I use mytradz.com to trade but they want $24,000 in your account to be able to day trade penny/micro stocks, Is there another penny-micro trade site that you dont have to have a huge amount of money to daytrade???
Posted by MxPx on :
I think its a rule that you must have atleast 25k in your account to daytrade but I think you can still buy and sell the same day just as long as you don't do it more than 4 times during a 5 day trading period.
Posted by Mack on :
K- tanks for the info
Posted by MxPx on :
Your welcome Mack
Posted by L Cypher on :
quote:Originally posted by Mack: I use mytradz.com to trade but they want $24,000 in your account to be able to day trade penny/micro stocks, Is there another penny-micro trade site that you dont have to have a huge amount of money to daytrade???
I'm planning on trying Alliance Investment for the direct access platform. They don't have daytrading restrictions. You can open an account for $500 minimum. Let me know how it is if you try it.
Alliance charges $24 for otc exchange trades...kinda steep for my taste although you do get a pretty good trading platform for free when you make more than 15 trades a month. I guess it kinda pays for itself.
--jne
Posted by MxPx on :
Ok I just checked with Alliancetrader and you do not need the 25K to daytrade. They told me they are not a NASD member firm so in other words there are no restrictions. Sorry to have said 25K
Posted by L Cypher on :
quote:Originally posted by bigeyedfish81: Alliance charges $24 for otc exchange trades...kinda steep for my taste although you do get a pretty good trading platform for free when you make more than 15 trades a month. I guess it kinda pays for itself.
--jne
I called Alliance and they told me the regular commission schedule applies to OTC stocks, starts $12.95 and goes down progressively the more you trade.
Hope this helps. - Lou
Posted by Mack on :
tanks for all the info, ill ck it out---sounds good!!!!