Maybe. But aren't they going to charge 200-300 a month in fees? And are they really going to give a newbie 10 to 1 leverage while someone trades from home?
not all charge the monthly cost of capital fees. i found 2 so far that didn't, one gives 10 to 1 intraday and 2 to 1 overnight; and the other gives 5 to 1 intraday with no overnighters.
Borrow from a credit card. There is plenty of 0% apr cards out there right now. I just got one (Capital One) with 0% apr till Oct 2004 with a credit line of $10,000. Get two card like this and your problem is solved. Frank
Frank is right. I also agree with Kicking, the PDT rules forced me to learn about the Single Stock Futures. Combine those two if you can, and I think you can do well.
Two thoughts.. The easiest way to legally evade the PDT is to leg pairs. For instance you buy GE but take your profit or loss by selling HON. The next day you unwind. In options it's even less risky. For instance you buy puts. If you want to liquidate that day you merely sell another strike creating a put spread. The next day you can leg out and hence no "day" trade. As for setting up multiple accounts. Although it would be difficult to enforce, my feeling is that the SEC could cite you for knowingly violating the PDT.
Looks like they've created a lot of rules like PDT and uptick to supposedly protect the little guy, but in the process forced the little guy to take on larger risk in order to do what they need to? It almost sounds crazy doesn't it? Best Natalie
hmmm Natalie, seems a few of us were saying that about 8-9 months ago. Honestly, stay away from the Options if you're in this financial class of people. Positions only have to be held overnight to avoid counting as daytrades. But check out the Single Stock Futures, you can trade them as often as you want all day long without restriction, and you get 5:1 leverage. Much the simplest solution to this obstacle.
if you have limited trading capital like $5000 ($10000 with margin) trade only stocks $5 - $10. When stocks begin to do bigger range again (next month) an $8 stock can give you .30c on 1000 share= $300. Wait for the strong performers and do 3 daytrades a week= $900. If you have a night job you can accum your trading profits to increase your account. But, pick only the 3 strongest breakouts for the week and keep tight stops. Dont get dipped out, get in after the dip, on the up hook.
Yeah - they're slowly becoming more liquid as well. Maybe more people are cottoning onto them? best Natalie
As if trading isn't hard enough You want someone to borrow 20K from credit cards so he/she can avoid PDT rules Now they have to worry about becoming a profitable trader plus worry about paying off this debt before the 0% apr expires then being hit with say a 19% default one Let's say Oct 2004 comes around and that 20K is all gone due to poor trading more likely then not Then what? Bad idea! Don't trade with money you don't have