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Forgive my ignorance; but, I am new to trading. I started with Scottrade about two and a half months ago with the min ($5oo).
I have done okay in my opinion...little over 3k now. For now I am trying to play the volitile stocks, small orders, many positions, frequent trades.....don't really have the $$$$ to be an investor at the moment (can't even afford to chance the "rides" on the pennies....I am a profit taker)....Would like to get out of the pennies one day.....but damn it is fun!
For now my big concern is the lowest transaction fee and the fastest settle. Because I am budgeted, take profits, and make a lot of trades, and mainly stick to smaller orders......those fees hurt believe it or not. The settle time is a pain because I tend to have 85 - 90% of my money in a position.....so there are days when I may come across a good thing but can't act cause of the "free ride" thing.
Who do you use?
-------------------- "The greatest argument against democracy is a five minute conversation with the average voter." (WC)
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Harmon Trading Group lets you daytrade with only 2,500.00. That way you don't have to wait the three days. I don't use them but have heard some good things
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rounder, sounds as though you need at least a coupla accounts...with different brokers. Better to use brokers with different clearing houses, too.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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I also use Scotty though I know he isn't cheapest when it comes to stocks under a buck. I prefer the streamer to anything else I have found so far and the research section has upgraded a lot in the last year or two.
The only ways you are going to shorten settling time is if you open a margin account or if you spread your money though separate accounts like Tex suggested. T+3 settling is mandated, not a choice.
You should be made aware if you didn't already know that seeing a 500% return in three months as a newbie is extremely rare. Keep doing what you are doing.
In the end, don't think much about cost. Tour the services and find the one(s) that fits you best. The fees are annoying but paying the piper a little more per trade for a better look and feel that you can groove with is worth it.
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Thanks everyone. If I keep doing well; I will look into opening an additional account with another company.....and:
B.F.,
I know that your right about it being unsual.....that is what scares me. The funny thing is that I know absolutely nothing about the technical side of trading...but I have found that the more I learn (which is not much); the more I second guess everything else that seems to be apparent.
I have to say that I am a young buck; but, I have been a poker player since I was 16......Trading is amazing and I have all kinds of respect for the persons that do it.
In poker the risk and the adrenaline is more intense but only for a matter of minutes.....this is different.....Not everything is hanging on the "gambler's hope" but, it can draw out for days, weeks, months, and I assume years (requires some kind of mental strength).
I guess what I am trying to say is that I am in awe of persons in this field....much the same way that a sprinter would not understand how a marathoner can do it.....
It is all running...but it sure is a hell of a lot different.
-------------------- "The greatest argument against democracy is a five minute conversation with the average voter." (WC)
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