i understand there are many firms that let traders open accounts(day trade) with as little as 2k and give 10-1 margin.these are groups or prop firms? what are some in the ny/nj area. thanks
No, don't do this, it is just a scam. Forex brokers will rob you blind, in ways you are too inexperienced to detect. Save up enough money to learn stock trading. Stay away from the forex scammers. And $2K isn't enough to trade anything actively. If you try actively trading with $2K, you might get lucky and make money for a while, but you will eventually lose it all. You need to start with a lot more than $2K, otherwise you are doomed to failure.
hitman: 1) I partially agree with jimrockford: stay away from FOREX, it is a 24 hours window, nerve recking. do not know of anybody that made it daytrading the forex. However if you insist, google "the tunnel method" by Vegas. Unselfish trader that reveals his 1hour and 4 hour set ups for position trading the FOREX using fibonacci exits for target profits. Personally I used it and made good money. I closed my accounts twice and asked for the proceeds. Main reason i was waking up at 1 am. 3 am. 5 am etc. Not worth ANY money specially on the sunset of my life. 2) I disagree, partially with jimrockford. You do not need $26,000.00 to make money. $2,000.00 - $ 2,500.00 daytrading the mini S&P (ES) or the mini DOW (YM) will more than suffice. You may not lose it all, believe you me. When you trade any of these instruments you are trading THE OVERALL MARKET. No need to look at 5, 10, 20 or more different stocks, running filters and studies. The over all market is like a big ship, (it zig zags) but generally moves in one direction for a while, but your eyes are on ONE ISSUE ONLY. Besides you are not at the mercy of the greedy people that created and enforce the PDT rule. On futures you trade as often as you need. I do not know if you know what you are doing. If you do, the better. If you do not, here are couple of thoughts. a) There is another unselfish guy posting everywhere under the initials of TRO (THERUMPLEONE), google him too. He is a GENIUS programmer. I do not know if he has time to make money trading. But, this is one thing that I learned from him, one thing only: ....he preaches: DRAW YOUR LINE... buy above (green) short below (RED). hitman, find the studies that will give YOUR LINE, one of them: MACD crossover?, CCI above below 0?, .. probably you are familiar with dozen of this marvelous studies. b) if you seriously contemplate making money with $2,000 - $2,500,00 trading the minis (DOW, S&P not RUssel yet) go to this thread here on ET: http://www.elitetrader.com/vb/showthread.php?s=&threadid=76297 It was initiated by another unselfish character, apparently an Australian under the name initially of trader28 and now trader28lite, he sounds womanizer... nothing wrong with that, but since his trading hours are during the night (+8GST) maybe he does not have a chance to touch MrsTrader28lite on weekdays and boasting energizes him. Any how his: Simple Profitable Method thread is immensely helpful. He coaches people not to get out of the simplicity of his approach. Take one weekend to read it. By now over 380 pages. You do not need to read all of them. Skip many where a couple of PUNKS tried to create disorder. I you follow their setups you may not lose too much and HIGH probabilities you will make make a bundle of money, and in less that 2 years open your $26,000.00 stock trading account. Everybody knows the DOW30 and the S&P. Sure, they are trending up since August of 2006, but on daily basis fluctuate so much that you can buy or short whenever it crosses YOUR LINE and be flat when the market closes. After that you go with your life... whether is golfing, teaching, bar tending, neurosurgery roto-rooting.. or worse scanning at 9000 stocks! Hang in there. Best! mF
saxon22: Sorry Not you, the other one. Any how, I'm removing the word PUNK from my vocabulary. I will find the proper word for some one that tries to trash good threads. mF
I never heared of a prop with $2k min and 10-1 margin either $5k min with 10-1 margin or $2k min with 4-1 margin http://www.alliancetrader.com/ - $2k min and 4-1 margin for $5k min and 10-1 margin - most prop firms allows this. Echo, Genesis etc....