I made a stupid mistake trading options. It happened about a month ago, so I don't recall my thought process at the time.
Anyway, I purchased multiple PUT contracts: NKLA SEPTEMBER 18 2020 $35 On September 18th, the contracts were in the money all day, and apparently I didn't place an order to sell the contracts before the market closed on Friday. Again, I'm not sure what I was thinking, but usually the Brokerage sells the contacts before close, sometimes even when I would like to hold on to a contract for a few more hours. To my surprise the contracts were not sold, but I assumed somehow after settlement process, I would receive payment. To clarify, I did NOT have enough cash or margin to sell the underlying at $35. Instead, my order history stated that the contracts expired and there was no credit to my account for the ITM options.
After spending some time on the phone with the brokerage, they asked me if I called to place a "Do Not Exercise" request for those contracts. It turns out THEY placed a do not exercise on the contracts, instead of selling before close.
I understand that I should have been managing these contracts more carefully, but is this acceptable performance for a brokerage platform?