@DrMatt30 Hey any advice on brokers? Why doesn't everyone use Interactive Brokers if the cost per trade is so low?

eheldman3 Jul 22, 14 4:19 AM

Becuase IB requires a min of $10k to open an account.

johnross Aug 15, 14 7:37 PM

@eheldman3 IB also requires that you have made at least 100 trades at another broker on their application.

MarkAus Nov 21, 14 5:36 AM

Hi John, I deleted the comment to your reply as I noticed date was old. Yeah, money talks and if you wave the pretty paper you can usually join anything. Especially on the web.

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@Exsertus Hey man, quick question im based in Sydney Australia and Interactive Brokers told me I cant short stocks because they don't accept Australia margin accounts. How did you get around this? (I see you from Melbourne)

Exsertus May 21, 14 11:07 AM

@robz83 Hi mate. The reason why IB won't offer margin is because they mucked up their lending licence with the ASIC back in 2010. Last I heard, they have re-lodged the application, so I hope it gets sorted soon. I have a corporate trust with an AFSL licence, so I'm exempt from the lending restrictions. Unless you wait it out, that would be the only option. My TD Ameritrade and Schwab accounts have margin access, so you might want to give one of those a go. IB definitely has the best borrows.

robz83 May 22, 14 10:28 PM

cool thanks, ill check it out although i think i tried TD and they said they dont accept Aussie clients. might have to check out etrade...thanks for your help

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I just wanted to post a couple of things that I think could help the Traders who are following me. From my past big loss on ELON I have learn that knowing how to buy or sell on the pre-market is very important. I personally called Interactive Brokers and TD Ameritrade so they can tell how to sell the pre-market. If I would of known how sell the pre-market I would avoided a big loss on ELON. I was long overnight on ELON, and it gapped down at the open. Lesson learned now I know how to buy and sell pre-market. For those who want to know, if you have TD Ameritrade, look at Time-in-Force when you place a trade. When you choose "EXT" that means that you can buy or sell pre-market. For those who have Interactive Brokers and use TWS you need to go to File Global Configuration => Presets => Check Mark Allow .......... Call customer service for the full details. Have a successful trading week :) P.S. For those of you who were wondering why I haven't traded this week was because I was waiting on account transfers into my TD account. I got a margin call, because of the PDT rule. All my transfers have finally gone through and I finally don't have to worry about the PDT rule. Yay....:)!!!!

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johnross Aug 27, 14 7:20 PM

Pre-market is a good way to lose money. I have done it. Nathan Michaud posted something recently saying that it is a good idea to avoid trading Pre-market. You can open an account w/IB with $5000, but it will be an IRA account & no shorting allowed.

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