I came across this site today. I always assumed I needed 25k to daytrade.
I can open an account with just 2k and get my feet wet.
Can anyone give me their opinion on this company?
Would it be a good start to daytrading?
Thanks in advance.
http://www.harmontrading.com/index.htm
One way could be to setup an account with Scottrade and use 1/3 of cash max for day trade. That way you can daytrade atleast one trade every day. I have been a happy client of Scottrade and think its good enough to give a try. Dont know about the broker you mentioned.
Goodluck
I think that 2k is too small for day trading.
$25,000 is the minimum because this is the minimum for borker to set up day trading accout for you.
Daytrading usually requres many trades per day. Even at low commisions like $5 per trade, you are likely to have your $2K capital eaten every quickly unless you really really know what you are doing, and basically make no losing trades to begin with.
I may do 100 trades in three months just doing short term trading, that would be far more if I was purely day trading. Again, that would eat up $2K very fast unless I didnt make any mistakes.
On the other hand, with 3SOF you probably could take that $2K and turn it into something ;D
Thanks for the info.
I'll stick to swing trading for now.
Wouldn't it give me the ability to exit a trade intraday if the trade starts to slide downhill?
Right now if I enter a trade in the morning and it doesn't go my way I cannot get out intraday because after 3 day trades in 5 business days Scottrade will freeze my account and possibly cancel it after 1 warning. (which I have already received) :-\
I don't think I am looking to aggressively daytrade. I am just looking for the flexibility to get in and out intraday if need be.
Scottrade will give you 3 chances until they just take off the margin.