For those who don't have 25K and want to daytrade, you can try QQQ options. It has two advantages: (1) small spread--5 to about 15 cents per contract (2) very liquid. If you have an IB account, it's only $1.95 per contract. As long as you don't trade too many contracts at a time, the commissions will still be reasonable. Of course, this doesn't apply to most stock options whose spreads are usually pretty wide.