Hi, friendly traders. am new and I need some good advice in picking a good platform and broker. I have about 7,000 to start. I have be looking at TRADEPORTAL. www.tradeportal.com It seems like a great deal. I am trying out their software for 30 days. And also CyberTrader. but the platform "CT" seems a little difficult. I use to swing trade, and used scottrade. Now I am interested in day trading since am out of a job. What you guys recommend? Thank You...
perhaps I misunderstood what you wrote but: I'd say if you are unemployed and only have 7000$ you have no business trying to trade.
try out ib...nobody so far has been able to make a case for a better broker...difficult to become accustom to da platform but very, very fast execution'n'only broker out there with a way of routin' orders that expose u to prices inside da mkt; read 'bout it on da brokers review section here on et'n'make up u mind. nice handle by da way
But 7,000 is what I made of my swing trading since Feb and I starde with 1,500. Just want to try day trading, and why not...Reasons?
well, then da broker u are considerin' won't do, commish are gonna eat u alive...u need a deep discount broker to daytrade'n'with so little cash, not a flat fee one'n'remember u have to pay also exch fees if u sign up for that tradeportal...again, read da reviews on top left of et page
#1) if you cannot come up with some obvious reasons for my first post, I think you seriously need some time to think things through a bit. #2) why do you think day trading offers you more than swing trading does? #3) why are you looking to change strategy if you are generating 400% gains in under 3 months,anyway ? #4) how does becoming unemployed inflienced your decisions. If the answer truly is none then you would have been satisfied with quitting your job and using the 7000 as start up. why didn't you?
2 points... 1) $7000 is not suitable for daytrading in the USA... PDT (Pattern Day Trader) rules mandate a minimum $25,000 account. When PDT rules are breached in a small account, the day trading game is over. Start here if you don't know about PDT... http://www.sec.gov/answers/daytrading.htm 1) Bitstream is 100% correct regarding commissions. A good commission structure for you is determined by your trading style. Given you have only 7K, my guess is you would be trading only a couple hundred shares, or less. Find a broker that has reasonable commission for that. I'll give you a hint... if you pay more than 2.50 to trade 200 shares, you're overpaying alot! BTW: the 2.50 figure is just a hint. Good luck
No offense or anything, but you obviously didn't do enough research. You cant day trade with less than 25,000. you said that you used to swing trade?. Why not swing trade and keep your job at the same time? You want reasons?...here are some. http://money.cnn.com/2000/08/09/investing/q_daytradewhere/ http://money.cnn.com/2000/05/23/investing/q_tradingvolume/ http://money.cnn.com/1999/09/01/investing/daytrade_dayinlife/ http://money.cnn.com/1999/09/01/investing/daytrade_class/ - nathan
WRONG. The standard daytrading firm deposit requirement is 5k. That's not saying you'll last long with that - but 25k is not the min.