In the mornings, SogoElite has been telling me that certain stocks were "Not in short list" when I tried to short even though it was according to the Genesis website. It seems like NOTHING has been available to borrow in the mornings over the past 3-4 days, even though Sogo is often the best for borrows.
Today it's telling me that ROHI and CHCI are available, but when I put in a limit order in SogoElite to test it out, I get the "Not in short list" message even though they're there according to Genesis.
Anyone else having this problem?
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15 hours ago
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It is because they are now strictly enforcing the $3 minimum for shorting.
Yea, I'm having problems. SogoTrade won't allow me short anything under $3 even when its on the easy borrow Short list. http://www.gndt.com/support/shortlist.htm
Just called them again and now it seems like they won't allow me to short ENCO... It was on the easy to borrow list yesterday. Now they tell me NO without even checking up or asking for my account # to later call me back.
Seems like only 3 people ever answer the phone, Dorothy, David and Rafael. Maybe they are under staffed.
Damn, that sucks. The only reason I have them is so that I could short stocks under $3.
Hmmm.....I may have to go back to Cy Group if that's the case
I just talked to a guy from Genesis Securities. Sadly if you don't have atleast $25k you can't open an account. It seems like its not worth it for SogoTrade to allow all our small orders to process, and its economically not worth the cost of finding pre-borrows for the hundreds of TimAlert subscribers.
They put up to much at risk, and everything turns into a mess. ThinkOrSwim has absolutely NO borrows lately on anything.
I think its time Tim Sykes starts a brokerage account.
Hey man,
I dont know about ROHI but CHCI was easily shortable with Cy Group all day. If the $3 rule is enforced with Sogo (i know it hasn't been at Cy group) than you might as well leave. I mean how would you play ABK and the other absurd supernovae (not supernovas, thanks michael goode) that have been in play recently. It seems as though there are too many issues with Sogo for it to be worth it. Just my 0.02.
Lol Jamal.
I'm considering getting a Genesis account to avoid the $3 rule. I hate the idea of an extra $200/month in platform fees though.
Watch out on some of these prop firms. I just keep hearing news that some of these firms are shutting down. I guess if they're not registered with the SEC or something.
yea 200 is expensive, twice what i pay. but you could try and negotiate with genesis to get it down (or get the commish cheaper than ib), show them how many shares you trade and how you will recommend them or something. I can't see tim staying with sogo if the $3 dollar is properly enforced so perhaps he can sort something out for him and his subs.
Well, I talked to a Sogo Rep and he confirmed all what has been said here. That is it for me, moving my $$ to IB.
I was thinking IB too... The fact that you can short stocks even under $1 opens the doors up alot.
Genesis is well worth the $200/month though if you have the equity. Sogotrade proved they have great borrows. And you can play 3x more the stocks than IB or TOS
Hey, guys,
Thanks for all your comments. I'm going to leave SogoElite and go back to Cy Group. I'll end up with $100/month data fees again but that's better than $200/month with Genesis.
I'll still keep my normal Sogo account since I can access it from work, and I can occasionally grab the NXTH type plays with it.
And if you're wondering how I had a Sogo and SogoElite account at the same time, the Elite account is under my wife's name
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