Allstocks.com's Bulletin Board Post New Topic  New Poll  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
» Allstocks.com's Bulletin Board » General Investing Topics » stock brokers (Page 1)

 - UBBFriend: Email this page to someone!   This topic comprises 2 pages: 1  2   
Author Topic: stock brokers
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
im looking for a broker that will allow day trading. . .scottrade is 25k minimum? etrade 20k?

are there any lower minimum requirements to daytrade from well known brokers?

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Bloodhound...are you 17!!?

E*trade seems like you best bet...

Might wanna call BOFA too.. 18009261111 ...ask...theyve been great for me.

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by BloodHound:
im looking for a broker that will allow day trading. . .scottrade is 25k minimum? etrade 20k?

are there any lower minimum requirements to daytrade from well known brokers?

there's one that basically "lends you" the balance to qualify...it's on here somewhere in the General Investing forum.

It's not a broker thing, but an SEC reg...

Easiest is to fund several accounts.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
haha yea i am. Stock trading is fun to me, i might be a stock broker one day

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Tex,
If you have 25k in your trading account how many trades do they limit you before they mark you as a pattern day trader?

Thanks...

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
Well, policies vary...eg, some brokers require $30k (this is total value, btw)... but if you meet those minimums, they're not looking to flag you. They're just watching margin calls...

iow, you get flagged when you're below minimum and do four day trades in a rolling 5-day period. So, yeah, at that level of round-trips, you're id'd...

Actually, I think the specific language specifies "in the same stock," but peeps get hammered alla time for four round-trips in *any* stock. Again, broker policy, not the regs...

That's why I suggest multiple accounts...

I've never had a problem. Have occasionally fudged on "free rides" to exit a day trade...but when they contact me, I just go to the branch office (or mail) and cover. If your broker has a branch office, is a good idea to visit a few times and be friendly...at least, has been for me. I never mention one broker to another, though.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
well i have a non margin account on scottrade, am i allowed to buy and sell a stock in the same day and wait for the funds to settle

or do i need 25k to do even 1 daytrade a week?

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Blood:
You can have an account at 17? I thought minimum was 18? hmmm..
Thanks Tex..
May I bother you with another question?!:

So you can have four roundtrips?

Or just 2 buys 2 sells? =4

If you have 30k in your account you can daytrade as much as you want?

Thanks Tex for helping me clear this up...

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
i have an account in my name but its under my father, if that makes sense.

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
ahhh, gotcha [Smile]

How long have you been trading?

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
for like a year now, started when NDOL came about!! and id still have my original 1k had BHUB not been halted piece of crap

im sticking to big board stocks this second time around, i feel so much safer

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
woswill
Member


Rate Member
Icon 1 posted      Profile for woswill     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by BloodHound:
i have an account in my name but its under my father, if that makes sense.

Custodial account, like myself

--------------------
DPDW

Posts: 114 | From: fruit city | Registered: Aug 2007  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by wdcisco:
Blood:
You can have an account at 17? I thought minimum was 18? hmmm..
Thanks Tex..
May I bother you with another question?!:

So you can have four roundtrips?

Or just 2 buys 2 sells? =4

If you have 30k in your account you can daytrade as much as you want?

Thanks Tex for helping me clear this up...

no, not 4-- only 3 in a rolling 5-day period... FOUR "trips the trigger." If for some reason, you have 30k in a cash account, you will most likely be moved to margin. Don't know "all brokers'" policies, obviously... but $30k would remove any worries of getting whacked by the broker, ie, 90-day freeze...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
I can't get whacked, eh? Awesome!!!

Thanks Tex!!! Happy Holidays to you [Smile]

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
and you, as well [Wink]

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
Jo4321
Member


Icon 1 posted      Profile for Jo4321     Send New Private Message       Edit/Delete Post   Reply With Quote 
With Fidelity, I had to ask to change my account to a margin and then fill out some paperwork.

Just to clarify, a margin account doesn't have to have any minimum. Also, you can use it as a cash account, and never actually borrow. The benefit is that you don't have to wait for your money to settle with a margin account.

But doing more than 3 round trips in the rolling-5day period, you have to have over $25,000 (at least that is the way it is with fidelity.

Jo

--------------------
"Great Day for Up!"....Dr. Seuss

Posts: 3387 | Registered: Mar 2006  |  IP: Logged | Report this post to a Moderator
Ace of Spades
Member


Rate Member
Icon 1 posted      Profile for Ace of Spades         Edit/Delete Post   Reply With Quote 
prodigy trading let's you daytrade with only $2500 to start!

They give you 4x buying power to daytrade also for big board stocks..meaning nasdaq, amex, and NYSE!

http://www.prodigytrading.com/

I have an account with them and they are great!

any broker or finanical firm/institution that is an LLC doesn't apply to the SEC daytrading rule, cause you are considered part of a group, so the whole group obiously meets the $25k minimum.

Prop firms also are LLC's so they can get around SEC rules to! Some give their clients 10x intraday margin istead of 4x that most brokers do.

But to some things up, I recomend prodigytrading! No daytrade restrictions, and they don't restrict penny stocks like scottade and other brokers!

It's a branch of Grossman trading

http://grossmantrading.com/index.html

but the broker that lets you daytrade with only $2500 is prodigy!

http://www.prodigytrading.com/

Posts: 2321 | Registered: Aug 2006  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Ace of Spades:
prodigy trading let's you daytrade with only $2500 to start!

They give you 4x buying power to daytrade also for big board stocks..meaning nasdaq, amex, and NYSE!

http://www.prodigytrading.com/

I have an account with them and they are great!

any broker or finanical firm/institution that is an LLC doesn't apply to the SEC daytrading rule, cause you are considered part of a group, so the whole group obiously meets the $25k minimum.

Prop firms also are LLC's so they can get around SEC rules to! Some give their clients 10x intraday margin istead of 4x that most brokers do.

But to some things up, I recomend prodigytrading! No daytrade restrictions, and they don't restrict penny stocks like scottade and other brokers!

ya...thought that was you who knew about Progidy, but it's been a long weeeeeek, lol...

Thanks for weighing in, Ace

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Pretty cool ace...Thanks for the info...!

I will look into that [Smile]

Happy holidays.....!!!

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
YESSS that is exactly what im looking for ACE!

can you tell us a little more about them though for everyones sake? whats their commision fees. . and are there any monthly fees to pay?

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by BloodHound:
well i have a non margin account on scottrade, am i allowed to buy and sell a stock in the same day and wait for the funds to settle

or do i need 25k to do even 1 daytrade a week?

1) yes, you can.

2) no, you don't.

The "alert" goes up at more than 3 round-trips in a rolling 5-day period. Get that--not in a "week," but any 5 trading days in a row. iow, weekends and holidays don't count.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Careful bloodhound...You don't want to play with 4x the money you don't have.. [Wink]

GL man!

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
BloodHound
Member


Rate Member
Icon 1 posted      Profile for BloodHound     Send New Private Message       Edit/Delete Post   Reply With Quote 
mmhm im getting it, now one last question, when trading on scottrade using a cash account, i buy/sell and then then have "unsettled funds". . does this mean i can still buy/sell 2 more times?

--------------------
who says you cant trade stocks at 17!!?

Posts: 288 | From: Wisconsin | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
nope...can buy with unsettled funds (Scottie), but if you sell, "free-ride" kicks in. Gotta be ready to cover...and not do it too often.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
Jo4321
Member


Icon 1 posted      Profile for Jo4321     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
mmhm im getting it, now one last question, when trading on scottrade using a cash account, i buy/sell and then then have "unsettled funds". . does this mean i can still buy/sell 2 more times?


Bloodhound, sounds like you might be getting the "free ride" issue mixed up with the daytrading issue. Daytrading is where you need to make sure you don't go over 3 times.

The free-ride issue could happen even if you don't day trade. Example, you buy a security on day one, sell it on day two. Then you immediately buy another security on day two, using your proceeds that you just got. If you sell THAT on day three before those funds have settled, that is a free ride. But you have no daytrades.

However, if you have other cash in your account that can cover that sale, you are okay. I tend to keep three different "piles of money" to trade with. So if I buy one day with one pile, the third pile that I may have sold off is settling. Hard to explain but so far I've had no free rides.

--------------------
"Great Day for Up!"....Dr. Seuss

Posts: 3387 | Registered: Mar 2006  |  IP: Logged | Report this post to a Moderator
Ace of Spades
Member


Rate Member
Icon 1 posted      Profile for Ace of Spades         Edit/Delete Post   Reply With Quote 
Prodigy's commisions are $8, a dollar more than scottrade, but they let you daytrade with only $2,500. which can pay for itself with one good trade, that you would have missed at scttrade waiting for your funds to settle, lol!

You don't need to use the 4x margin if you don't want to, you just have that option! Most people starting out, choose prodigy just to get around the daytrading rule, not to use margin!

The software you trade on is Omni pro! It's great!

Call yourself and talk to keith if you have questions!

I gonna try and clear things up for you bloundhound about scottrade and the main retail brokers about the sec rules! I know others tried to explain but they did it in pieces and your trying to put them together, LoL.

If you are at a regular broker there are three main counts. A cash account, a regular margin account over $2,000, and a daytrading margin account over $25,000!

With a daytading account with $25k you can daytrade all you want and never have to wait for your funds to settle, and you get 4x buying power intraday, and 2x buying power over night!

With both a cash acount and a regualr margin account with over $2k but under $25k, You can have 3 day trades in a 5 day periond. The only difference is with a regular margin account, you don't have to wait for your funds to settle! With a cash account you have to wait 3 days to for your money to settle! you can still buy with unsettled funds, but then you would have to wait untill they were settled to sell, which is risky! If you accidently sold made a trade with unsettled funds, it would go through you would just be flagged as a daytrader that needs $25,000. The first time you get a warning if you tell them it was a mistake. after that they will restrict your account!

If you have a cash account I recommend never going all in on a stock, and always have settled cash available in case a hot stocks comes along. If you have $1,500...mabey only buy $1000 worth of a stock, that way you still have $500 settled ready to trade! Also with a cash account, if you buy and sell in the same day with all you money, you can still buy a stock before the funds settle, you just can't sell before the funds settle....which most people don't do any way, cause if it starts to go down you can't sell!

Posts: 2321 | Registered: Aug 2006  |  IP: Logged | Report this post to a Moderator
chuck9
Member


Rate Member
Icon 1 posted      Profile for chuck9     Send New Private Message       Edit/Delete Post   Reply With Quote 
Ace, are you saying with a daytrading account that you can hold a trade overnight?. Example: I buy today, hold that position overnight and sell the next day.

When your flag as a daytrader with a margin account of 25k you can not hold a position overnight. At lease that is the way Ameritrade works.
Prodigy's, can you give me information on how to get in touch with these people.
chuck  -

Posts: 330 | Registered: Nov 2007  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
So with a daytrading account...you can ONLY daytrade?! Are you sure?
Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Here Chuck:

http://www.prodigytrading.com/


Ace had this info up above.

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
chuck9
Member


Rate Member
Icon 1 posted      Profile for chuck9     Send New Private Message       Edit/Delete Post   Reply With Quote 
Thanks Cisco, trying to do too much at one time.
Your answers to your question is on Chuck big Board picks. [Smile]

Posts: 330 | Registered: Nov 2007  |  IP: Logged | Report this post to a Moderator
chuck9
Member


Rate Member
Icon 1 posted      Profile for chuck9     Send New Private Message       Edit/Delete Post   Reply With Quote 
Cisco, at Ameritrade. When you are flagged as a daytrader. You cannot hold the position overnight. I know this for a fact because I did this one time and was immediately e-mail from Ameritrade.
Posts: 330 | Registered: Nov 2007  |  IP: Logged | Report this post to a Moderator
T e x
Member


Icon 1 posted      Profile for T e x     Send New Private Message       Edit/Delete Post   Reply With Quote 
that's unbelievable...can you post the body of that e-mail? ie, with your account ID info redacted?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
classified
Member


Icon 1 posted      Profile for classified     Send New Private Message       Edit/Delete Post   Reply With Quote 
Did you call Ameritrade and discuss it with them?
Its possible that you could have misinterpreted the email...

Chuck, Thanks for the answer I will go over it now.. [Big Grin]

Posts: 1075 | From: weeeeeeee | Registered: Sep 2007  |  IP: Logged | Report this post to a Moderator
chuck9
Member


Rate Member
Icon 1 posted      Profile for chuck9     Send New Private Message       Edit/Delete Post   Reply With Quote 
Tex, I hope we are all on the same page about what a day trader can or cannot do.

My interpretation is that a day trader can trade as many times round-trip per day, as he or she sees fit to do. On the other hand, one cannot buy into a position and hold overnight and sell the next day. This is coming from Ameritrade.

Will try and get confirmation from Ameritrade and will post.

As far as the statement I made about it happening to me. That was about a year or so ago.

I sure hope I am wrong, because if it is the way you guys are talking about. I think I will change brokers.
chuck  -

Posts: 330 | Registered: Nov 2007  |  IP: Logged | Report this post to a Moderator
chuck9
Member


Rate Member
Icon 1 posted      Profile for chuck9     Send New Private Message       Edit/Delete Post   Reply With Quote 
Tex, just finish discussing daytrading criteria, rules and regulations with Ameritrade.
And you guys are correct. You can hold overnight providing you meet certain rules and regulations of your margin account.

I sure am glad I got into this discussion, because I did learn something and the way I see it any time one can come away from a days work with more knowledge than you had when you started you are on the + side.
chuck  -

Posts: 330 | Registered: Nov 2007  |  IP: Logged | Report this post to a Moderator
  This topic comprises 2 pages: 1  2   

Quick Reply
Message:

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins
   


Post New Topic  New Poll  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:


Contact Us | Allstocks.com Message Board Home

© 1997 - 2013 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2

Share