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DAmn I finally tried to short a stock yesterday for real ~~

I was going to short 100 shares of BSC yesterday at 55 a share,

but because i didnt sign up for margins they wouldnt allow me to do this transaction...

 Then I saw the stock go up to 56  57and I stopped paying attention and thought hmm.

O well.

How retarted I have 90k and 60 k in stocks yet scott trade wouldnt allow me to sell short 5,500.

without agreeing to use margin.

O well

 

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I would prefer it if LorZpain would comment on this and give it a true gritty teeth. Sumbch. 

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:( that sucks!
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Yeah and my stock broker didnt even bother to respond to my email inquiry. I'm not too thrilled I'm thinking of taking my money and leaving scot trade ....................

I'm not impressed with their analysis of stocks and they don't seem to have relevant and current up to date intel on the companies. Imagine looking up and doing your research and then finding out too late that your buying decision was based on bad info !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

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I mean WTF they have access to all my 60k in stock and I still had a substantial cash balance with them !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

It would have been unlikely that given economical events that shorting 100 shares would have costed me more than 90k

I lost out on a quick 2,000 dollars that I would have earned on shorting that stock for one day on just 100 shares !!!!!!!

The reason I didnt initially sign up for a margin account was that I didnt think I would need to, but now given the poor service and how their website seems to slow down and sometimes lock up for crucial moments I'm wondering if theres  better out there.

 

 

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I have an account there too   So far it's been fine for me ( but i don't do much trading and I don't expect a lot of research info or snazzy tools.  I would think about looking at some of the other sites if I were you (based on your experience).  I'm so new to this I couldn't tell you who to go with.  I got the account with because someone recommended it based on the cheap trades.

As for the up to date info.. I always get annoyed because every financial site gives me different numbers for the price to earnings.  You would think they could get some consenus... but nooo...

I've been smacking myself for not making trades that I could've.  There have been a number of good ones that were right in my face yet I still didn't realize it.  So goes the game i guess...

 

 

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I am at TD Ameritrade and they are OK.  Decent research tools, (S&P reports, MarketEdge reports, some other reports), their trades are about $10 and they say they no longer have fees for small portfolio values.  (Of course, $90k is way above the old minimum anyway, so this wouldn't matter to you.)  Their trading screen can slow down sometimes during heavy market activity, but it has never frozen on me.  Some of their tools seem to be focused on daytraders, (like their new little window that asks you if you think a specific stock will be higher or lower tomorrow), so if you do daytrading, then they are probably a good choice for that also.  You might want to check them out.  I also like the fact that they have brick-and-morter buildings, so if I ever have a problem, I have a real person I can go yell at, (or actually, calmly discuss my problem with).

As for margin, when I opened my account, they asked me if I wanted it to be a marginable account and I said yes.  At the time, I wasn't even too sure how a margin account worked.  In all the time I have had this account, (over 10 years), I have never bought anything on margin, so I have this feature that I have never used.  So if you sign up for an account at a different broker, check to see if they charge a fee to have the account marginable.  If not, you might want to go ahead and sign up for the margin option.  If you never use it, it doesn't cost you anything but it is there if you ever do decide to use it.

I'm sure there are other brokers out there, but I only have personal experience with two.  (The other is FolioFN, where my club has their account.  A good site if you want a lot of cheap trades, but not a good site for daytraders and their research tools suck, IMHO.  On the good side, you can get something like 500 trades for $20 a month or something like that, (though some trades have extra fees), so it is a good broker if your average holding period is less than a month.)

Good luck.  Sorry to hear about you not getting to short BSC.  It would have been a fortuitous trade.

Craig 

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Thanks, I didnt sign up for the margin stuff, because If you ever read the agreement it virtually says that they are free to Phuck you side ways !!!!!!!!!!!!! sell your stock and do practically whatever they want should you ever have a margin call.

I'm always a little paranoid that someones going to get into my account and make phony transactions to run me into the poor house and with a margin account you can really get into trouble should the unlikely event of someone stealing or hacking into the system... Honestly sometimes the system errors and sometimes gives you balance details that are too high or at zero and this sometimes freaks me out LOL... Until I manage to refresh the page a couple times to get it to be right...

 

THe weirdest thing I've seen is where they had inconsistent figure amounts for that DGP double gold ETF !!!!!!!!!!!

 

They had it as being at 27.95 at a all time high, then it said 27.5 was the high for the day ???

I'm going to try and work over my paranoia so that I can trade and short some stocks as sometimes when theres blood in the water, at least I might be able to eat a piece..

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MY pet peave is like when there is a substantial expected change in a companies future earnings and you arent made aware of it, so when you crunch your numbers you get screwed if you arent made aware that so and so company now is only expecting to make 25 cents for the year as opposed to one dollar...

Instead some sights make their PE ratios look sweet as hell until you realize that their next earnings are going to suck.

 

 

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HA HA HA HAHAHAH BSC is worthless now or at best only worth 2 a share !!!!!!!!!!!!!
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BSC didnt get a haircut they got a head chop off...

 

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