Recently after not looking at my account for about 2 years I noticed the margin account is going up quickly. The interest alone is about $1200 a month!
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Why have I not been margin called etc?
I understand two ways to get rid of margin are.
- Sell off stocks
- Add money to account’
Looking for advice on how to get myself out of this rut and gameplan moving forward. Should I just dump 3-5k a month into my account to pay this down? My account is 80% Alibaba and feel that it will come back eventually.
Does Fidelity have a freeze option to stop the interest from compounding?
Im so lost and feel sick to my stomach.
Its my fault for not checking this account and opening a margin account in the first place. I have no business opening a margin account as a novice investor.
Anyone who can help me develop a solid gameplan moving forward would be much appreciated.
Please advise,
"The fool and his money are soon parted"