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Zecco.com » General Investing » Margin Trading » Need Help - Buying Power Issues
Last post 08-12-2008, 4:31 PM by MC Moore$. 4 replies.
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  •  08-09-2008, 1:50 PM 35087

    Need Help - Buying Power Issues

    Locked

    I have margin account above $25k.  I got Day Trading margin call when I exceeded my overnight buying power. I need help from experience traders because I do not want to be cought again by margin calls.

    Equity value = $ 45k

    Overnight and buying power = $ 25k

    Sold all my equity and the buying power become above the overnight buying power. I bought equity worth = $ 32k and kept it for the second day. I got a call for exceeding my overnight buying power.

    My Q1: if I sold the 32k equity on the same day, would I still got a Day trading call?

          Q2: Can I buy and sell equities worth more than the Buying power on the same day with out geting a margin call?

    Thank you

  •  08-12-2008, 6:17 AM 35228 in reply to 35087

    Re: Need Help - Buying Power Issues

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    When it comes to buying power and real time balance, Zecco is really mess up.  The correct numbers sometimes don't get updated until days later.   This is the most important area that Zecco needs to improve and they haven't done much about it.   In fact, things are getting much worst lately....for example, the "Start of the Day Summary" is now one day late.   If you base on these incorrect numbers, you may run into a margin call.  Therefore, I can't answer your question because the correct rules don't work correctly here at Zecco.

    Just because Zecco is confusing, that doesn't mean you should be confusing too.  There are so many things you can do to protect yourself.  For example, you can try to take it easy with your margin account.  Just because you can borrow to the max, that doesn't mean you should borrow to the max.  Especially these days, cash is king! 

    Note:  I have seen this thread here for many days and not even a single reply (not even from Zecco).  Now, that I have told you the truth, I'm expecting this thread to be locked soon.  That's one of the reasons why you  don't hear much of problems about Zecco.  They like to make thread like this disappear.

  •  08-12-2008, 9:36 AM 35233 in reply to 35228

    Re: Need Help - Buying Power Issues

    Locked

    I agree. Lately, I've done a few shorts with my margin, and the amounts always seemed messed up unless you just go at least one overnight without ANY open positions, long or short. Usually it updates, but I think, looking at my "cleaned up" balances this morning, that it may still be a little outdated.

    And unfortunately, I've run into a couple of margin calls as a result. Nothing huge and quickly fixed by closing a position, but still, I don't like getting those margin calls.

  •  08-12-2008, 4:29 PM 35258 in reply to 35087

    Re: Need Help - Buying Power Issues

    Locked

    Dear epshah9398,

     

    Your questions regarding trading on margin are best addressed by customer service.  The Editors at Zecco.com have absolutely no insight into your Zecco Trading account information. Hence, we cannot address your concern here. To contact Zecco Trading customer service:

    Thank you for your understanding,

    Zecco Editor

  •  08-12-2008, 4:31 PM 35260 in reply to 35228

    Re: Need Help - Buying Power Issues

    Locked
    Stardust -

    Thank you for your post.  I just wanted to chime in here and mention that the threads are locked by Zecco Editor after users are referred to customer service.  This is done to direct customers to the appropriate channels for support.  The community is not a customer service channel.

    Thanks,
    ZeccoShare Community MC
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