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So I'm trying to understand the fees associated with trading on margin. Here's the example I'm looking at:

Etrade charges 7% as margin interest. Their website says "The interest compounds daily and is charged monthly, and starts accumulating on the third day after the margin trade." Let's say I borrow $2,000 to trade on margin, does that mean after the third day they're going to start charging me $140 A DAY until I close the position? That's insane! How does anyone make money trading on margin if that's the case?
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