Well, I've been reading posts here for sometime and decided to post because I need some help..I'm young (21) and I want to get into day trading (eventually) but all I have to invest right now is about 300 dollars a week. For active trading I need at the very minimum $10-15K right? Would investing in an ETF on something like Sharebuilder be a decent option? Thanks in advance for the help.. -Kyle
You need 25k min to actively day trade, its the law. If you don't mind holding your positions overnight, then you can start with anything. Sharebuilder is for kids, if you have less than 25k start with a discount broker, like TDAmeritrade or Etrade. When your ready to daytrade, then their are other companys that you should look into.
You could consider futures, like YM (mini dow), ES (mini s&p 500) or NQ (mini nasdaq 100). Day trading rules don't apply to them.
I mentor at times and suggest to not start with less than $ 5,000 or more than $10,000. No matter how much money you have available.
Curious to see why you give that advice? I started actively trading about 4 months ago with $300. I brought that up to 400 and back down to 237 in just a few days. I learned a huge lesson. A month later it turned in to 739. I then transfered another $1000 in to my account and now have 3457 to be exact. I am 21 myself and recieved sort of the same advice from others when I first wanted to start. I think out of 10 people I asked maybe 8 thought it was a good idea. I agree that you should be careful with how much you put in at first. I would recommend less starting out. You will be blown away with what you learn in just a few days, and I can promise if you start with less you will be thankful that you didnt make the mistakes you will with a large sum of money. Try it out if youd like, you know yourself better then anyone else, and its your money. Be responsible for your own losses/gains. The forum is a great place for information, but by no means a place to give you the answer on where to put your money.