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Which company to trade with?

 
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forgenjuro



Joined: 24 Jul 2005
Posts: 4

PostPosted: Sun Jul 24, 2005 7:34 am    Post subject: Which company to trade with? Reply with quote

Hey guys, I was wondering which trading platform would be the best for me? Right now I have very little capital to invest with, about $1500 is the max.

I was thinking about either Scotttrade or Sharebuilder. But I was just wondering if there was one specially made for day traders?

Thanks in advance.
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Snake



Joined: 06 Apr 2005
Posts: 223

PostPosted: Thu Jul 28, 2005 1:08 am    Post subject: Reply with quote

I don't know much about it, but I think there's a broker out there called Freetrade (www.freetrade.com) which is a division of Ameritrade. I have heard good things about it and believe it is reputable. You should check them out for their very low commission rates. If you don't carefully watch commissions, you'll get eaten alive.

If you are paying $15 per trade each way (buy and sell) and invest all of your capital in each trade and get a 10% move, you'll have a $150 gain, less $30 in commission, for a net gain of only $120. A hit of 2%. That's a huge hit on very optimistic assumptions and a high level of risk (100% of capital in each trade). So, if you're thinking of short-term trading, definitely try to find something with very low commission rates.

By the way, if you do go with Freetrade, or whoever, please post back here your opinion of their service.

I haven't changed because it's too difficult moving my securities over. If I ever get back to all cash, I'll probably switch from etrade. I like their service--usually--but would prefer lower commissions.
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Rychag
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PostPosted: Thu Jul 28, 2005 5:05 pm    Post subject: Trading systems Reply with quote

I use http//www.interactivebrokers.com. Only $1 per contract. They have a lot of features and the product is quite complex, so there is a bit of a learning curve there. It's Java-based, so it installs on your computer, it's not exectly web-based, but is powerful.
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Guest






PostPosted: Thu Jul 28, 2005 6:26 pm    Post subject: Reply with quote

Thanks to both of your suggestions.

However I have found that I will be unable to use both of em so far. At freetrade.com, the initial investment must be $5,000. So unless somebody wants to let me boroow that much more I will not be able to open an account there.

Considering http//www.interactivebrokers.com everything looked good until I found about this: http//www.interactivebrokers.com/en/trading/marginRequirements/patternDayTraders.php?ib_entity=llc which ultimately destroys me because I do not have anywhere near having $25,000 at one time.

So the best thing for me is to probablly go with one of these other companies while I build up my equity to $5,000 and then transfer to freetrade.com.
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Snake



Joined: 06 Apr 2005
Posts: 223

PostPosted: Fri Jul 29, 2005 1:06 am    Post subject: Reply with quote

Bummer. Check out Scottrade and then do a search for some other low commission online discount brokers. I'm sure you can find something reasonable. Good luck.
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forgenjuro



Joined: 24 Jul 2005
Posts: 4

PostPosted: Fri Jul 29, 2005 8:56 am    Post subject: Reply with quote

So after some researching I believe that Scottrade is the way to go for me. But now I have a new question. Does everybody use the Telechart2005 software for their charting services?
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dtdtrader



Joined: 15 Sep 2004
Posts: 24

PostPosted: Fri Jul 29, 2005 9:22 pm    Post subject: Reply with quote

You only need $2000 to open an account with IB. IB is fast and cheap for the novice investor. If you're new, why bother with a margin account anyway? IB doesn't require it and it's a sure way to get in over your head.
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Snake



Joined: 06 Apr 2005
Posts: 223

PostPosted: Sat Jul 30, 2005 1:33 am    Post subject: Reply with quote

You're probably not going to be able to afford Telechart at this point. It's about $40/month. Try Stockcharts, etc. for now . .. and this forum.
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Rick Shaw
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PostPosted: Sat Jul 30, 2005 2:21 am    Post subject: Reply with quote

Check out the Yahoo stock chatroom durning trading hours for free stock chat:

http//chat.yahoo.com/
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ChickenHawk



Joined: 24 Apr 2005
Posts: 247
Location: Houston, Texas

PostPosted: Sat Jul 30, 2005 11:01 pm    Post subject: Re: Which company to trade with? Reply with quote

I uses Scottrade and have been pleased with their service.

I previously used Stockcharts, Big Charts, and SmartMoney for the past year or so, but have switched to using only TC2005. It costs a little every month, but is very fast for searching stocks with gaps, kickers, morning stars, etc. and worth the small monthly investment.

I would definitely buy Steve Bigelows book, and highly recommend the new book coming, hopefully in August 05.

As a side note for newbies, read the SEC rules for trading carefully on the definition of a "Day" trader or swing trader. If you make more than 4 trades (buy and sell) in a 5 day period (i.e. Friday - Thursday, you will be considered a Day trader and usually have to deposit $25,000 to setup a margin account.

forgenjuro wrote:
Hey guys, I was wondering which trading platform would be the best for me? Right now I have very little capital to invest with, about $1500 is the max.

I was thinking about either Scotttrade or Sharebuilder. But I was just wondering if there was one specially made for day traders?

Thanks in advance.
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forgenjuro



Joined: 24 Jul 2005
Posts: 4

PostPosted: Sun Jul 31, 2005 3:40 am    Post subject: Reply with quote

I bought the book....... and then somehow I lost it! Huge hard cover book and everything! Good thing I read it before I lost it >_<

What does this new book supposedly have in store for us?
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clickie
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PostPosted: Sun Jul 31, 2005 4:24 am    Post subject: Re: Which company to trade with? Reply with quote

forgenjuro wrote:
I was just wondering if there was one specially made for day traders?


Most daytraders prefer D.A.T (Direct Access Trading) platforms for day trading.
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