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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Mike S. who wrote (14192)5/7/1999 10:12:00 PM
From: KevinThompson  Read Replies (1) | Respond to of 56535
 
Are you sure you don't just mean that your account will be put on restriction? This means that you are only allowed to make trades with cash on hand - no 3 day float to send in the funds. When restricted, you must send funds to your account and have them in the account in order to trade.

Your broker can not close your account for a 90 day period. You should be able to sell securities that you own, and buy securities for which you have cash on hand available (including cash available after any sell settlements). I do not know how the restrictions affect options since you may or may not actually own the securities but rather just the rights to purchase or sell them at a price.

Hope this helps,
Kevin T.



To: Mike S. who wrote (14192)5/7/1999 10:37:00 PM
From: Mr.G  Respond to of 56535
 
Mike S.
You really are on the Horns of a dilemma! I believe they will sell any/all of your positions at their discretion, to try and recover their (your) losses. This is a tough call--do you scrape together the money or walk away and lose it all. You are the only one who can make that decision!
You can open an account with another broker, but I doubt you'll be able to transfer your options to them.
Good luck!
G.


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