Is anyone familiar with them or have any other recommendations?
Posted by BuyTex on :
be careful, that 25k deal is an SEC/NASD reg, aimed at margins for calls...I'd make sure they know what they're doing. If day-trading is important, try mulitiple accounts...
I notice they also charge fees depending on routing:
quote:Trade fees do not include ECN fees which are passed through by the clearing firm at the following rates:
LAMP FREE FREE SBSH FREE FREE FANC FREE FREE INET $0.003 Per Share ARCA $0.004 Per Share TRAC $0.004 Per Share BRUT $0.004 Per Share ATTN $0.004 Per Share SIZE $0.003 Per Share OES $0.003 Per Share NITE $0.003 Per Share ARCA OTC BB $24 Trade
If you grab 10k shares of sumpin, that's another 30-40 bucks, eh?
[ April 23, 2006, 16:41: Message edited by: BuyTex ]
Posted by Machiavelli on :
I wouldnt recommend daytrading with less then 25K ... thats like going to a No Limit Hold Em poker game with not enough capital... you will lose it all eventually...
Posted by BuyTex on :
I hear ya, Mach--the point I got from his post was the occassional round trip one might need to make to exit a free-fall...
Posted by Av8trader on :
Thanks for the input.
Tex, you are right about the exit. In addition to that, I would like the option of getting out on the way up intraday if something is soaring before the possible crash.
After my 3 freebies, my hands are tied overnight unless I want to get my account frozen or worse.
You mentioned margin. If I don't have a margin account would the 3 daytrades in 5 days still apply per the SEC?
Posted by BuyTex on :
Moi? my mention about margin is what the "pattern day trader" rule zeroes in on...not leaving the broker exposed...(and keeping the riff-raff out, lol). Folks with margin accounts who get popped get "demoted" to cash accounts. I've heard cash accounts get frozen/suspended for 90 days, but don't know about that...that's why i say get 2-3 accounts...
or, play stuff you can buy today, sell "tomorrow" (maybe the next day)
Posted by Av8trader on :
Thanks. Just came across choicetrade tonight. I'll get another account rockin'.
Thanks again.
Posted by BuyTex on :
you bet--don't forget what Mach said, bro...true daytrading is sumpin you work up to, *if* that's a match with your talents, risk-capacity, capital, etc...
best luck...
--tex
Posted by Av8trader on :
I hear that. I won't be doing any true daytrading anytime soon.
I did however sign up for a free trial of microcap and read DardaDogs thread on possible ways to utilize it. Great stuff!
actually, a pretty "famous" post...prolly copied at every semi-decent message board in the world.
Keep us in the loop, Av8...
Posted by Av8trader on :
You got it Tex. Keep me in the loop as well.
I'm just a big ol' friggin sponge at this point!
Posted by Machiavelli on :
you need to read books AV8trader... I can give you a list but im tired of typing it lol ... perhaps Tex has the link to my book lists...
Posted by Av8trader on :
Here is what I've digested thus far:
Beginner's guide to short term trading - Turner
Come into my Trading Room - Elder
How I made 2M in the Stock Market - Darvas
One Up on Wall Street - Lynch
Most of William O'Neils books
Currently enjoying:
Market Wizards - Schwager
Reminiscences of a Stock Operator - Lefevre
Posted by BuyTex on :
Mach, why don't you do it one more time, then post it here?