SogoTrade

I’m finally getting some cash into my SogoTrade account (I just deposited it, hopefully it’ll be available for trading Monday) which I’m quite excited about for a number of reasons:

(1) $3 trades. That’s $6 round trip which saves a significant $14 compared to Ameritrade. I make a lot of trades so that really adds up.

(2) Margin. They sent me an email saying my account is approved for margin trading. That’s very cool because Ameritrade has not approved me for margin trading. Of course trading with margin will add more risk but it will also add more reward and if you’ve followed my stock picks you know I am a high risk, high reward trader.

(3) Short selling. You can’t short if you’re not margin approved. Finally I may be able to follow some of the TIM ALERTS (which almost all shorts) because I’ve been watching them for over a month now and Timothy Sykes‘ success rate is very impressive.

But I do plan on continuing to use my Ameritrade account as well because SogoTrade’s $3 trade thing does have some fine print: It doesn’t apply to stocks under $1 and some of my trades are in the sub $1 range. Looking at SogoTrade’s fees (charging per share) for trades under $1, it’s clear that these type of trades are more expensive on SogoTrade than they are on Ameritrade so I will continue to make those types of trades on Ameritrade.

Another positive about Ameritrade is that they allow for pre and post market trading and SogoTrade does not.