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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Nemer who wrote (1131)6/20/1998 2:29:00 PM
From: Dwight E. Karlsen   of 2120
 
nemer, I thought it was interesting that you suggesting calling ahead for a "layaway" or reservation of the stock which you want to short. I have always done that because I thought that was required. Everything I read about shorting indicated that you have to first ask your broker if they have shares to loan you so you can short them. I don't short too often, but I've always called ahead, usually in the early am before the market opens. My broker, Schwab, has always asked me how many shares I wanted to short, then put me on hold for a bit, then come back and said "yes okay, we have shares available and have reserved that amount for you, available for you to trade any time in the next trading day". They haven't acted like my request was unusual, so that's another reason I thought this was the required method for shorting.
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