Selling short on Scottrade

Discussion in 'Order Execution' started by Lina, Apr 23, 2006.

  1. Lina


    Hi everyone
    Just joined this great forum, I like to sell short tomorrow, I've been day trading for the past 6 month, I'm beginner and in training stage and would love to get help from you.
    I need to lear "sell short" thing, I'm using the scottarde for now, but thinking to go IB, until I do, I will have to keep working on ScottradeElite :(
    Anyone out there using this, can you please tell me what to do to sell short from A to Z
    What to fill?
    Stock symbol: I know this
    Quantity: I know this
    Order type: what should I do here
    Limit price: what should I do here
    Stop price: what should I do here
    Then what I need to click? "Sell Short"
    Then what i click later on to end this ? "Buy to Cover"

    Thanks so much
  2. Hi Lina,

    So first thing is when you login to Scottrade Elite is there is a checkbox in the corner of the login box. Click that to enable virtual trading. That way you can place some simulated trades. This is how I got comfortable with shorting. Its nice to be able to play with different order types and see how they work with, with no pressure.

    Now for the detail. Its mechanics of shorting are roughly the opposite of buying. For a market order when you click the sell short button you will sell into the bid. Then when to close your position you could enter a market order and by clicking the buy to cover button you will buy at the ask. Its fairly simple just a little counterintuitive the first time. Just fire up scottrader after you get done trading one day and login to the virtual trading and try it out.

  3. Lina


    Thank so much Jamaal :)
  4. Scottarde? LOL, must have been mistypito, but i got a good laugh out of that, "tarde" means "late" in spanish
  5. Why are you day trading with scottrade?....get a direct access broker. Scottrade is for swing/position traders mostly.

    good luck :)

    - nathan
  6. Lina


    so which one I need to use, if not Scottrade, or Scotlate, lol, give me a name and I will switch HAPPILY :D
  7. Ebo


    There is nothing wrong with Scot Tarde.
    It is fine for a less active tarder, if you get more active, I suggest using a platform like EF Hutton Speedo.

    Did you know you can sell short ETF's on a minus tick on any platform?
  8. Lina as you become more sophisticated in the mkts, you will naturally want to leave scottrade.... just like a baby bird leaves the nest. scottrade is ok for swing trade, but not daytrade. If my memory serves me right, you can not place a stop under .25 cents. Also tools like VIX, TRIN, TICK, Put Call, and Adv/dec are not available on scottrade. You, better than anyone else will know when its time to move on. Its ok for now, since your just starting out, but as your lil wings build strength.... you eventually will fly to greener pastures. Good Luck.