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milemke08
Registered: Jun 2012
Posts: 10 |
06-30-12 09:19 PM
I'm a college student that has recently developed a HFT strategy and am in live testing stages right now. So far things have been going well and as I get ready to proceed into live trading I'm looking at different brokerages and have a very simple question: Are there any reliable brokerages that have a minimum amount of less than $10,000?
As a college student that's a bit out of my range right now, so I'm just looking to see if any other ones have decent service with a smaller minimum requirement. I understand you get what you pay for, so if anybody has an opinion of the brokerages they tell me about that would be most appreciated. Thank you.
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Zr1Trader
Registered: Dec 2010
Posts: 1536 |
06-30-12 10:25 PM
If it is too HIgh frequency , you will get eaten alive by commissions and slippage with your live account at the novice retail level., It's how brokers make their money. You need to have co-lo server and be an exchange member/lease for that kind of thing.
AMP has min 500 dollar account opening,
oanda you can start with any amount,
My suggestion would be to start an account at oanda with $100 and treat it as if it were a million. Do this for at least a year or two until you stop blowing the account up. Then progress or asses your commitment from there.
best
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oldtime
Registered: Jun 2011
Posts: 7286 |
06-30-12 10:40 PM
Quote from milemke08:
I'm a college student that has recently developed a HFT strategy and am in live testing stages right now. So far things have been going well and as I get ready to proceed into live trading I'm looking at different brokerages and have a very simple question: Are there any reliable brokerages that have a minimum amount of less than $10,000?
As a college student that's a bit out of my range right now, so I'm just looking to see if any other ones have decent service with a smaller minimum requirement. I understand you get what you pay for, so if anybody has an opinion of the brokerages they tell me about that would be most appreciated. Thank you.
you'd get better replies if you'd be a little more forthcoming on what it is you are trading. forex? stocks? eminis? options? bonds? other?
nothing wrong with not being able to meet the 10k min, and even if you could that's not enough, but there are ways to get around it if you can trade small enough.
IMHO, the number 1 reason for falure is undercapitalization.
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oldtime
Registered: Jun 2011
Posts: 7286 |
06-30-12 11:04 PM
Quote from milemke08:
Right, I can't believe I forgot that part; stocks, I'm trading stocks. Sorry about that.
yeah, that's a rough way to go. Talk to Don Bright, check into prop. Very difficult to trade stocks independently. Plus, with less than 25k you are subject to the ridiculous pattern day trader law.
I would reccommend you give up looking for a broker and start looking for a prop firm.
There are just as many scumbag prop firms out there as there are low minimum brokers, so I know you know to be careful.
Talk to Don, he posts here all the time and he can give you some ideas about your options.
otherwise, see if maybe the same stock strategy you are using would maybe work for futures or forex, then a whole new wide world would be open to you.'
good luck
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