable security and were told to indicate "cash account" beside each of our trades that we report at the end of the day. I did this. What I wasn't prepared for was a $67k cash call yesterday. It was similar to a margin call, only in a cash account. Nor was the firm manager. Evidently what Southwest Securities, the clearing house does, is add up all the purchases....every time you did it and sales within a day. That total needs to be in your cash account. I may still be confused on that, I've talked to a lot of people. Evidently what happened is that I thought I had money in my cash account....the account was brand new and this was literally my first trade. Each time I sold it, I sold at a profit. And I ended the day totally flat...nothing held overnight. It was my understanding that this was important to do. My account didn't start with a large amount of money. So, the less expensive stocks that are moving are what I am limited to at the moment. I am fearful of having this experience again. My firm says that this is a policy of Southwest Securities. Yet I have spoken to other traders who are with firms that use Southwest and they don't seem to have this problem. I'm certainly not slamming Southwest or my own firm. I'm simply trying to get it straight in my head so I don't have to go through this again. I really enjoy doing this. I appreciate any assistance in helping me get on the straight and narrow here.