Day Trading

Sheikhspeare

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Hi,

I need a little help with a few questions I have ad am confused about. I would appreciate it if anyone can answer these questions..

I am currently in Dubai and want to day trade US, UK and emerging market equities using a platform such as eSignal or TradeStaton.

1) Are there any tax implications for me trading US stocks from the UAE.

2) Do I need a US bank account to trade there?

3) I am looking to make 4-5 or maybe more trades on the US market a day, is there any limit or restriction?

4) Do I have to have a minimum cash balance to trade. For example, if i have $2000 then i will only purchase stock to that amount, only what I can cover.

5) What is the better of eSignal, TradeStation and MetaStock, for the purpose of day trading?

Thanks.
Regards,
Sheikh
 
If you want to day-trade US stocks then you will need a minimum of $25,000 in your account as this is a requirement of the Pattern Day Trading rule. You should be able to open an account in your own currency if you use a platform such as Interactive Brokers but it is best to check their website.


Paul
 
Hi Sheikh,
It might be worth getting in contact with Damian Oakley with regards to your tax situation as he trades U.S. equities and lives in Dubai.
Tim.
 
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