Open position when close market

[tenachi]

What happens if I leave a position open when the market has already closed? What kind of penalty will I receive?

[bltdavid]

Welcome to the forums!

Did you ask your broker?

Seriously. They all seem to be a bit different in this regard.

You probably need excess cash in your account to cover
the overnight margin ... but most regular brokerages and
even most prop firms have different rules about this.

Sooo ... ask your broker ... or your prop firm.

If your broker is NinjaTrader Brokerage, send them an
email directly. Why? AFAIK, NTB reps are not allowed
to respond to anything in these forums.

[These forums are for the software platforms only.]

[QuantKey_Bruce]

Unofficially, the penalty, if you're talking about a futures account, is that overnight margin is more than intraday margin and if you don't have enough equity in your account they may liquidate your position (or other positions at the same broker, if they choose, until they get your margin back under acceptable limits). They may also charge you a fee for providing you with this service. It is entirely possible that after they do this, in a worst-case scenario, your account could have negative equity.

[NinjaTrader_BrandonH]

Hello tenachi,

Thanks for your post.

As bltdavid stated, you would need to contact your broker to inquire about this topic as all brokerages are different.

If you are with NinjaTrader Brokerage, you could write in to brokeragesupport[at]ninjatrader[dot]com with a brief description of your inquiry and one of our Brokerage Support technicians will be happy to assist you as soon as they are available.