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Old Oct 31st, 2012, 12:40 AM   #1
locussst
 
 
Join Date: Jul 2011
Posts: 3
Hello,

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.
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Old Oct 31st, 2012, 02:15 PM   #2
locussst
 
 
Join Date: Jul 2011
Posts: 3
I found a couple today that looked intriguing: mainly OptionsHouse. Please let me know what you think of this one. At $4 it seems reasonable.
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Old Oct 31st, 2012, 06:00 PM   #3
Wide Tailz
 
 
Join Date: Sep 2011
Location: California
Posts: 1,865
I used Tradeking for a couple years for options. $5 / trade + .65 each additional option on the same underlying / day.

It worked fine; too bad my trading sukked
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Old Oct 31st, 2012, 08:25 PM   #4
nursebee
 
 
Join Date: Jan 2009
Posts: 417
Many college students would be familiar with INTERNET SEARCH or product reviews of brokers on favorite sites. Are you?
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Old Oct 31st, 2012, 09:16 PM   #5
Tonkadad
 
 
Join Date: May 2002
Posts: 672
Quote:
Quote from locussst:


I am an experienced trader and I make consistent profits so I know what I am doing. Suggestions and advice only.
How long have you been an experienced, consistently profitable trader?

For what you are asking, something is incongruent. Last time I checked margin was 4-1 for stocks. With only 10,000.00 you would fall under the PTD rules.

You are either messing around here or a newbie.

Come on who is this?
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Old Nov 1st, 2012, 01:10 AM   #6
ScalperJoe
 
 
Join Date: Mar 2010
Posts: 643
Quote:
Quote from locussst:


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.
Trading platforms are subjective. The "best" for one may not be the best for another.

Regarding fees, you may want to check out these brokers:

http://mbtrading.com/commissions.aspx?page=Stocks

https://speedtrader.com/Fees_Commissions.aspx

http://www.lightspeed.com/?page_id=5061

Remember though, if you're trading stocks and get flagged as a pattern day trader, then you'll need to place 25k, not 10k.
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