sogo elite

Quote from miamicanes:

For what it's worth, if cash flow isn't a problem, and it would cost more to transfer shares than to just sell them from my old account and immediately buy them back at the same price with my new one, is there anything non-obvious that would make it a bad idea? Or is that the normal way people who need to move shares for whatever reason usually do it if they only have a few open positions and plenty of cash to finance the new shares until the old ones have settled?

I'm a bit annoyed with SogoElite at the moment... I wired the initial deposit to them before noon, and they STILL (as of 4:46pm) haven't credited it to my account. If my Just2trade account ends up getting credited first (their wire was sent at 3:30), there's a good chance I'll end up going with them instead.
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The only thing I see wrong with selling and buying back - and this is most likely not a problem for you - is if you sell at a loss, you can't buy back the same stock within the same 30 days and write it off on your taxes. But don't take me as the authority on that - that's just the way I've understood the rules. Anyone who knows better please do chip in! AND...you might be pegged as a day trader which is essentially not a problem if you've got more than 30,000 to invest. The finra.org website has information on that.

Additionally - I'm on pins and needles to see who funds your account first. Ha! I don't blame you on that one bit. Time is money right? Please do let us know who wins the race if you can!
 
Well, SogoElite released the funds at some point between 11pm and 1:30am, and Just2trade released them at some point between 2am and 9am.

For the moment, I'm doing my orders through Just2trade, and letting the SogoElite account sit on the sidelines. One thing that nudged me was the fact that when I tried to launch SogoElite around 2am to place today's orders, it wouldn't allow me to log in. Ugh. Too many petty annoyances For a difference of $1.50 or less per trade, I don't do nearly enough to agonize over the difference ;)
 
Aww bummer on the platform malfunction, you get what you pay for right? Well, being the penny-pinchers that we clearly are I think it was definitely worth the experiment!

Thanks for sharing - I hadn't executed a wire transfer and now I know a general time frame that they're processed. You learn something new everyday!
 
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