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I was denied for the reason of lacking non-marginable funds. I have $1200 available for trading, why was I denied the purchase?

Most likely, because the $1200 was the proceeds of a recent sale of stock where the purchase had not settled yet. It's like uncleared funds in your checking account.

This is a new regulation that has been biting people who are quickly in and out of stocks. They're trying to stop "stock kiting" where people get the benefits of owning a stock without actually putting up capital.
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