I am new to trading. I live in the U.S. and plan to daytrade stock on the NYSE. I would like to start off with a small amount of capital ($1,000 or $2,000 dollars). I also need a direct broker to trade. any suggestion? Do i need to have a mininum amount to open an account to trade stocks? or are there direct brokers that will let me sign up for $1,000 dollers? also I see several online companies that states they can give stock picks that will make money I know some of them are scams. but are there any companies that offer stock picks that are deemed pretty good. I been reading the basics here and they do help. any advise is welcomed. Thanks for the help.
Mathemagician
Established member
- Messages
- 603
- Likes
- 130
Welcome! I'd suggest investigating the Pattern Daytrading Rule. Good luck in your journey!
jj
jj
timsk
Legendary member
- Messages
- 8,591
- Likes
- 3,317
Welcome Bigrick7,
The PDT rule that Mathemagician refers to requires a minimum account balance of $25k. If trading is your only means of income, then even this hefty sum is unlikely to be enough capital to start with. As a very broad guide, there are a handful of VERY good day traders who make an average of >1% per day gross. After you take commissions, slippage and general expenses into account (data sub's and ISP fees etc.) then this isn't a huge amount of money on a $25K account: $200 per day at the very most. Given that it's going to be quite some time before you join the 1% club (if you ever do) and, assuming trading is your main source of income, realistically you're going to need a minimum starting capital of $50K to even stand a chance of surviving, $100k would double your chances of success. My advice would be to set about raising the capital required - get another job, rob a bank etc. and, in the meantime, develop your knowledge and hone your skills so that when you are adequately capitalized, you're able to hit the ground running.
Good luck!
Tim.
The PDT rule that Mathemagician refers to requires a minimum account balance of $25k. If trading is your only means of income, then even this hefty sum is unlikely to be enough capital to start with. As a very broad guide, there are a handful of VERY good day traders who make an average of >1% per day gross. After you take commissions, slippage and general expenses into account (data sub's and ISP fees etc.) then this isn't a huge amount of money on a $25K account: $200 per day at the very most. Given that it's going to be quite some time before you join the 1% club (if you ever do) and, assuming trading is your main source of income, realistically you're going to need a minimum starting capital of $50K to even stand a chance of surviving, $100k would double your chances of success. My advice would be to set about raising the capital required - get another job, rob a bank etc. and, in the meantime, develop your knowledge and hone your skills so that when you are adequately capitalized, you're able to hit the ground running.
Good luck!
Tim.
You live in the states and you can't spell Dollars? Hey, i'm not to hot at spelling either but at least i can spell my own currency, pownds.
