So I learned a little lesson today. There are a hand full of stocks I want to own but they have been too expensive for me to consider an entry point at current levels. Called my local Schawb office and asked if I have limit orders for more than one stock but only enough money in the account to buy one what would happen if more than one dropped to my buy point before I had a chance to cancel other orders. I was told since I don't have a margin account the first order would go through and the next would not fill since there is no money.
This was bad information. There was a large gap over the weekend on two of the stocks and both were purchased at market open this morning leaving my account balance negative. I have 3 days to make my account current.
All in all things will be fine. I was about to put my March deposit in the account that will cover my positions and both stocks are stocks I have faith will be excellent long term stocks to hold. In fact both are up above my buy point by the end of the day.
