MarkAus

Turns out Interactive Brokers wants me to have a Margin account yet won't give me one. My cash account needs to be over 100k. Well, more lessons learned here I suppose. Unfortunately my options seem to be extremely limited here in Australia when it comes to trading usa and having the ability to short sell. Time to start researching all over again.

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MarkAus

Finally got my Interactive Brokers account. Attempted to watch or trade tonight but was too scared. Missed a massive +$3 buy to RESN . And missed the short. Still, I learned something. Getting up at 1am is tough. [EDIT] Using Profit.ly as a diary system. If you're international or just Aussie and new to trading feel free to follow me. Hopefully we learn something.

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deserttrader

@ilikebbstock I am thinking of moving to Interactive Brokers, sheerly because of the big difference in trade costs (it's about $1 per trade at IB). Is there a reason you are sticking with TD?

luan0088
luan0088 Sep 16, 14 9:07 AM

what do u mean, i can swing trade all i want? what would be swing?

ilikebbstock
ilikebbstock Sep 16, 14 9:09 AM

A swing trade is one that is held overnight into the next day or days

luan0088
luan0088 Feb 24, 15 9:47 AM

@ilikebbstock if u had 15 thousand dollars, what brokers would u use? go with sure trader to get out of PDT rule or use other broker?

ilikebbstock
ilikebbstock Feb 24, 15 10:43 AM

not familiar with suretrader but if it can get you around PDT Id do that

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christinea

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

eheldman3
eheldman3 Jul 22, 14 4:19 AM

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

johnross
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
MarkAus Nov 21, 14 6:36 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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robz83

@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
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
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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SuperMario8

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
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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