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Hello, My name is Jake Schneider, I am wondering if this sounds crazy! I would like to daytrade OTCBB stocks on the side for extra cash. However I do NOT have $25,000 extra around to open an account to be an active daytrader so I can daytrade more than 4 times a week. I would like to ideally trade 3 to 4 times a week with $1,000 to $1,500. Are there people now doing this, and can you possibly make $12,000 year or am I crazy? HELP you can e mail me at realtorj8k@aol.com. Thank You
Posts: 2 | From: Plattsburgh New York USA | Registered: Feb 2004
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posted
Be sure to open a margin account so you can get around the three day waiting period for unsettled funds as well. Just because you have a margin account doesn't mean you have to use the margin
posted
Several people have talked about splitting their money into 3 groups, Monday,Tuesday ect and waiting for the sales to close to miss the day trader rule from most brokers.
Posts: 1169 | From: Pollock Pines Ca | Registered: Feb 2004
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posted
Day trading rules only apply if you are using margins to trade with. As long as you stick to cash, you will have no problems even in a margin account. So I would have two account if you want to trade with margins and one to day trade pennies with. You will get a buying power warning still but as long as you refrain from using margins you will be fine. Also, I have made a 300 % return on pennies since Feb. so its possible to make what your looking for but never guaranteed.
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Jake have you considered Swingtrading (buying, holding and selling a stock between 2 to 5 days)? ... can be just as profitable if done right.. though nothing is 100% guaranteed of course.. you can swingtrade till your account reaches the $25,000 point (after taxes of course lol ) then switch to daytrading or do a combination of both when you reach the 25k mark...it will give you trading experience as well without trying to make quick buy/sell decisions in matter of minutes.. you can finetune your trading via swingtrading and modify it to daytrading when your ready and have reached the 25k mark... <shrugs> that is probably my plan anyways just thought i share it ... if your interested in swingtrading i would highly recommend A Beginner's Guide to Short-Term Trading by Toni Turner ... u can find it on amazon.com or other sites as well as Toni's site.. www.toniturner.com...
[This message has been edited by Machiavelli (edited April 28, 2004).]
[This message has been edited by Machiavelli (edited April 28, 2004).]
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