UPDATE: A new specialized broker for short selling for those who can afford their account minimum of $30,000 has emerged, pleaseHERE for a personal introduction, I don’t want word getting out about their superior service so I’m only going to introduce a few lucky people.
What a difference a few weeks make!
2013 has gotten off to a great start as I’ve profited nearly $20,000 in 2 weeks of trading…see all my trades here….we released brand new trading software called StocksToTrade.com, my VIP students, my students are banking and views of my 7 free video lessons are at an all-time high.
A few months ago I wrote this post about the best brokers for short selling penny stocks, but as usual the list has changed. In fact, it’s only been 3 weeks since I wrote an updated post on the best penny stock brokers for 2013, but now even that list is dated.
Capstone Investments, which I had been happily using to short sell hard to borrow penny stock for the past few years, is now no more as of the past few days. I wired out roughly $300,000 and am now figuring out where to put that $.
There are lots of rumors swirling about exactly what happened, but I won’t bother to speculate because it doesn’t matter to me. The fact is you can’t trust any broker 100%, they’re all sales guys, they all lie, but you do need them to execute your trades and you need the right ones to short sell penny stocks.
Because as my students know the stock market is a living breathing organism that’s constantly changing so in order to be successful, you can’t just memorize (although these 7 free lessons help tremendously)…you must understand how the market works, the motivation of all the players, the mistakes most people make, the odds and risk/reward of various opportunities, the ability to choose the best ones and then constantly adapt in the pursuit of success.
Then make a ton of $ so you can enjoy a crazy $235,000 car like I do:
This is how my students have now made over $5 million in trading profits, all detailed here, and over a dozen of my students have made $100,000+ each in just a few short years since I began teaching.
So here’s a rundown on the best penny stock brokers for the start of 2013:
1. Interactive Brokers has the single worst customer service of any company, financial or otherwise, that I have ever dealt with and if you have any issues with trades, executions or software glitches, expect them to screw you…because they only care about their bigtime hedge fund clients, not about anyone with less than $1 million and certainly not anyone with less than $100,000. I applied to be an affiliate weeks ago and they sent me an email saying they will let me know within the next month. (Conversely, we accept Profitly affiliates same day HERE and we paid out nearly $50,000 last month in affiliate commissions)
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That said, they have great borrows to short sell penny stocks, especially on stocks under $2/share and even stocks under $1/share. Some of my ignorant haters mistakenly believe it’s impossible/illegal to short sell stocks under $1-2/share…nope, IB has been allowing me to do it for years.
2. I’ve also made millions buying penny stocks so you don’t always need to trade through these customer-service-challenged brokers that specialize in finding good borrows…I’ve had an account at Thinkorswim, which is now a part of TD Ameritrade, for years and their customer service is top notch.
3. Speedtrader is another online discount broker I use for my long positions as they are competent and their commissions are extremely low.