When I was with Scottrade I did a lot of shorting and never paid a fee or margin interest. You need a margin account, but as long as the short is backed by your equity, there is no fee or interest. (Assuming Scottrade hasn't changed the rules.)
No lecture, but: My problem with shorting at Scottrade is that you don't know how many loanable shares are available to protect your short from being bought back against your will.
So knowledgeable that you have found a way to circumvent the "Trade + 3" rule and only short an issue "overnight", huh?
Hi,
Basically the question says it all?
I'm very knowledgeable about the market so I know what i'm doing I just don't know the best broker for shorting over night because I heard some brokers charge fees for overnight trades. Such as
suretrader - they charge 1% on overnight shorts but i'm not sure if it's every night or just once.
What i've been doing is timing the end of a correction through indicators and large volume spikes and buy into the XIV. But because XIV and TVIX are inverses and TVIX is leveraged I want to short that from a top and cover over the next few days or weeks.
Please don't lecture me on the dangers of shorting i'm experienced in the market and understand all the risks involved
