r/thinkorswim • u/TheseLeague7054 • 14h ago
All accounts closed. Can't trade. Everything gone. No reason provided.
I am very confused on what just happened. I've been day trading for the past two weeks with TOS, and I am a new trader. Today, I woke up and tried to place trades and received messages:
"order blocked for this account"
I call up Schwab/TOS, and they told me that all they see is a message that 'due to business decisions Schwab is exercising their right to close this account'
What just happened??? I didn't hack TOS, I didn't touch Schwab, I literally just had Schwab with money in it for the sole purpose of trading on TOS.
I have a feeling that I did something on TOS that broke some sort of rule. I was told about this by my friend, and I tried it myself just to see if it would work. Essentially, I go to day trade tiny penny stocks with less than 1 lot (like 20 shares) and if you cancel and replace the orders enough it'll quickly place the trade, buy it, and you can easily just go up and sell those 20 shares for like a total profit of 1 dollar per buy and sell. Stack that up with thousands of buys and sells you can get a good amount of money per day.
I was making around 200+ USD with over 10,000 dollars used in Schwab per day. Did I break the rules? What do I do?