best prop/llc in new york city?

Requiring $30,000 minimum to open a trading account is rediculous.

They just want your cash, the more money you have deposited the more you trade and thus more commissions and more spread in the interest and they get to use your margin that you don't use.

 

You need $25,000 to avoid the PDT rule. Would you like them to open an account with $25,001?

 

longhorn,assent requires 30k if you are not licensed(i believe). is this the case or will they take less?

 

30k is the minimum for a retail account due to the PDT rule.

 

why don't they just raise it to 100K to protect the customes.

they just want your money.

 

You cannot daytrade a retail account with a balance below 25k. Therefore you have to open an account with an amount that provides a reasonable cushion in front of that 25k. If you just had 25k as soon as you place a trade you will be below 25k and unable to trade. 30-35k gives you 5-10k buffer. Most firms used to require 50k minimum for daytrading accounts. So actually its come down.

 

It's an SEC rule, not the firms rule.

P.S.-- You sound like a real piker.

 

Thats not true. Only if your trade loses money will u be in trouble. IF your trade dips below $25k, but then hits above $25k when you sell, you're fine.

 

Yep, that's the hard part, making sure your stock pick goes back up, LOL.

Don

 

or down. Some of us like to short.