posted
Hi, Im a newbie and haven't actually daytraded yet but im currently reading David S. Nassar's book How to Get started in electronic day trading ... to learn the in's and out's of daytrading.. anyways my question is does anyone recommend Ameritrade for opening a daytrading account? they do offer Level II screen etc.. i just want to open a small account to get my feet wet so to speak... with a account starting at $1,000 to $5,000 ... any help is appreciated...
IP: Logged |
posted
I use OptionsXpress (optionsxpress.com) They are real good, free real time level II quotes. The commission schedule for stocks is:
Stocks $14.95 up to 1,001 shares $.015 per share @ 1,001 shares and above
Commission on Penny Stocks will be capped at 5% of total purchase price, subject to the $14.95 minimum.
Plus, you can set stop loss orders in advance based on % or Points up or down and can even specify what triggers the stop loss (ie: last trade price, bid, ask, etc)
posted
I'm considering everyone's recommendations/suggestions for opening a account and i was checking out scottrade.com and liked what i saw but is it really ideal for day/swing trading? i didn't see anything about Level II screens as well as Superdot/SOES/Selectnet/ECN etc... or am i looking on the wrong area on their website? ...
IP: Logged |
posted
I say go with Ameritrade. They give you 25 free trades and that alone is a big help. You can experiment and get in and out of a position without having to worry about losing all your gains on commission costs for the first 25.
Just a god way to get the hang of the market, plus once you've been with them for three months and made an average of 10 trades per month you get Ameritrade Apex and 100 bucks.
Machiavelli if you sign up give me your info and I can get some free trades out of, just e-mail me.
posted
For now im thinking about going with Scottrade.. their $7 per trade commission sounds very appealing and also i like their scottrader feature plus their $500 minimum is also a plus... only thing that i can't seem to get information on is trading pinksheets through them.. they do accept trades for such stocks but it says you cant trade them online/internet... and doesnt elaborate any further whether you have to call them to make a trade etc.. anyone know?
IP: Logged |
posted
MACH I just opened an account with SCOTTRADE and placed one buy, They showed me a fill of 5.039 and email me later it was actualy 5.139 The 5.039 was very close to market. On 500 shares I figured it cost me $50 extra. I am watching close AMERITRADE never came back with a higher price. When I questioned them about this there was a song & dance about something I did not understand. I have been trading 5 years and never had this occur. Also "Daytrading" requires $25000 min account. Otherwise you can buy & sell but will need to wait for orders to settle. This really is not a problem if you have a "PLAN" VAN
[This message has been edited by VNGNTN1 (edited March 18, 2004).]
posted
This problem with scott trade is it is 7 bucks for market orders but on pennies you want to use limit orders or else you are going to get screwed. I think it is something like 15 for a limit order.
IP: Logged |
posted
I just lost my enthusiasm for Scottrade.com .. seems they lure everyone with their $7 commissions and $500 to open account but dont advertise there other commissions on the homepage... they have so many fee's and commissions i cant even keep count lol i checked out their commissions page.. I would have to hold stocks longer then i really want to just to cover their fee's/commissions and still make a profit.. and god forbid if im exiting a position at a loss and have to pay their fee's/commissions... so for now ill scratch them off my list.. any suggestions for a brokerage that has a low account minimum ($500 to $1,000) and have same commission for limit orders as for market orders... i would go with ameritrade but there account minimum is $2,000 and im not a patient person to wait till i save that amount lol ... though i might switch to them in the future once my account does reach $2,000 at some other brokerage.. anyways let me know if you can gang...
IP: Logged |
posted
k i think im sold on lowtrades.com ... no minimum and $5 commissions on market and limit... im just wondering why the general public hasnt heard of them.. they sound like they can give ameritrade, scottrade etc.. a run for their money...
IP: Logged |
"Block Trading Fees applies to all orders for OTC-BB and Pink Sheet stocks of 100,000 shares or more. This fee is $.0005 per share or 1% of the principal, whichever is lower."
Bottom of COMMISSIONS AND FEES - COMMISSIONS page. Since PENNIES can't be traded in the extended hours, this fee applies to all trades of our precious penny stocks.
[This message has been edited by mistikal07 (edited March 21, 2004).]
What is the minimum amount required for opening an account? Generally, $1,000 equity is required to open an IRA and $2,000 equity is required to open any non-IRA. Your minimum initial deposit is based on the account type you have selected and may be modified by special promotional offers. Regardless of any promotional offer, a $2,000 minimum deposit is required to be considered for margin and options privileges.
Do I have to maintain a $2,000 balance in my account at all times? Once the account is opened, what you do with that $2,000 is up to you. However, a $15 quarterly account maintenance fee may be assessed if your account has less than $2,000 in total liquidation value. If your account has margin privileges, you may be required to maintain $2,000 equity.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
