Watley is for active trading,I believe-several thousand per month. If you cant meet the 500 minimum and 10 bucks a trade is too much,maybe paper trade and study until you have a bigger stake to work with.
If you have less than $500.00 minimum definitely don't trade. The cost of commissions alone will kill you. Plus most of the top traders I know can do on average of about 60-150% return. 100% return (this is for top level traders that takes years of study to reach) would double your money. SO you would put in 1000's of hours to make $500?? Get a minimum wage job instead , make a lot more for your effort and put money away till you have a decent stake. rtharp
hey tradeRX apparently if I'm just trading overnight it's not considered daytrading. So I can still trade with a relatively small account. However, I think that IB is probably the best choice for an online broker that I will find. Thanks for all the information.
Littledrumerboy, Check out http://www.brokerageamerica.com They have free market orders but are web based, nothing like ib. But if you are swing trading and holding overnight positions this might not a bad broker to start with. Nick
hey thanks a lot it looks decent but I'm having trouble finding their rates (by the way that's brokerageamerica.com not brokageamerica.com)
Sorry about the typo....I'll edit the post .... They have free market orders and 5.00 limit orders. Nick
Is littledrummerboy a little boy? In that case, he cant get a min wage job! Heck, I first got interested in trading at the age of 12. (I couldnt meet the 500 dollar mins either) There was no IB back then, BUT IF THERE WAS!! Watch out! LOL A 1 dollar commish at IB on $500 would only be 0.2% of the account. Its like a 20 bucks with 10k. Pretty bad, but not impossible to work with if your holding 1-5 days. Good luck littledrummerboy!
hey thanks a lot NKNY. Oh and by the way I'm 15, making $5.75/hour at Mcdonald's. looks like there's a $1000 account minimum for cash, but I'll try to work on that. (Only have about $100 to invest right now)
Read it and weep lildrumboy... http://www.protrader.com/nl/07022001c.html P.S. Can you say...do you want fries with that? lol
um tradeRX no what I intend to do is not technically day trading. I am not buying and selling any one stock in the same day ever. I will make a maximum of one trade per stock per night. The new rule does not affect me.