# Etrade if you have to call in to exit a position…? Have the # and your info ready

 

Wanted to post a quick Blog for those that have Etrade accounts. First I used to use Etrade Pro and it sucks. I build a 6x screen computer with my IT speaking to their IT and  it keep crashing. They had no idea,, said I had to many screen open… whatever.  So I went to Esignal for my charting and I use etrade pro only to “trade”. Esignal is $149 a month and worth every penny +.  Anyways today I used my hot keys and entered 2000 shares of $SGOC, it consolidated and popped. I hit my hot keys to exit at the  Offer…got an error. The Hot Key again to exit the Bid …error. I tried to exit Market…error. So I am stuck and decide to actually read the error..  

 

Actually I had a message that I had to call the 1-800 number to exit the trade. Freaked me out. So I dialed… Hit #1 for platinum members (I case your different) and got my cousin Vinny to answer the phone. I stated “get me out of $SGOC” he stated he needed to confirm my account. So get ready for all the info I needed to tell him as the stock price vacillates.  My name, my account, my phone, my address, my last SSN, my birth date…then he stated one of the elements were not correct. OMG which one is not correct? He states he cannot you? Now I have to answer “random questions from a public database that he doesn’t know the answer to”. Info I should know…. 1) which of the list of address do I own property at?, 2) Which of the following companies do I have a home mortgage with 3) what amount do I pay for one of my mortgages. … FYI my wife manages this part so I am educated guessing these choices… beware that you have accurate info at etrade before you have the panic call to get you out of a position. I got angry with him, note that only lead him to apologize slowwwwly and state all (all) the reasons he needed to verify the account. Which made the situation worse!!!! Tic tic tick (literally) As I watch the stock bounce around. (ps I image $SGOC ended up spiking more as I was probably not the only one that could not exit the position. Hence a forced base might have developed.) I told him to take me out at market. (making it as simple for him as I could.) then he told me I was going on hold as he checked with the “company” to see how to take me out of the position. Not sure with Etrade or SGOC, so I waited.  I finally saw it leave my Etrade Pro account and log in a nice $2774ish profit. Hole process seemed to take 5 mins, or a lifetime.

# SSR Etrade.

 

So since I had vinny on the phone and I was out $SGOC I asked him “how can I tell in Etrade Pro if a stock has a SSR on it” First he didn’t know what SSR was, then he stated oh the “uptick rule to short”. I said correct. Soooo ends up you cannot tell if a stock has SSR restriction on it by looking at Etrade Pro. But you can call them. Lol. He did say that having something listed on Etrade Pro was a good idea and he was going to pass that on. Wow really? Okay note to self really need to open an account a Speedtrader.

 

# Hard to Barrow Rates.

 

So last week $LIVE spiked 100% on BS news the company with 2mil in the bank “could” repurchase up to 10mil $ of their stock back. The Stock ramped and has halted. I tried to scalp the open after the halt and took a loss, no big deal. New the risk. The as the stock lagged at 1.70 ish and wasn’t going higher, I said time to Short it v. the HOD. I tried to short 1-3K shares and got a “barrow rate of 100%” so I asked Vinny what does that mean exactly?  Yep he never saw a 100% barrow rate and wanted to know details of that stock…not a confidence booster. Ends up that the %rate you are being charged is based on a Calendar year of 360days. So if you shorted $1000 dallors of $LIVE and held it for 360 day, the interest would equal 100% of your $1000 dollars or $2.78 per day. So I said what if I was only short for 20 mins. Do I get a % rate charge for that and what would that be. He stated you get charge the 1^st day % rate for any amount of hold time with that day and the round trip fees (cost to get in/out of trade). This is something I have always wondered. Tim states in Making Millions DVD (PS excellent) that he thinks in all the years of trading the barrow rates never added up to anything. So I wanted a specific amount I was being charged. I hope this info helps,

 

 

My vinny is Platinum (oy vay) so I hope he is a bit smarter than average. Good luck all.