Lightning McQueen
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if located nearly anywhere but the "land of the free" you'd be able to jump straight in and try out day trading via a spread bet platform for a tiny fraction of your current saved deposit. the big plus in my view is you wouldn't risk the loss of an arm and a leg before you realise it not as easy as you quite possibly currently believe it is.
but alas...
but alas...
Traderjohnsblog
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Yes there are. You might take a look at trading futures contracts. They do not have the pattern daytrading rule and can be highly profitable if you know what you are doing. As with trading anything the key is knowing what you are doing. I would not risk any capital in any market unless you can be profitable in simulation.
Quantt
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What are my options if I am a US citizen living in US and don't have $25,000 to start day trading? I only have half that...
Am I limited to just 3 trades per week, or are there other options for me?
:?:
Maybe this is a good thing, especially because you are just starting... why day trade in the firsts place? Is your mentor a day trader as well and how well do you know him?
Yes my mentor is a day trader, and he is a brother in law, but he is a beginner as well, albeit a real smart one, and already averages over $10000 per month ... I will go real slow and learn as much as I can, and practice on a simulation, before real trading like you guys are saying - thank you so much for that tip - just saved me a bundle of cash do doubt.
Lightning McQueen
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tesla, may I suggest that your brother in law is an inspiration rather than a mentor, judging from your posts. Nothing wrong with that at all, as we all need to be inspired if we are to do great things with our lives.
before I suggest you hot foot it over bearing (very) large gifts, do you know and can you post any stock ticker info of what he's trading? may be good for discussion I believe.
before I suggest you hot foot it over bearing (very) large gifts, do you know and can you post any stock ticker info of what he's trading? may be good for discussion I believe.
timsk
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Hi Testla.Lee,
Welcome to T2W.
Sound advice from Lightning McQueen. It's not uncommon for novice traders to make money hand over fist when they get started, but it rarely lasts. So, yes, be inspired by your bro'-in-law, but be very wary of just copying him blindly without a clear understanding of what he's doing. Additionally, novices often do well because they don't understand risk management and are excessively leveraged and trading too large a size. This is great while they're winning, but a recipe for disaster when they're losing. I'm not saying this applies to your bro'-in-law - but it's something to be aware of.
In answer to your opening post, in addition to spread betting, you could consider CFDs. This gets around the SEC $30k rule - but you may not be able to trade them from the U.S. Your other option is a broker that's not regulated by the U.S. authorities - of which there are plenty based around the Caribbean. However, this carries very significant risks of its own and, personally, I wouldn't do it. Caveat Emptor applies big time if you elect to go down this route!
Tim.
Welcome to T2W.
Sound advice from Lightning McQueen. It's not uncommon for novice traders to make money hand over fist when they get started, but it rarely lasts. So, yes, be inspired by your bro'-in-law, but be very wary of just copying him blindly without a clear understanding of what he's doing. Additionally, novices often do well because they don't understand risk management and are excessively leveraged and trading too large a size. This is great while they're winning, but a recipe for disaster when they're losing. I'm not saying this applies to your bro'-in-law - but it's something to be aware of.
In answer to your opening post, in addition to spread betting, you could consider CFDs. This gets around the SEC $30k rule - but you may not be able to trade them from the U.S. Your other option is a broker that's not regulated by the U.S. authorities - of which there are plenty based around the Caribbean. However, this carries very significant risks of its own and, personally, I wouldn't do it. Caveat Emptor applies big time if you elect to go down this route!
Tim.
new_trader
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Pure BS!
Why didn't you ask your "real smart" brother in law what your options were?
Quantt
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Hey, no need to rush, the market is going to be here next year and the year after that... For you the most important thing is going to be to learn how not to loose money, once you ca do that, the compound interest will take care of you... In the mean time you can save the rest of the money... The biggest mistake is going to be to rush into the market, especially mentored by another newbie... Also don't forget day trading on a simulator is not the same as real day trading, just because of the spread and the speed... Actually it is completely different, because you won't get the same fills in real life, so I would seriously consider other forms of trading and/or start real small when trading live just to see...
timsk
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. . . unless it's loose change that you can well afford to lose!
Don't you just hate a smart ar$e!
Quantt
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. . . unless it's loose change that you can well afford to lose!
Don't you just hate a smart ar$e!
LOL, actually, I do agree with you! (about both "smart ar$e" and "afford to lose")
Seriously, there are people that are treating trading as a hobby, so I am perfectly OK with someone spending his "hobby money" on trading as long as he realizes what he is actually doing...
