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Tradestation is terrible. They don't allow squat. Basically no penny stocks at all. They used to, only back a few months they did, but now, it seams even fully reporting OTCQB stocks are revoked.
(for example) stock CPMV. Its a OTCQB stocck trading above $1.00.
and I get this message when trying to purchase:
From what I can find online, CPMV IS DTC Eligible. Firstrade.com allows buying it, and they suck lol.
So does Fidelity.
And CPMV does NOT appear on the latest DTC chill list or Global Lock list
https://www.clearstream.com/clearstream-en/products-and-services/market-coverage/americas/united-states-of-america/dtcc-deposit-chills-and-global-locks-u-s-a--1281828
Also Tradestation is the WORST online platform for trading (I don't use stand-alone Tradestation software, just their shitty online platform).
In order to see 'history' of my trades, I have to log into a seperate Tradestation website, and search. And it's about as user friendly as a Turbo Encabulator.
Avoid this turd
Has anyone tried Tradestation?
lol, I forgot to cancel my 'test' trade for BLIAQ, and my 5-share buy order at .0067 got filled.
weeeeeee
gonna be rich!!!
Thanks. "On Sept 28, T. Rowe Price will no longer accept ANY orders in the subject securities and will cancel any remaining good till cancel orders...."
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165853454
New updated INFO for T Rowe Price. I just saw this post (new as of this morning, even though it's dated Sept 7).
So, I tried again (just now) to place a trade for BLIAQ (Caveat Emptor PINK SHEET) and the trade went through (showing 'OPEN' status).
However, I placed a trade for SOLI (Caveat Emptor 'EXPERT MARKET') and it was rejected. So apparently CE stocks can still be traded with T Rowe if they are pink sheets (confirming what the T Rowe message says)
Please note that additional securities from other OTC tiers, such as Pink Limited Information and Pink No Information, are still being evaluated and may also be subject to the same restrictions.
Just thought I'd give the latest on what I'm seeing.
Good Luck
Thanks ottoman. The way things are headed, caveat/no information stocks will likely be be "close out only" at all reputable US brokers. I may give them a phone call about that.
Yes that's current info. I have a T Rowe price account and have been buying "stop" sign stock symbols. Right before my post here, I checked again for Caveat Emptor....
I placed a test trade for BLIAQ today (Caveat Emptor status) right before the close.
It allowed the trade, and was "open" waiting to be filled. It was only cancelled after 4:00pm market close.
Now, is it possible that for T Rowe Price will restrict NEWLY opened brokerage accounts right away? Maybe, but I can trade them apparently.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164364234
Is that current info and directly from them? This says otherwise about T Rowe Price
Twitter: "but even the ones I found back then are dropping out now. I've heard now Schwab, TDameritrade, Etrade, T Rowe Price all won't allow after Aug/Sept"
T ROWE PRICE. Still allows no-info pennystocks (yield sign, Stop sign, Caveat Emptor). Greysheet stocks. and commission free for them.
Spoke to someone at OTCM yesterday.
I was told they believe the Discount Brokers have made this list of restricted securities because of some of the wording in the new rule.
Most specifically, the new rule says that when a broker puts in an order for a stock that is delinquent in their filings they must ensure that the person is not an insider nor an affiliate.
The idea is to prevent someone from buying a huge number of shares at a discount and then dumping them into the market.
I was told that Discount Brokers do not have the man power to vet each order at the time it was received to make sure that individual is not an affiliate.
The only solution (for us) is to create a relationship with a full service broker. They will then make you sign documents to ensure we are not affiliates nor insiders. Problem solved.
As it turns out, many of the brokers on the directory at OTCM have a retail side if you call and decide you want to go through their vetting process.
https://www.otcmarkets.com/otc-link/broker-dealer-directory
Of course, it's going to be more like an old-school, call-them-up type of relationship like you see in the movie WallStreet or something.
This type of relationship could give in-roads to buying any-and-every stock in the market (including CE tickers).
But it will undoubtedly come a premium per trade.
I'm pondering if I want to give this a try or not.
Well, and ironically, therein lies some hope in this situation.
OTCM has more power now. Maybe we are going to see a lot more of these stocks turning Pink again in the near future.
I don't know about you fellas, but I am not selling any of my Pink No Info shares anytime soon. Send them to the greys or send them to the Expert Motel.
I'm not going to "liquidate" them to some "sophisticated investor" just to see it emerge Pink Current 6 months later.
No thank you.
We have been charting the Grey to Pink (G2P) phenomena for almost 2 years now. Have every G2P ticker somewhere on the thread and in the ibox.
Not sure at this point if the board is done or just getting started.
https://investorshub.advfn.com/Grey-to-Pink-37784/
I knew that is what you were saying....just wanted (needed) to say it again.
OTCM has become a "regulator" with the blessing of FINRA and the SEC who have "encouraged" OTCM into this action. In turn, OTCM has "encouraged" the Broker dealers (for the latge part MM's) to follow. Schwab and ETrade etc ARE broker dealers.
How is it that the common street investor knows far more than the regulators?
That's what I am saying. Discount Brokers (Schwab, Etrade, ETC) are not regulators. They are not even Broker Dealers (Market Makers). They are just supposed to route our orders and settle our trades (keep the share counts straight).
They wandered into being regulators when they stopped allowing us to purchase CE Stocks. We should have already been "up in arms" about that. Shame on us.
Now they are saying we cannot buy a stock that doesn't have L2.
TOTAL BULLSHIT
That is not what the SEC said to them or anyone else.
They are making shit up as they go along.
We need a new discount broker and a BIG FAT CLASS ACTION LAWSUIT as they are working in collusion to destroy the equity of many of these companies.
Hard to believe how stupid these "regulators" can be.
Exactly.
And the "sophisticated investors" and market makers can LOAD UP now at .0001, .00001, and .000001
And then suddenly, one day it will emerge pink current so they can make millions.
I'm so pissed off. You will let me sell my shares but will not allow anyone else to make purchases. "Liquidate only".
And you brokers are doing this in collusion?
CLASS ACTION LAWSUIT
Damn that sounds scary and confusing.
Agree.
Shell plays can be very safe and lucrative (and ethical) when done correctly.
I think it's time someone opens a new Discount Broker through Kickstarter that returns the industry to sanity.
The SEC DID NOT TELL the discount brokers anything. They told the market makers (Broker Dealers) which stocks could have L2 quotes.
THATS IT
The current list of of discount brokers in your inbox believes all of its OTC clients are inherently stupid or something.
Just because their own employees are stupid does not mean that applies to their clients.
All these brokers are working in concert to keep us from being able to purchase shell companies.
That is total bullshit. Where is Patriot Brokers when we need them?
This is very interesting.
I am very pissed off right now at Schwab and the rest of the discount brokers. They have forgotten their jobs.
Let me remind those idiots.
Their job is:
TO ROUTE OUR ORDERS AND MAKE SURE OUR TRADES ARE SETTLED CORRECTLY.
THAT'S IT
Between the CE (and now the twisting of the 211 rule) they have set themselves up as a regulatory body. Soooooooo stupid and annoying.
I called Schwab this morning to complaint.
well contrary to popular belief these securities provide tremendous value when investors operate with maximum due diligence.
I'm out to prove this thesis. Through my various due diligence methods. keep an eye on OMHE as a targeted example of my thesis fruitioning over time.
Why would anyone want to pay outrageous fees just to be able to buy worthless CE stocks that's already a total loss. Rather than finding a broker will trade CE, my new approach is to just avoid stocks that has not had any news in over 6 months and not have to worry about it going CE.
for those curious on speed trader costs for people interested in holding securities. they do allow CE entry
~deposit required=2,500
~$120 annual inactivity fee=$30quarterly "penalized for not trading 15x a month".
~$55 per trade.
all this said for value investors looking to go long in securities an alternative to these brokers and the increasing BIG DAD approach by the government is to pursue what is known as a DSP direct sale plan into the company.
All those fees, what more need to be said?
why not? say more. leave us cliff hanging sheesh.
I don't think anyone will be running to Speedtrader.
The silence is deafening!
I do not know of any brokers who allow it now but I will update when some of you verify one.
watching thanks.
from speedtrader:
Illiquid Securities Policy – All clients of our firm in aggregate cannot trade in excess of 10% of the previous 20 business day average trading volume of any stock on any day regardless of the stock’s price. In addition, for stocks trading below $1 per share, clients cannot ever trade more than 25% of the current day’s trading volume. There also cannot at anytime ever be more than 5,000,000 shares of any one stock settling during any 3 business day settlement period for our entire firm. If a client trades in excess of these restrictions, then their accounts will be subject to fees and interest charges and possible buy in or sell out of the violating position during the 3-day settlement period of those trades. There will be a $300 fee for any trade that is in violation of this policy. The interest charges will then be assessed on an illiquidity requirement imposed on the clearing firm, which could be many times the value of the trade. The interest rates charged to clients who violate these restrictions will be a minimum overnight rate of 15% of the illiquidity requirement. These are only guideline amounts and lower trading volumes can also trigger illiquid charges, which will be passed through as well. Repeated violations of this policy will result in the account being closed.
watching thanks.
Checked one with SpeedTrader and they said that I could buy there, though I don't have an account with them yet to confirm.
Yes it is corruption of the SEC in bed with Market Makers
TDA list of Restricted Securities contains Current stocks as well as deadbeat stocks, so it looks like nearly all penny stocks are on the list. If this is true, then this could be the death of penny stocks as we know it. This also means brokers will loose millions (maybe billions) in trade commission and fees.
This is SEC corruption at it's best.
Yeah, this has been my analysis since they started this.
IMO what we need is for a well respect and very articulate news person, to see this from this point of view and get some well respected congressional or Senate person to do an inquiry
let us know if you find any. ty
bingo, my thoughts exactly.
Me neither, still looking
Agreed, scam people, if it is that bad why would any brokers want it, who can they sell it to?? Besides us at a higherb price once the C.E comes off
Sounds like SEC is bed with brokers
Im lookig myself for the Brokers which allow Caveat Emptor trades.
agreed just need to find broker allowing us to buy
yeah, went through all the usual and some of the odd ones, still zip.
haven't found any so far :(
correct, they won't allow any buys, only sells, even if you call it in. total BS
board tag Caveat Emptor Inquiry Thanks whoever started this good idea. These are rock bottom stocks.
I called Interactive brokers this morning they said no, searching as well
does any US brokers allow a C.E. buy??
I tried to do a C.E. buy on TDA yesterday, would not go through
Do this mean a company cannot become current until 2 years after being restricted?
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