BSC...I was long...Can i get my money back? What do you Think?

Discussion in 'Trading' started by peilthetraveler, Mar 16, 2008.

  1. Ok, i had a simple scottrade retail margin account. On friday I bought 120 shares of BSC for 36.63. I wasnt sure if it would go through cause I had bought about 5 other securities that week and i know pattern day trading rules are suppose to kick in for little guys like me. Well It went through, so i was like ok...i guess i didnt make more than 4 trades that week. Then I hear a few minutes ago...2 bucks per share for BSC. Totally screwed the shareholders by selling 11 billion in assets for 200 million. anyway if they can pull that kind of stuff maybe i can too! I checked my account and it seems that BSC was around my 7th trade in 4 business days. (Actually I had about 5 round trades, another one that open and BSC was my 7th) Now i know i've been stopped before from purchasing shares in stocks automatically when i hit that 5th trade with other brokerages. So what happens when a brokerage lets you trade more than you are allowed? Do i have to ask scottrade to reimburse me or the SEC?

    Please dont post about its my own fault. Seriously, if the pattern day trading rules kicked in, i wouldve been safe from this and those rules were put there for a reason.
  2. Maverick74


    PDT is for round trip trades, not just purchases. You did not violate the PDT rules last week.
  3. wow.. I don't know what to say here... well I guess i'll get straight to the point. You should try googling PDT rule because you do not understand it. To be considered a day trade you must buy AND sell the same security in the same trading day. if you buy today and then sell at the open of the market tomorrow morning that is NOT a day trade. Just because that was the 7th trade you made that week means nothing.
  4. but it is your fault. period
  5. AH i see. Guess im screwed then :(
  6. From what i understand about Pattern day trade, u can trade as much as u want and the brokerage wont stop you. After this pattern shows up and the broker notice u violated the rule, then they will suspend your account for a while. So, basically no one is out there to stop u from doing anything no matter how little money u have.

    Have u ever violated this rule?
  7. it sucks, but yes
  8. Brandonf

    Brandonf ET Sponsor

    Well if you want to keep your shares you can always vote no on the transaction. Other then that your SOL.
  9. subban


    Look on the bright side you only bought 120 shares. Its not like you lost the bank on this one. Just chalk up the loss and get back in the game.
  10. The best you can do is to get pennies on the dollar when you get the class action lawsuit settlement eventually.
    #10     Mar 16, 2008