Stock Trading Grade: B
Overview:
Trading at SogoTrade is satisfactory. Buying and selling securities from the main trading center screen works well, though selling existing positions from the portfolio screen could be done better. Canceling open orders works perfectly but there is no option to modify open orders. Trade confirmations display the date of execution but not the hour or the minute. Overall, SogoTrade offers a good basic trading engine.
Order Types:
See our Order Types page for an explanation of order types
Market
Limit
Stop Loss
Stop Limit
Details:
I made an order to buy 20 shares of Goldcorp (GG) at a limit price of $26.75 (click on images for larger views):
I entered the order as good for the day execution but users can select good until canceled orders. Good until canceled orders can be set to be held in the SogoTrade system for up to 2 months. The next screen prompted me to verify my order:
There is no specific order confirmation screen that shows the trade number, a feature found at many other brokers. If users want to be able to enter trades even faster, they can select to use quick trading, which simply bypasses the single confirmation screen. This might be a nice feature for rapid fire day traders. Email notifications are generated whenever new orders are entered. Orders not yet executed appear immediately in the open orders page. From here orders can be canceled or used as a template for additional orders but cannot be modified. Canceling an order updates the order status immediately and generates an email notification. Here is a view of my order waiting to be executed:
Once my trade executed, my order appeared in the completed orders page. Execution time is shown down to the second:
At this point in time my confirmation had not yet been generated. Once it is, a link to it will appear in the far right column of the above page.
As soon as orders execute they appear in the account positions page. At the top of this page are pie charts that show securities as a portion of long positions and total positions. Not very useful with only one holding, but this might be a nice feature for users with a large number of positions:
Clicking on each symbol in the positions page brings up a menu that allows users to buy shares, sell shares, view a chart or get news relevant to a particular position. The symbol is auto populated and the action is set to sell but it would be more convenient if the share quantity was also set.
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