Rookie trader looking for new broker

Discussion in 'Retail Brokers' started by vinceb, Dec 19, 2005.

  1. vinceb


    I been with scottrade for about a year right now. I am looking for a better broker with fast executions and cancels with an excellent supply of shares to short.

    I dont mind 7 dollars per trade, but it sucks when you only get partial trades and have to lower or go higher on your order which you get charged again and again until the order is filled. I dont do market orders since I got raped on one before.

    I am looking for rates like mbtrading and Ib offers but not sure what is the best discount broker out there. I will have about 30 grand shortly to keep up my daytrading.

    Is there any brokers out there that I can day trade without the 25 k or having 2 accounts so I can do 6 day trades instead of 3?

    Thanks for your help guys.
  2. vinceb


    More information about myself :

    Major: Electrical Engineering(sophmore)
    Trading stocks since I was 12, got real serious about a year ago.
    Still going to school, only can trade 3 days a week full time.
  3. Oh God! To be 20 years old again and majoring in electrical engineering at Sam Houston Institute of Technology.......... ah yes, those were the days. Anyway, is the $30,000 you're talking about your tuition money or an inheritance? You may want to trade futures instead of stocks in order to avoid the "$25,000 rule". As long as trading doesn't interfere with your electromagnetics & feedback systems homework, keep juggling both. You can go crazy during Christmas & Spring Break.
  4. vinceb


    well good 15 thousand was earned thru my trading profits and working. I also bought a 25k dollar truck with working so much, I lost a good % of my arm because of a work injury which my settlement date is coming very shortly. I am hoping to get a portion of the money within a month or 2 and the rest within a year, I want to get a 40 or 50k account when it comes in and put the other 75% away into safe non risk area's.

    I am just studying the market and day trading the past 9 months, putting in at least 40 to 75 hours a week researching charts and other areas of the market. I am looking to do this as a part time job and hopefully maybe make a career out of this since I know many people who do this for a living and are living the life.

    Is there any cons about IB? I like Mbtrading since they have the level 2 , is that level 2 just nasdaq or nas,amex and nyse?
  5. vinceb


    I have nasdaq total view which is great, I dont have nyse/amex level 2 anymore which I used alot when trading the natural gas futures and natural gas stocks.
  6. vinceb


    trading doesn't interfer with anything, trading is more of a hobby than anything, I put all my things to do after 5pm while 8am to 4:30pm is just studying. Like jim cramer says, who needs friends when you can make money.
  7. GTC


    IB has a minimum $3 monthly fee minus commissions for the clients under the age of 25. However, the minimum age to open an account is 21.
  8. GTC


    IB actually has a minimum $3 monthly fee minus commissions if the client is 25 years old or younger. IB does not have additional IRA maintenance fees. However, the minimum age to open an account is still 21. In the mean time, you may want to look at the links under "University of IB" tab from IB's home page.
  9. mcelitetrader

    mcelitetrader ET Sponsor

    Have a look at some of the prop firms....some even have offices.....they allow you to put a deposit (3k-5k) and use the magic of leverage..some even have offices you can learn to trade.
    The fee structure pays out well and you can actively trade....some firms will allow you to leave positions overnight. With larger down payment you can dictate the terms.

    Just a thought. Check out my post under "prop trading comparison"