Hi guys, I have less than 25K in an account that I want to use for day trading. Problem is, as all of you guys know, the rules will not let me do it. I was thinking that a foreign broker might allow me to trade less than 25K that is reasonably reliable with decent commissions. Does anyone here know of anyone that they would recommend? I know that most of you guys have a ton more than 25 but maybe you know of a company. Canor
http://www.whselfinvest.com/en/index.php Don't know wether they serve US customers... Have you considered futures ?
Look into a proprietary trading account to bypass the pdt rule. Put up 10k or so. Check with a firm like Genesis or Echo.
Just remember that your money is not SIPC-insured with those solutions. If they blow up or just decide to run away, you don't have much recourse.
thank you for the responses. It does worry me that it would not be insured but with such little money it is not gonna kill me if they do close up shop or run away. You guys are very helpfull thank you very much.
I remember reading about one offshore in Jamaica, can't remember the name, it was 6 months ago here. Check under brokers or post a thread about it, some one will remember. Don't know about insurance, but I think they meet your capital requirements.
The only broker I know of that allows day trading under $25k is Alliance Investment Site: http://www.alldaytraders.com My buddy has used them for several years now. They give 4 to 1 intraday BP and the let you trade as much as you want. I think the minimum equity they require is only $2k. Check the site.
You are safer going with a US based prop. firm than you are some offshore fly by night. Bright trading might be a good place to look.
I've been using http://www.parexgroup.com/ for last 1.5 years, no problem with 25k rules, they based in Latvia, I don't know minimum amount $$$ on account but I had sometimes $3-$5k and had no problem, 1:4 leverage was available. Alex