you execute a not have the daytrade margin and it went through!

Discussion in 'Trading' started by increasenow, Aug 29, 2008.

    say you have $5,000 in your account...daytrade margin of XYZ contract is $8, put a buy market order in and it goes through and 1 minute later you sell for a $500.00 profit...

    what would happen?

    *nothing, just keep the profit?
    *trade gets busted at a later time?
    *you get a margin call later in day and need to bring account to $8,000?

    has anyone ever seen this happen?again, remember, the trade only lasted 1 minute...

    I know "most likely" the trade would have never gone through on a given platform but...just wondering as to if this has ever happened?
  2. Evan Dooley had no problem trading wheat at MF Global without enough margin.

    If your broker doesn't have proper risk controls you can do what you want until they shut you down.
  3. I thought it was all automated?meaning the system would not allow
  4. Computer data is input by humans.

    Answer: *nothing, just keep the profit. Unless your broker is an asshole.
  5. Why don't you go read about Evan Dooley and how he lost $141.5 million of MF Global's money.
  6. wow...thought they might bust it
  7. Did you try again. Does it still happens.
  8. my broker fucked up once and on my cash account (no margin) i actually had way more buying power than i'd normally have because i called them and they said it was a problem with their clearing house, so my being stupid i forgot about this during the day and bought some stock, the next day i had negative buying power lol and i remebeered what happened sold the stock for a profit and everything returned to normal
  9. so, they did not penalize you or "bust the trade"?..they let you "Bag the profits"...correct
  10. correct
    #10     Aug 29, 2008