Tradestation. To be fair, I haven’t questioned them about my gripe. And reading further down the thread OCO was mentioned. The problem might be on my end if I have to somehow select an OCO option. I just expected that their system should recognize that the additional orders would be offsets and not position increases. I know for a fact that my old broker didn’t have to designate new orders as offsets, the system recognized that. If all I have to do is learn the order placing mechanism I no longer have a gripe.
From what I’ve been told you no longer have 3 days to make good on a margin call but it’s up to the broker to make the decision to call you for money or call to inform you your position has been liquidated. Ten years ago my broker only accepted checks or wire transfers. ACH wasn’t allowed because it could be retracted by the sender while wire transfers were final. They have started accepting ACH because a wire transfer required the client to physically go to the bank and ACH can be done instantly on a phone.
%% ACTUALLY a bank or brokerage has a fair amount of discretion, with the way they can do margin or credit, looks like you realize that. SCHW told me they consider money market cash+ worst case they would sell that first, fair enough, even though really, they a can sell anything they want + dont have to give notice, but SCHW has such good custom service i trust them. I READ AMeritrade Founders book; i think it was 20o8, had to liquidate some accounts he noted. Others he dida FDX warning margin call, but noted by the time they got the FDX notice, market hard turned, no need to liquidate LOL