You're pretty much out of luck if you don't have $25,000 for a PTD account. Unfortunately there's this misconception that if you don't have $25,000, you should use futures. Sure they'll let you open an account for as little as $2000, but the leverage is really nasty. After taking five losses of $150 a piece, you'll see what I mean. Best bet is Forex. The volatility is lower but so will be the damages as you get your style down.
Just put your email on the meetup sheet. It will be a few more weeks. Nothing to sell. oh..and..sure.. Regards, Harvey
Just to confirm, in this trading room will you be trading live or in sim? @FlashGordon @Handle123 @Redneck
If you are making 40% day trading futures paying retail, you are having a losing year, commissions alone is going to force you to make at 100% based on six trades each day on $5k account, if you have less funds, then even bigger percentages. And those who trade forex will say they pay no fees, what a joke if you have more than 1 pip spread, forex has made a colorful way of sticking it to most, and gullible people don't see it? My goodness, and these people vote.
OP, this is idiocy! Return that money immediately! If you're going to borrow to trade, at least be patient enough to build up your credit rating so that you can get a loan at a decent rate. I don't know what the system is in the USA, but here in Canada, with a good credit rating you can get balance transfer rates at 1% fee, 0% interest for 6 to 18 months. You can also qualify for lower interest lines of credit at less than 10%. I'm not a wealthy man, but between 6 credit cards, I have over $24K of balance transfers at 0% that I am trading right now in a margin account with 30% margin requirement (80K purchasing power). However, I trade rather cautiously and will be able to return this money when the time runs out. I also have an additional 14K borrowed and invested in my RRSP at prime + 1% ($100 minimum payment). By the way, those of you questioning the balance transfer method: take a cash advance against one credit card the day before the second credit card pays off the balance with the balance transfer. Be a little more patient and build your credit profile before you borrow. Those are stupidly high rates.
How about never trade with borrowed money?? Since there is a high chance you are going to lose the bank's money?
I think borrow money is not good idea, because forex is risky, not advisable to borrowed money, to invested in high risk business, will get double stress if getting loss
Trading with a negative liquid net worth is unwise. Especially when paying high interest and also paying commissions. This is a recipe for disaster.
Investing money in high risk business better only spent money that afford to lose, this is golden rules investing money in high risk business inlcuded in forex and stocks market or hyip, borrow money wil become problem if trader get fail