Thanks Virgin! I'll look at eminilocal. I use Global and pay 5.50 RT total, but I had to work them for that rate.
Is $5,000 enough to get started with trading? Your answer to my question will answer your question: Will $5,000 loss hurt you?
---------------------- Interesting. I notice that http://www.alliancetrader.com is a sponser of this forum and that they have a "not intended for U.S. citizens" disclaimer beneath their ad. I was unable to find any information on their site regarding that disclaimer, therefore, are those of you using them residing in the U.S? If so, I wonder how long before the SEC steps in and tries to shut the practice down. All in our good interest of course! st
I use http://www.alliancetrader.com and I have asked them about that US persons statement. They claim they cannot direct advertising toward US people because they do not follow US rules. They say they have spoke to both the NASD & SEC and what they are doing is completely legal. They will accept US clients, as long as those clients find them. They just don't "target" their ads toward US people. I and several of my friends are all in the US and we use them. I've had an account there for months and have had no problems so far.
Add me to the list. Happy to be a client of theres. As TraderRuss said they don't cater to US citizens but they will take you on as a client. In the end you are responsible for your P/L accountability with the IRS since they don't report to them.
I am not sure if people have said this but $5000 is not enough for a new trader. You would be better off spending it somewhere else. If you want to learn how to trade you are better off with $20-$25,000 and joining one of the rooms like Woodie or Marketshaman. They will help you learn the trends and help get in or out of the market. If you do want to trade with $5000 and want to trade futures the $5 dollar Dow is a great market to start with. A small tick and some good volitility.
Commissions are not quite impressive.... And misc. fees are horrible ... When does it make sense to use this broker? How about insurance? Are they insured? Where else are they different than Greentree and others in this area?
Agree. But the newbie needs to research. Study and study. One lot only for token trading. Make one loss: stop trading for the time being. Now more study.
The simple hard cold truth is you cannot trade with $5,000 and make money. You will lose the 5Grand. My opinion has always been: My rules of "daytrading" Must have direct access screen Nothing but equities, anything else is a suckers game. The small trader cannot compete. Moderate liquid equities offer the best imbalance for the small trader to take advantage of. Indices: You are trading against computers the size of a Buick!! Commodities: Do you think you know more about a product than the companies that actually use the commodity. Metals: See commodities Must live in US. Any where else and you are out of the "flow" of the game. Don't understand the nuances of the market. Now, if you actually learn something then the $5,000 is a cheap education for a very rewarding career. Compare to college cost!! SteveD