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Ok a little more information than my last question.
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Desertaosis914 | Is it true that you need a minimum of $25,000 to do any day trading? |
Does Scottrade require this $25,000 minimum? |
 |
 
purplemollies
|
I have an account with Scottrade. The NASD defines a Pattern Day Trader as "any customer who executes four or more day trades within five business days, provided the number of day trades is more than 6% of the total trades in the account during that period". Scottrade must issue a day trading equity call in the amount of the deficiency below $25,000 equity. Scottrade may be forced to close your account, or revoke your margin privileges, if you do not meet this day trading equity call.
Even if you do not open a margin account, day trading in a cash account is generally prohibited. Day trades in a cash account can occur to the extent settled money is used and the trades do not violate the free-riding policy of the Federal Reserve Board governed under Regulation T.
Hope this answered your question. |
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redfearn_jc
|
You can day trade with whatever you open an account with, I think Scottrade has a minimum of 2k, unless they changed it. But day trading is a loosing proposition. You are essentially gambling and you will eventually loose. You are much better off finding good value investments and sticking with them for the long term. You can do this at places like economicinvest.com and make great money with less risk than day trading |
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C.A.
 |
Yes you do. Unless you hold a series 7 license and trade with a proprietary firm you cannot trade multiple times within the day, even with Scotttrade. However, that is just for equities. If you open a futures account you can day trade for as little as 5k or even less. There are not many alternatives to this rule anymore and there is alot more info www.elitetrader.com if your interested. |
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zyberianwarrior
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he said DAY trading and Harry is right but this ad crap has got to go (the web site he blabs about has NO info on them at all). $25,000 is required and day trading is a lot of risks that is why the high dollar amount is required.
Robert look here before you praise thinkorswim again.
search for day trader
http://www.thinkorswim.com/tos/displayFaq.tos |
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Frank Castle
 |
1) Yes.
2) Yes.
It's the Law. |
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Harry P
 |
Yes. Its an NASD rule for day-trading. However, if you open a simple individual margin retail account or participate in an LLC there are much lower requirements.
My best experience with online brokerage/investing/day trading/scalping was and continues to be with Remata Trading. They are professional and will not rip you off. Their commissions are low and they provide you with direct access to the market from your own home computer. They also provide real legitimate training, access to pre- and after-market news and research.
You can contact them at:
http://rematatrading.com/contactus.aspx....
For training call Steve at 201-236-2500 |
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Robert T
|
No. Check out www.ThinkorSwim.com.
If you open a margin account, you can trade anything, and any way you like. |
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Expert Mortgage Banker
|
No. Many of the online brokerages require as little as $500 - $1,000 to open an account. Of course the balance in your account is all you have to invest.
If you are trading on margin (meaning credit), there may be a minimum. But otherwise there isn't a $25,000 minimum to open an account. |
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