Hi newbie here. Is it possible to start a day trading account for $10k? I see most brokers wont let you day trade for under $25k account capital. If there is one, are there any recommendations?
regulations wont allow you to trade with less then 25k. For more info on that google pattern day trader rule. Your options are to save up something like 50k, join a prop shop (you can trade remotely as well) or day trade different companies through the week. PDT rule doesn't allow you to buy/sell more then 3 times in the same company in one week as far as I recall.
You can day trade futures with less than 10K. I heard Optimus was good. The account opening minimum there is 5K. I've been using Interactive Brokers. I believe the account minimum to open at IB is currently 10K.
Under $25k you will need to look at trading futures or forex. I use Open ECry for futures, not sure about a forex broker. http://www.openecry.com
Apparently, IB will allow daytrades and restrict the 4th opening transaction within a rolling five day period for <25k accounts, so you don't get auto-flagged as a PDT and get your account frozen for 90 days. Here's a link for the description: http://www.ibtradersu.com/en/p.php?f=margin&p=dt&ib_entity=edu
why do people want to daytrade so little money? you buy at best 1 lot of stock to trade. how will you profit doing that?
I agree - buying so little shares of stock will have a small impact (unless the goal is to practice small first). As for taking that $10k and trading futures or forex, it's not small by any stretch.
Because they don't have any money. Every out of work unemployed loser will be drawn to laying on the couch and day trading in their under wear. The markets do need fodder for the cannons however.