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Problem Buying Stock

Sebo said: "After trying to purchase a stock, it says: Penny stock order exceeds allowable percentage of equity. This order will be routed to an investment representative for review.[41023] Have any of you experienced this and what exactly does it mean? Thanks, Sebastian"

JT_Moore said: "[QUOTE=Sebo]After trying to purchase a stock, it says: Penny stock order exceeds allowable percentage of equity. This order will be routed to an investment representative for review.[41023] Have any of you experienced this and what exactly does it mean? Thanks, Sebastian[/QUOTE] What brokerage are you using?"

Sebo said: "I am using TD Waterhouse"

Woswill said: "You're buying too much"

Sebo said: "i tried ever lowering it from 700 to 300 and it still said the same thing :S how is that possible. The stock is at $1.34 now. so im not even buying 200 stocks"

LongArm said: "Yeah, just from the message you got, it sounds like you're exceeding your margin limit somehow. You should ask your broker. You're not on any kind of trading restriction right now, are you?"

Sebo said: "no not that i know of . thanks. ill call in right now."