I've been trying to get into day trading for a little while now but ever broker I go to has a minimum balance of at least 5000. Can anyone recommend a direct access broker that has a minimum balance of 3000 dollars or less? Thanks. Hopefully I'll be spending a lot more time around this site and will get to know you all a lot better.
MB Trading is direct Access and only require $1000 to open a account. but you mentioned day trading and to day trade, if you fall into the pattern of a day trader you need at least $25,000 this rule is set by the SEC and applies to every broker. http://www.sec.gov/answers/daytrading.htm
Thanks for the info. I was looking at thinkorswim but if MB truly is 8.95 per trade for penny stocks then tat beats out thinkorswim's rates. I may just have to open an account with them tomorrow. Do you know if they use the T+3 settling deal on cash accounts? Also I noticed that MB words their definition of a pattern day trader differently than I have seen elsewhere. They say: "Pattern daytrading accounts require a $25,000 minimum balance. Pattern daytrading status is assigned to margin accounts which execute more than three (3) equity or options daytrades within five (5) consecutive business days." My understanding was that if you made four full trades of the same stock in any five day period then you were considered a pattern day trader. However it sounds like MB considers you a pattern day trader if you make three day trades in a five day period regardless of if its the same stock or not. firna.org says the following: "The rules adopt a new term "pattern day trader," which includes any margin customer that day trades (buys then sells or sells short then buys the same security on the same day) four or more times in five business days, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period." This sounds exactly like my understanding of the rules. Which definition should I go by? I know that this is off topic from my original post. Sorry about that.
A forex mini account can start with as little as 200. But if you're starting with such a small account trading futures, you will get a margin call after one or two bad trades with the current volatility. Or worse, wiped out. I highly encourage you to think twice about what you're planning to do, and why. If you want to blow 3 grand, I hope it's not important money for your family, etc. Unless you're a pro and have been trading for years and just need to get back in the game, please take a step back and learn more about the mixture of leverage and volatility. Maybe take that money and invest it into starting a small business. I would hate to see you blow it.
I have a fair bit of experience trading stocks. Right now I don't know enough about trading futures to get into that. This is money that I have set aside for this specific purpose so if I were to do something stupid then I wouldn't get in trouble financially. Thank you for your concern though. It is truly appreciated.
################### AMTD,OXPS,TOS all public noted pure agents .,with direct routing and level 2 quote . OXPS offer 0 account minimum Canadaian based Questrade and possible TOS Canada offer possibility to trade against PDT rule with 2000$ MBT involved in trading against client interess ...
Are you sure? i thought TD Ameritrade, OptionsXpress and ThinkorSwim are Retail Brokers that are the ones that trade against there clients and i never notice on there site that they state they are direct access. MB Trading clearly states its Direct Access meaning they just do the order they get nothing out of the buy/sell price you get. Am i correct in my understanding? Im pretty new to the trading scene so i might be wrong but still wondering.
Are you sure? i thought TD Ameritrade, OptionsXpress and ThinkorSwim are Retail Brokers that are the ones that trade against there clients and i never notice on there site that they state they are direct access. MB Trading clearly states its Direct Access meaning they just do the order they get nothing out of the buy/sell price you get. ******************************* They all have direct access ,but by OXPS you must ask to set it ,it is without charge. check 10-k source of income by SEC www.sec.gov and ask SEC about is broker xxx pure agent of principal or not Read client agreement . As example MBtrading stated "... Company undertake proprietary trading acitivities " But MBT -Steve (owner) lies on ET that pure agency (was discussed before) AMTD is pure agent after selling interess in NITE . AMTD,OXPS,SWIM are pure agents in relation to SEC instruments stock and options .About future ,which are offered by OXPS and SWIM and forex from SWIM to date knew not AMTD clear throguh AMTD ,OXPS through Legent ,TOS through Penson Better to open 3 account with 2000$ as one with 6000$ OXPS and TOS offer real time paper game simulator Am i correct in my understanding? Im pretty new to the trading scene so i might be wrong but still wondering. Ask SEC e-mail by www.sec.gov P.S. never notice on there site that they state they are direct access. MB Trading clearly states its Direct Access meaning they just do the order they get nothing out of the buy/sell price you get. Direct access and pure agent of principal are different things Pure agent this ,which have no proprietary trading desk,account and not income from proprietary trading activities not direct ,not through affiliate IBKR is market maker through TMWD ,it is not pure agent .