Suddenly, I could only buy about 1/3 the amount of shares of a stock I day trade & often hold overnight(s). The CSR said this was a management decision due to market volatility, and they now jumped from some of the best margining to 100% initial margining requirements!! This is from the CSR: "Margin requirements for the following positions will be imposed as follows; Reg T accounts 100% initial for longs and shorts 50% maintenance for shorts 30% maintenance for longs The above changes will be incorporated for PM accounts as well. AAB AACC AANB ABBC ABCW ABNJ ABVA ACA ACF ACFC ADVNA AEA AF AGM AGN ALBK ALLB ALNC ALV AMBK ANCX ANZ ARBX AROW ASBC ASBI ASRV ATBC ATLO ATST AUX AVBK AXP BAER BALN BBT BBVA BBX BCP BES BINCK BK BKMU BKOM BKT BNF BNP BPI BPVN BTFG BTO CACC CADN CBA CBH CCRT CFT CIT CLE CMGI COF CPE CPSS CS CSGN CSH DBS DLLR DNBNOR DRL DX ECPG EFGN EFX EZPW FCCY FCFS FCMC FCSX FCTR FHB FIFG FMD FMT FNB FNM FOR FRE G GCA GFIG GLE GRAB GRKP HBOS HPIN HSBA IAAC IBCA IBKR ING INTX ISP KBC LAB LGEN LLOY LUKN MAP MB MBR MCO MERR MFI MOO MUV2 NAAN NAB NCBF NDA NEWS NICK NITE NNI NPBC OCBC OTPB OZI PED PEHN PGHN PHH PNFP POP PRON PRS PRU PVK RBS REXI RF RLD RUKN SAB SANT SBNY SCR SGKN SIFI SLHN SLM SMBC SNFCA SOV SQN SRCE STB STU SUN SUPR SXIP SYNF TAXI TRY UBSN UFE UNCL UPFC UWBK VAHN VATN VIL VONN VPB VZN WBC WBS WFSL WKB WL WM WRLD WSDT ZB PRA ZG ZURN The representative didn't know if this was only a temporary decision, or a permanent decision. Also, is it really necessary to go from extremely liberal margining to NO margining overnight?
I'm shocked and disheartened. That the list IS NOT LONGER, you imbeciles. I'm making a careful note of anyone that objects to this, and will submit their names to the appropriate mental institutions. I think they still pay $20 for referring nut cases to the wards.
Sorry, but you'll have to refer the management at TD Ameritrade & numerous Penson brokers as well--as it seems to me that their margining is more liberal on most (?) of those stocks.
Suggest you take your business there. For every crap shooter IB loses, their stock goes up 1%. Could get to 100 fast at that rate.
Its surprising how many people have a complete gambling mentality when it comes to trading. People badmouth Oanda because they raise spreads durring low liquidity times and have low leverage. I remember reading one bad review for them where someone was mad because you cannot fund your account with a credit card with them.