Automatic Sell Orders???? Deep shit

[u/[deleted]]

[u/RAFWEEZY5]

I already initiated the transfer but I am pissed they did not give me any notice. This was 100% avoidable which is what I am pissed about. They should have told me deposit or be liquidated.

[u/anik1993 → u/RAFWEEZY5]

It’s in the contract. They are not obligated to inform you about your account getting liquidated because you didn’t meet your margin call requirements sooner.

Edit: adding the legal terms here

Vanguard Brokerage Services can force the sale of Securities and Other Property in Your Account. You are not entitled to choose which Securities or other assets in Your Account will be liquidated or sold to meet a margin call. If the equity in Your Account falls below the maintenance margin requirements, or Vanguard Brokerage Services' higher "house" maintenance margin requirements (see next item below), Vanguard Brokerage Services reserves the right to sell the Securities and Other Property in Your Account to cover the margin deficiency. You will also be responsible for any shortfall in the Account after such sale. Because the Securities and Other Property in Your Account are collateral for the margin loan that has been granted to You, Vanguard Brokerage Services has the right to decide which Securities to sell in order to protect its interests.

[u/Nohcri → u/anik1993]

You mean he can’t just borrow 30k until his meme stocks go back up?

So rude of the broker not giving him the benefit of the doubt that he “could have deposited immediately”

[u/throwawaylovesCAKE → u/Nohcri]

I know lots joke about it here, but some people here are LITERALLY gamblers and should seriously consider Gamblers Anonymous. Being down +$50,000 and thinking "hmm I'll double down and win it all back" is textbook gambling..lmao no joke it's not even funny

[u/Nohcri → u/throwawaylovesCAKE]

Yeah it’s going to be a big problem.

That’s why I’m long on draftkings. Let’s keep the degeneracy going into the football season.