Quote:
Originally Posted by Flaming Homer
Your assuming everyone is using a margin account or putting in a market order. If I have 10k in my account and I wanna throw all of it in a limit order on a stock I should be able too.
I can understand certain things being capped. But if I have the money and you wont let me buy it thats BS.
disclaimer- I dont think this WSB is good in the long run or at all really. And aside from throwing a little fun money on AMC for ####s and giggles Im not involved in this squeeze the shorts hold til we die scheme. But if people wanna spend their money you should be allowed too. Just because wallstreet is getting some of their tricks thrown back at them to push pricing in a profitable position isnt a good enough justification to do what they are doing here.
|
I’m not sure what you mean. I’m talking about the big banks letting people overdraw their accounts with no backstop. That has nothing to do with your ability to place limit orders nor is it margin trading. They are totally separate and unrelated.
This is about banks letting market orders go thru knowing full well the client can’t pay for them and then relying on ignorance and predatory lending to make a profit.
The whole point is that the big banks let you have an unlimited overdraft without ever getting approved for a margin account. This is not margin account trading, the interest rates for that are quite good.
Read my initial example again.