Just a simple question, looking for some feedback. What are the minimum daytrading requirements for people without a series 7. Is it 25k everywhere? Or do some places offer different minimums? Thanks in advance.
Curiosity, was wondering if different firms offered different deals, and the importance of having a 7. Also if there were places were the 25k was not required without the 7.
25K is the standard for daytrading accounts. You cannot get away from it. Realistically, with less that 25k your chances of daytrading success is between slim and none anyway.
that's typically the same argumentation that those who loose and still buy ( or sell ) to have an average price better than they have then loose yet.. until they don't get money.. if u want to succeed open an account that allows u to trade one contract ( 5000 $ or less). if u can't manage to make money with 5000 $ trading one contract you thing having 5000000... $ will help you? oh yes at least will have another turn .. but don't lie to yourself or else u'll get wipped out. if u're not ready to trade then don't. work on your plan then trade ur plan with the minimun. overnight trader needs margin but a day trader don't ( not so much actually ).. well that's my vision of trading.. maybe not your's but if you are an objective person then that should be obvious. hf
I was speaking of having enough capital to live on. Trading with $5k till you get to 25k would be a good plan if you have other sources of income. Still more is better. Comm. & slippage becomes less (% wise) as you move up to bigger positions sizes. Your point on money (and risk) management cannot be stressed to forcefully. I have seen few traders wash out because they are bad stock pickers,... it is usually because they are bad money & risk managers.
I was speaking of having enough capital to live on. Trading with $5k till you get to 25k would be a good plan if you have other sources of income. Still more is better. Comm. & slippage becomes less (% wise) as you move up to bigger positions sizes. Your point on money (and risk) management cannot be stressed to forcefully. I have seen few traders wash out because they are bad stock pickers,... it is usually because they are bad money & risk managers.