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Looking for a discount stock broker

  • #1
  • First Post: Edited 8:37am Oct 4, 2008 8:13am | Edited 8:37am
I would like to start trading stocks when I finish in school so I am looking for a broker with low commissions. It is primarily stocks on NASDAQ and NYSE I would like to trade and I would like to start with $2000. Can anyone recommend a broker for an account at that size?
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #2
  • Oct 4, 2008 9:58am Oct 4, 2008 9:58am
Quoting Gambler180
I would like to start trading stocks when I finish in school so I am looking for a broker with low commissions. It is primarily stocks on NASDAQ and NYSE I would like to trade and I would like to start with $2000. Can anyone recommend a broker for an account at that size?
With only $2000 you will be way underfunded. You do know that stock brokers dont usually offer more than 1:2 leverage. A prop firm may offer more but you would need to get hired and trained by them.

$2000 would be better for investing, not trading as you will have to hold positions overnight in order to not be recognized as a pattern daytrader.
  • #3
  • Oct 4, 2008 10:19am Oct 4, 2008 10:19am
Quoting traderjai_inhi
With only $2000 you will be way underfunded. You do know that stock brokers dont usually offer more than 1:2 leverage. A prop firm may offer more but you would need to get hired and trained by them.

$2000 would be better for investing, not trading as you will have to hold positions overnight in order to not be recognized as a pattern daytrader.
And what will happen if I am recognized as a pattern daytrader?

Edit: I just found some information about it at http://en.wikipedia.org/wiki/Pattern_day_trader

Do you know of a broker that does allow it with only $2000?
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #4
  • Oct 4, 2008 11:19am Oct 4, 2008 11:19am
Does the daytrading rule only apply for US stocks or is it the same in other countries?
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #5
  • Oct 4, 2008 3:54pm Oct 4, 2008 3:54pm
Yes the Daytrade Rules apply here in the states you are only able to open and close a certian # of trades a month or they will clasify you as "Daytader" at that point I believe the minimum deposit is set at $25k

I could be wrong but I started traded stocks about a year ago and that was the case... Stock were not for me so I only do FX now. good luck on your venture but realisticly you will need at least 5k to even be about to really see any chance at making much money.

hope I could help
M4X............ Hedging My Way To Profits!
  • #6
  • Oct 5, 2008 9:15pm Oct 5, 2008 9:15pm
Zecco and Choicetrade are good cheap brokers. Not many extras with them. I believe it is no more than 3 round trips per 5 trading days.
  • #7
  • Oct 5, 2008 10:11pm Oct 5, 2008 10:11pm
I think it is called Alliance Trader for daytrading outside of US regulations.
Try a search and look for the one in Jamaica.
Obviously be careful.
History is written by the victors.
  • #8
  • Oct 6, 2008 8:46pm Oct 6, 2008 8:46pm
$25,000 is the minimum for day-trading stocks in the USA.
Scottrade is about as reasonable as I have seen, $7.00 per trade + applicable fees ............
Same Whore .... Different Dress
  • #9
  • Oct 7, 2008 2:25am Oct 7, 2008 2:25am
Quoting johnedoe
$25,000 is the minimum for day-trading stocks in the USA.
Scottrade is about as reasonable as I have seen, $7.00 per trade + applicable fees ............
What about stocks in other countries? Is it only for US stocks the rule apply or is it for all stocks in the world? Can I for example daytrade london stocks without having $25.000.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #10
  • Oct 7, 2008 9:01am Oct 7, 2008 9:01am
Can't help you there..... don't have any idea about the other countries
Same Whore .... Different Dress
  • #11
  • Oct 7, 2008 9:57am Oct 7, 2008 9:57am
If you're daytrading on stock market, you definitely will need level II, time&sales, access to s&p500 futures charts, good charting software, all sorts of scanners, etc. All of this will become a fixed monthly cost, so you better be a damn good trader to make enough to cover for costs and make some money. My suggestion is to start with a prop firm, just to get a feel for it.


With Interactive Brokers you need 10k account I believe, and it's universal, one account for all the markets, including stock market.
Trax Tibidax Tibidox...
  • #12
  • Oct 7, 2008 10:03am Oct 7, 2008 10:03am
Bottom line...... $2,000 is no where near enough to day trade stocks with.......

Quote
With Interactive Brokers you need 10k account I believe, and it's universal, one account for all the markets, including stock market.
You still need $25,000 minimum account to day trade with, it's SEC rules. at least in the U.S.
Same Whore .... Different Dress
  • #13
  • Last Post: Oct 12, 2008 9:08am Oct 12, 2008 9:08am
I use TradeKing, the commission is only $4.95 one-way, why pay more? I haven't had any problems with them but it takes a little getting used to.
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