Did anyone else get an email about 2 or 3 months ago from some brokerage that was offering 10 to 1 margin? Some of you must have. I just took a quick glance at it and it seemed legitimate and interesting and I saved the email but now can't locate it. Ha. I don't recall if it was a prop firm or not but I don't think it was so I'm not sure how they dealt with the PDT rules. It wasn't from http://www.alliancetrader.com. And also I remember one catch was that you couldn't hold any position overnight. It was an all day trade offering. Seems like I looked at their site and it seems pretty good. I'll let you know if I find it.
I found the email and it is from a prop firm. It's Mondevert Corporation under Northwestern Trading. http://www.northwesterntrading.com/brokerage/proprietary.htm I'm going to look and read this and see what the deal is. Anyone have any direct experience with these people or heard anything about them? Thanks. The email says: Mondevert Leveraged Trading Services Equity Trader Instantly gain access to 10 times your capital in Intraday buying power for all equity trading of NASDAQ and Listed stocks!! Start daytrading with as little as only $5000 with no trade restrictions. -------------------------------------------------------------------------------- INCREASE YOUR BUYING POWER!! If you're tired of restrictive buying power rules and don't have $25k to open a daytrading account, Mondevert has a solution. With only $5k, you can begin trading intraday with as much as $100k of buying utilizing today's latest direct access trading platforms! Choose from multiple trading platforms, account types, pricing plans, and set up your trading account in less than 4 business days with our efficient client representatives. NO SETUP FEES No Setup Fees for a limited time! Learn more about Mondevert's Leveraged accounts! -------------------------------------------------------------------------------- Sign up for a Mondevert leveraged account by July 31st and receive a FREE 1 year subscription to Active Trader magazine + 10 TIMES intraday buying power! Sincerely, Mondevert Trading Program Northwestern Trading Group -------------------------------------------------------------------------------- email: info@northwesterntrading.com phone: 866.527.6388 web: http://www.northwesterntrading.com/brokerage/proprietary.htm Northwestern Trading LLC is not a registered broker- dealer, but rather works in coordination with fully licensed broker-dealers, SIPC-insured clearing firms, and private trading firms to provide licensed and non- licensed clients with access to career trading programs and direct access trading capabilities. Our firm and our network affiliates strongly recommend that all clients fully read and acknowledge all SEC risk disclosure statements available on our site and our affiliate broker-dealer websites prior to engaging in any live trading activity, and acquire a solid understanding of the risks inherent in active "day" trading.
I just registered to comment on this, even though its kind of old... I started off with $1,000 through Alliance about 2 weeks ago, and made a 10-20% increase in profit every day so far (this would be a compounded increase). Not sure if I am lucky, or what the deal is (I bought a few penny stocks, some of which went up from $1.10ish to nearly $1.80 per share in as little as 10-15minutes! - This has always occured just after NASDAQ opens, with little activity in the penny stocks there-after), but from what I can tell, these kind of returns are pretty rare. Anyway, it seems to me that with a little luck and some knowledge, someone with <$25,000 shouldn't have a problem - It's when you get below $1,000 that things can get tricky (still profitable, but to a smaller degree). So anyone out there with <$25,000, don't get discouraged!!
Thing is, they know you are a beginner and let you have a few winners. Like a casino letting you win at the slots for a while. As soon as you mortgage your wifes wedding ring or your mothers house, its game over.
What do you mean "let me have a few winners"? There is no way they can manipulate the stock to "make me a winner", unless they were doing some inside job... Even then, they would not just "let me have" a couple thousand dollars, even at the expense of keeping me as a customer. My objective is to reach $25K to $30K, which with my track record, shouldn't be extremely long - Then I can switch over to a U.S. based day trading firm and play by the "rules".
I'll let you know... My projected goal is 40-60 business days starting out at a base of $1K (other monies are banked). At 5-10% gain per day average (which I don't think is out of reach), this should be feasable... Here is how todays trades went (I log all of my trades in a notebook): NOTE: All of my trades invested all of the $1000 in the stock, or rounded off, and include the price AFTER fees have been applied... ~9:30 Started off and bought STKR at $1.18, sold at $1.18 (wasn't moving): -$14 in fees ~9:45 Bought DFIB at $1.53, sold at $1.91: Made $178 ~10:10 Bought KBAY at $17.40, sold at $18.15: Made $34.75 ~10:20 Stopped trading, since I figured my luck would eventually run out. Not too bad if I do say so myself... I have also noticed that all of my "good" trades are made before 10:30am... Let me know, please, as to what people think reasonable daily returns are (in percentage)? I have only been trading for 2 weeks, and have had pretty good success (without any of those "get ritch quick classes" which promise to teach day trading) - Maybe luck is/was on my side, but I am still interested in knowing...
LOL Would have been nice to do it with $100K rather than $1K... But I am only 19, and had to quite work a little while ago due to a back injury. $1K is all I have to work with, unfortunately.
Keep playing with those penny stocks. One wrong move and back to Mikey D's you go. I'll take fries with that too.