Registered: Jul 2011
10-31-12 05:40 AM
I am a student with $10,000. I just registered for an Interactive Brokers account but they will only let me have a cash account (no margin) because my income is too low to get approved for margin.
When I was with thinkorswim I had access to margin but the problem was that the $10 per stock trade was way too high given the fact that I was making $10,000 day trades so I never traded much on there (just used it for options).
What I was wondering was if there were any good brokers out there that would charge me no more than $3-5 per trade; hopefully less. I figure if I used margin then $3-5 would be an okay range though.
By the way, with $10,000 am I usually allowed to use $10,000 extra margin or is it $20,000 (for a total of $30,000 of stock)?
Please don't get on this thread and criticize my apparent trading methods. I am an experienced trader and I make consistent profits so I know what I am doing. Suggestions and advice only.
Thank you for your help. I will eagerly await your reply.