Can't go short on SaxoTraderGO

[alexx1202]

Hi

I just started using Saxo Trader but can't figure out how to place a short order on the platform.

It's not like MT4 trading forex since on there you only have to place the sell limit order as you would a buy and the order just gets placed no problem if you have the margin etc.

But Saxo gives me this message when I try the same thing:

"You are selling contracts not owned, or trying to close more than currently held".

I've checked with Saxo and the stock I attempted shorting today (WOW) is allowed to be shorted so I have no clue what to do.

I'm on demo with a $100,000 balance and tried shorting 2000 shares @ 36.27.

Does anyone here use Saxo for share trading and if so can help me out with this?

Cheers,
Alex

 

[myrtie100]

Hi Alex

It's been awhile since I have used that platform, but I believe you need to use CFDs to short not stocks.

 

[ronyfayyad]

Yes, you need to enable CFDs. I recently signed up with Saxo for shorting stocks. You need to contact them and complete a suitability form before they enable CFDs for you.