I have a vanilla stock account; not margin enabled or anything like that.
Anyway, I saw a bit of an opportunity yesterday, and had planned to load up on some stocks. I tried to, at any rate.
I kept trying to buy 100 of ABC, and 200 or DEF, etc. but the orders wouldn't go through online. "Failed - unable to allocate stock" or some other BS message. Unfortunately, it was late, and there wasn't a human I could talk to. Eventually, I found a stock that met my buying criteria and would go through on a purchase.
Fast forward to this morning and I get a phone call at work. "Hi, I'm from **** brokers. I need to discuss some stock orders on your account. A number of purchases were made, and the system that normally stops them going through without sufficient funding didn't operate correctly. We've got the following stocks in your name, but we can't put them in your account, because it would put your account into deficit. We have, however, maxxed out your account with these other stocks".
"O RLY. I only kept clicking buy because I thought it was like a temporary liquidity problem. Perhaps you'd better un-buy them, sharpish"
"OK. I was our fault, so we'll erase the transactions, it'll be like they never happened"
"Just one minute. Just tell me the book prices and current indication for the stocks purchases that did go through, before you reverse them"
"OK. We've got XYZ book cost of $x, now valued at $x+400."
"OK. I'll stop you there. Perhaps, you'd better not un-buy that one"
If only all stock purchases, could be made with the knowledge of future prices
Anyway, I saw a bit of an opportunity yesterday, and had planned to load up on some stocks. I tried to, at any rate.
I kept trying to buy 100 of ABC, and 200 or DEF, etc. but the orders wouldn't go through online. "Failed - unable to allocate stock" or some other BS message. Unfortunately, it was late, and there wasn't a human I could talk to. Eventually, I found a stock that met my buying criteria and would go through on a purchase.
Fast forward to this morning and I get a phone call at work. "Hi, I'm from **** brokers. I need to discuss some stock orders on your account. A number of purchases were made, and the system that normally stops them going through without sufficient funding didn't operate correctly. We've got the following stocks in your name, but we can't put them in your account, because it would put your account into deficit. We have, however, maxxed out your account with these other stocks".
"O RLY. I only kept clicking buy because I thought it was like a temporary liquidity problem. Perhaps you'd better un-buy them, sharpish"
"OK. I was our fault, so we'll erase the transactions, it'll be like they never happened"
"Just one minute. Just tell me the book prices and current indication for the stocks purchases that did go through, before you reverse them"
"OK. We've got XYZ book cost of $x, now valued at $x+400."
"OK. I'll stop you there. Perhaps, you'd better not un-buy that one"
If only all stock purchases, could be made with the knowledge of future prices
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