If I bought some stock today, say around $500 worth , then I changed my mind

Question

Could I get my money back and if so what do I have to do? to get it back?

Answer 1

You'd have to sell the stock. You would not necessarily get the money back that you had paid for the stock -- you would get whatever the stock was worth at the moment you sold it. It could be more or less money than you had paid.

And you wouldn't get all that money. Your broker would take his commission out of the sale.

Answer 2

Depending on where you bought and how long you had the account with the firm1 and was it a round lot or odd lot

You will have to pay for the purchase, but if you do just sell the stock, the firm will suspend your account for 90 days. If there is a loss in the sale, you will be liable.

If you had the account with the firm for a few years and it was an odd lot trade, the broker could cancel the trade for you. If it was a round lot, they will try to cancel but, if not they will sell it out and you pay the loss if any..

Answer 3

Yeah you could sell it back although you may lose some or gain some.

Answer 4

you could easily turn around and sell it.

you might end up losing a bit of money due to price fluctuations and transactions costs, but you'd be able to get the vast majority of it back.

this is called liquidity.  stocks are the second most liquid investment product available (after cash).

Answer 5

A Nobody gave you a correct response

If you are a regular customer of the firm and the account have been open for a while the firm could cancel the trade, especially if it has not settled yet.   If it's an odd lot, the firm could cancel the trade, not saying they will

If you are a new customer, they will liquidate the trade (sell it) you will be charged a commission on the sell side and you will be responsible for any loss in the account,  

On the settlement day of the sell trade, you will be do a check for the net amount of the trades, (the total buy amount, the sell amount, less commission on the sell and any loss)  And your account will be restricted for 90 days.

Answer 6

You sell the stock and get back what the market is willing to pay less commission.

You can't change your mind and get reimburssed. You can get reimburrsed (sometimes) if you can prove some type of error.

Take a year or two to learn this stuff. Never invest in anything you don't totally understand (as you have here).