posted
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
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...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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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?
Posts: 28 | From: Georgia | Registered: Apr 2006
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posted
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
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...
posted
Tex and Mach, Thanks for the input and the link. That last one is going to keep me busy for awhile!
I got bit by the trading bug back in December. That is when I became an Amazon.com junkie and started reading the books on my list.
Posts: 28 | From: Georgia | Registered: Apr 2006
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