Dude, you really need to lighten up with the name calling. 600k might be good enough for you. But it might not be enough for someone that wants to be a full time trader that wants to do more advanced trading strategies than you can. For example, MOO, MOC, layering buys/shorts, trading imbalances, etc require a lot of BP that most prop firms will supply. With 600k, you can barely trade 3000 shares of SPY or 1200 shares of AAPL. Thats nothing. And if you have one of those positions on you cannot take another trade if you see one (let alone 2,3 or 4 positions) . And if you are carrying a swing overnight trade you are then totally shut out of day trading that day. If 600k works for you that's fine. But don't call people names because they want to be a bigger and more professional trader than you. Lastly, rates at a prop firm are half than IB, and you have faster execution and access to so many more routes. Someone that says that rates at a prop firm are more than retail has obviously not explored the proper prop firm!
Duyle, The guy is either a trader wannabe or a failed trader. Either way it is useless to respond to his idiotic posts. Him implying that IB lets you take 6:1 home overnight is clueless. According to him with $100,000 in your account they will give you $600k of overnight leverage. So on Wednesday with BLOX trading at $33 you could have taken home 18,000 shares. Thursday morning the stock opened at $17....down $16 for a loss of $288,000!!!!! IB would be out $188,000. I think if IB had that type of risk management they would have been out of business a long time ago. A PMA account does allow increased overnight leverage, but usually only with hedged positions that usually involves options. Duyle, where do you trade?
I found most Youtube videos to be a waste of time. They're success or failures wont generate the same results. Even when following a strategy, you have to develop discipline as it relates to entry and exit points. Most retail accounts have training videos like TDAmeritrade or Etrade. These videos introduce you to various account types and how to utilize, their tools for each account. The best experience comes from virtual accounts aka Paper Trading. TOS with ThinkorSwim is awesome. You can practice 24/7 with that application, however the best time is during the Market. Treat that account as if it were an actual Live account. My average gain is about .0015 -.003% using a $100K balance, which averages about $150-$300 a day. However I'm using a mobile device to intra-day trade which isn't bad, for a 5 min. execution.
Ok guy time to name names. What prop firm gives 6 to 1 overnight and is cheaper than IB? And doesn't tie up my capital for one year? And is SIPC insured?
IB gives you 4:1 daily leverage and 2:1 overnight for Reg T account. Prop firms usually start from 20:1 daily and same 2:1 overnight.
All prop firms keep your capital for a year, they are required to do so. however they also all give better than 6:1 and are cheaper than IB. My firm gives me 30:1 intraday, and i pay .0005/share compared to IB's .005
How did you get such a low rate. T3 charges .0099/share. you are making me feel like I'm getting ripped off. On top of that, they keep like 30% of their trader's profit for beginners.