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I've been looking at Direct Access brokers available for daytrading. They all seem to have very high commissions and maintenance fees. Anybody have any experience or knowledge on which ones offer good service at lower prices?
Posts: 4 | From: New Jersey | Registered: Dec 2007
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I use Scottrade.Fee's are $7 for trades over a buck or $7+1/2% below a buck so on a trade of $1000 on a penny stock it will cost you $12.. Schwab charges $12.95 unless you do 30 trades per quarter then its $9.95/trade.Wells Fargo charges $12.95 for over abuck and $24.95 below. At Scottrade I can call them anytime they are open.If you are looking for a full service broker for advise you may look into Schwab or TD Ameritrade. I hope this helps.Others may use other services but your discretionary account you may need full service first before you look for a discount broker. JMO
Or another one that is great...gives you up to 30x intraday buying power, and up to 6x overnight buying power!!! But you start off with only 10x intraday buying power and 4x overnight buying power!! That's right 4x overnight buying power and the potenital to get 6 times overnight buying power....
obviously anyone going all in on 30x buying power is a fool..cause if it goes down only 3.3 percent you are broke LoL...but say a hot china or solar stock goes up only 25 percent, you just made 8.5 times your account...
I just would like the overnight buying power and buy something safe when it's over sold like QQQQ, SPY, GOOG, AAPL...cause 4 to 6 times overnight buying power is off the hook!!
It's not about what you know...but who you know
Another one is similar...but they have a video/voice chat room...for it's members...so it's not just some leader posting entry an exits...you can see what he's looking at and see him do it....
As an ImageFN Trader, you will have access to our Live Trading Room, Stock Alerts, Coaching/Mentoring Programs, 12-Month Live Trading Development/Training and our Stock Market Funding program where qualified traders receive 400% to 900% additional buying power at 10:1 intra day and 4:1 overnight. Simply put, traders who invest $5,000 receive $50,000 total buying power for the day and $25,000 for overnight trades. Traders familiar with the Pattern Day Trading Rule know these limits can be the determining factor in higher profits faster!
For the record...I'm not saying high leverage is a great idea....I'm just passing the info that I have along...knowlege is power...it's up to the individual to make their decisions....but if you have common sense good overnight buying power might not be bad with low risk stocks!
Posts: 2321 | Registered: Aug 2006
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quote:Originally posted by DipSulCut: I've been looking at Direct Access brokers available for daytrading. They all seem to have very high commissions and maintenance fees. Anybody have any experience or knowledge on which ones offer good service at lower prices?
Do you even have enough money to open a "daytrading" account? If not you better rethink that then and stick to "swing" or "position" trading... anyways my fave broker is :
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