posted
Ok, im trying to set up an account that will deal with penny stocks, so I am looking for broker with low commissions and can trade almost all penny stocks. I have looked at lowtrades. Does anyone know of one better?
Also I looked at choicetrade, it looked like the best, but unfortunetly I can't get it in my state.
Posts: 42 | From: Van Buren,AR US | Registered: Jun 2004
| IP: Logged |
posted
If opening small account check out Tradingdirect.com. No minimum to open (although I wouldnt open one without at least $500)$9.95 any trade up to 1 million shares. Dont have to worry about hidden charges. If have several thousand dollars to open with try Ameritrade. Bigger company most people I have talked to like it. Faster trades.
[This message has been edited by BigT1 (edited June 10, 2004).]
Posts: 222 | From: Victorville,CA USA | Registered: Mar 2004
| IP: Logged |
posted
I'm currently using Choicetrade.com and very satisfied with there service.. but didnt know they are restricted to only certain states.. hell didnt know brokerages were restricted in that respect...
Posts: 4669 | Registered: Mar 2004
| IP: Logged |
I just signed up with ChoiceTrade and got this FAQ abt new accounts
******** Day Trading Accounts: There is a $25,000 initial minimum required to establish a ChoiceTrade account. In addition to the minimum, in order to open a ChoiceTrade account, your account must be approved as a margin account and you must have an annual income of at least $35,000 or a liquid net worth of at least $75,000. After your account is established, a $25,000 minimum account balance will also be required. Accounts that fall below the required minimum will be subject to certain restrictions, and additional funds may be required. In addition to these requirements, it is strongly recommended, but not required, that you have at least one year of online trading experience and at least one month of live trading experience on a direct access platform before opening a ChoiceTrade account.
Posts: 28 | From: Flushing, NY | Registered: Jun 2004
| IP: Logged |
posted
with day trading accounts, u get 4-1 margin buying power as opposed to 2-1 with a normal margin account.
if there are other differences, i don't know. i know a day trading account is not what u want to use for trading pennies, because they charge u on a per share basis.
quote:Originally posted by TeenageTrader: Ok, im trying to set up an account that will deal with penny stocks, so I am looking for broker with low commissions and can trade almost all penny stocks. I have looked at lowtrades. Does anyone know of one better?
Also I looked at choicetrade, it looked like the best, but unfortunetly I can't get it in my state.
posted
hmm i had posted here and it didnt show up.. ill retype it i guess..
My definitions.. feel free to add your own or revise mine..
Trading = buying & selling stocks in short time for immediate profits
Investing = buying & selling stocks over time (months and/or years) in anticipation that the stock will rise over the long time..
Daytrading = buying & selling stocks on a daily basis by getting into or out of positions in a matter of minutes throughout the day..
Swingtrading = buying & selling stocks by getting into or out of positions in a matter of days.. usually 2 to 5 days but could be more or less then that..
Position trading = buying & selling stocks by getting into or out of positins in a matter of weeks.. usually 3 to 6 weeks but could be more or less then that..
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
