Is $5,000 enough to get started with trading?

Discussion in 'Professional Trading' started by icantoday, Jul 10, 2004.

  1. I have $5,000 that I can justify using in a new business venture. Is this enough
    to get started with day trading? If so could you please suggest a service I should start with (Ameritrade, Cybercorp,Realtick,Rediplus,etrade etc.)

    I would greatly appreciate your suggestions.

  2. Cheese



  3. yes, it is enough. i suggest going the prop route---- echo trade, greentree trading, or bright trading would be good places to start.

    they all have programs for undercapitalized equity traders. call each firm and see who you like the best AND who offers you the best "deal".

    best wishes,

  4. get your series 7 and goto a prop firm. 5k is enough and a prop firm will give you at least 200k buying power with it.
  5. MT27


    You need to go to a prop firm
  6. You have to go to a prop firm if you only have 5k. If you want to day trade a personal customer account you need at least 25k to start.(daytrading rules) If you go to a prop firm with the nasd than you have to get your series 7,63 and 55(equity trading lisence). If you go to a prop firm that is with the Phily all you need is your series 7(Why, I don't know). Just make sure that you can lose your 5k before you start. Because you most likely will. It is a hard business but definitely not impossible. You just do not want the fear of losing your 5 k while you are learning. So if that is all the money you have, I would suggest that you don't trade....only my opinion.

  7. Yes with Forex.

    Expectations- a good seasoned trader that knows what he/she is doing should expect to make up to a max of 5% a month from his/her capital, if trading correctly.

    Yeah, yeah...there are higher numbers and there are total blow outs too...

    Michael B.

    P.S. There is a sponsor here named Alliance Trader for equities. I do not know much about them but you might check into it. However their commisissions are way too high for successful scalping, but they permit daytrading with 5k, not 25k.
  8. You have 2 choices,

    1) Swing trade, no more than 3 round trips per 5 days (check on that) until you have at least 25k in your account.

    2) Las Vegas, free drinks too! (Forget the prop firm, 5k is too small, you will lose it in a couple days and NO free drinks!)

    Option 1 is your best choice
    Good luck
  9. lindq


    With 200K buying power, no experience, and 5K in equity, he'll be lucky to last a week.

    Ridiculous suggestion for someone just getting started. He'll never survive the learning curve.
  10. Try a mini forex account (10k lots) or at Oanda which has no minimum size order.

    Never trader anything but forex so I am baised.
    #10     Jul 10, 2004