Just wondring how many other traders out there are being inconvienenced by the SEC NASD Rule which states that you cannot execute more than 3 day trades within a 9 month period. This rule has been forcing me to make bad decisions, because I would buy a stock the day before, just so I could have something to sell the next day. By the way, I just recently opened a trading account with IB, and in my first week of trading, i've lost 10% of my capital. Since then, my trading privleges have been suspended by IB until tommorrow (5 business days), since I gave them an appology and promise I wouldn never do it again. I know, this is pretty sad. I failed to use risk and money management, and the results show. Anyone else in the same boat as me?
how much money do you have to start? have you looked into a prop firm? You can look at the broker ratings and see a few listed there.
I'm starting with 6k, leveraged. It's not what people ususally start with, but I just wanted to get my foot in the door.
so you have 6k of your own money or 1500 and your getting 4:1, i don't think you can get the 4:1 lev from IB unless you have a 25k min for equities, i'm not sure on that i only trade futures w/them.
i have... i mean had $3000 of my hard earned money in the account. IB gives a 2:1 margin if you have under $25,000 in your account. Since my start, I have lost 300 dollars, which over 5 business days equates to 60 dollars a day.
you had said leveraged, i though you ment something greater than the normal 2:1 margin. with 3k or 6k on margin you could look into the eminis, but only trade 1 contract at a time, or you could call some of the prop firms and see if you can get more leverage w/only 3k, i don't know if any will give you much more than 4:1 you pretty much need 9 or 10:1 to get out of the pdt rule, futures there's no pdt rule, but you're still underfunded
IB wouldn't be your broker, whoever the prop firm is, is your broker, they offer you more leverage, you make the trades through their sortware and clearing firms, if you do get on w/a firm and only 3k you're not going to get the best commissions in the world, and you'll prob have to pay monthly software fees, but you'll get the lev. you need, if you only have 6k now on margin, then i can almost guarantee you'll lose it all. my advice would be to look into a prop firm or trade futures if you no anything about them. it sounds like you are new to trading, do you know anything about tech analysis?
Yeah, i've read some books about TA. I know about breakouts, resistance and support levels. I think that bottom feeding (buy at the bottom of a cycle and sell at the top) suits my personality.