I day trade stocks with a direct access firm and am looking for a firm that will allow me to hold positions longer term than just intra-day (anywhere from a few days to a few months). I don't have enough to open a retail account and satisfy the PDT rules. (I have about $5,000). Are there any good firms that I can open an account with that will give me leverage and allow me to trade longer term than intra-day? If so, how are they set up? I have had trouble finding any because most of these firms just want you to come in and churn your account everyday. They probably wont make much off me if I am holding stocks a little longer term. Any advice on where I might be able to find what I am looking for would be much appreciated. Thanks
Is it possible to get any type of overnight leverage from Tradestation or IB, coming in with only $5,000? Thanks
TS&IB - Only reg-T: 2:1 overnight, 4:1 intraday. I'm not sure which prop firms would take $5k min. I'm not trying to rain on your parade, but undercapitalization puts the odds in the favor of a blow out. Your best bet may be to save up for $25K and then go to a prop firm ...
Which prop firms give you a hassle about holding overnights? I've only traded at two of them, but I've never had a problem with this. That's just lame. If you are a trader, you trade. If holding overnight can make you money, what does it say about a firm that won't let you? They are making money off of you and should be there to provide what is needed to help you be profitable. As long as you have the cash to back it up, you should be able to do anything you want.
The amount of leverage should be reduced for overnight positions ... too many things can happen. But you have to be free to have a minimal position overnight, I would think.