thanks omniscient. well I would like access to level 2 screens but I can live without daytrading until I can save up
I too have been pulled in by the message board spam on yahoo and did a search on harmon trading. They're claiming PDT without the 25k and afaik it was nasd regulation so how are they able to get around that?? 2-to-1 margin would even be good enough for me at this point since the most important factor is just getting around the 25k PDT. boiler room???
Alright I actually read through the website and understand how it works better now. It makes me very afraid
Did anyone read the commissions... WTF. Jesus, Ameritrade is a better option than that crap. Although they might have better software, they still charge you for it 125 a month and 10 dollars per trade. Laughable. I feel bad for anyone that is trading there.
they look to be cool though. i still wouldn't join, sounds like a blowup waitin to happen. guess they're brand new, didn't see when they established themselves.
I understand the 125 is waived after 20 trades a month. Figuring each day trade is 2 trades, that's only 10 daytrades. Figuring who their target is, it's not bad at all. 3 daytrades a day, figuring 22 weekdays a month, that's 66 trades, by 9.95 is about $657 a month. If you're able to turn even say $30 a daytrade on average (compensating for the losses on some of them of course), minus the about 20 for commission, that's 10 a trade. Figure 66 times that is $660 a month off say a $2000 account open, that's 33% in a month. Not too bad I guess Also, about these partnerships blowing out, what exactly happens in that event? Everything goes bye-bye and they walk away rich? How does it end up?
Yeah well when I can list probably at least 10 plus places where you could get at least half of those commissions and costs with no volume requirements, it doesn't sound so amazing anymore. But then again, we are talking retail here, but I could still list a few retail places where you can do it cheaper.
skirting the PDT rule in the USA is a fruitless effort..... Why not Retail Forex? Besides...you can tell people you are a currency trader...