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Looking for a site that has a low start up cost, has some educational and research tools and is easy to use. Any recommendations or suggestions would be appreciated. Thanks.
Looking for a site that has a low start up cost, has some educational and research tools and is easy to use. Any recommendations or suggestions would be appreciated. Thanks.
If you are a new investor, I would not recommend day trading.
To answer your question regardless:
Scottrade is good because they have many tools needed for research and day trading and only charge $7 commission for market and limit orders.
To day trade you will need to maintain at least $25,000 in your account, this applies to any online brokerage account. If you don't have at least $25,000 don't even think about day trading because it won't work. To be successful with day trading, you need to be able to buy and sell 3, 5, 10 times in one day, which is impossible without a full margin account.
Looking for a site that has a low start up cost, has some educational and research tools and is easy to use. Any recommendations or suggestions would be appreciated. Thanks.
No, you cannot trade there, which is why I recommend it. If you're new to investing, you have no business day trading and would just lose money. At Motley Fool, you might at least learn something that would be useful to you later.
Anyone have any advice on sites they recommend or is scottrade as good as it gets since that was the only real site mentioned so far? They don't know how to win a stanley cup so they must know how to do something right i assume.
Interactive Brokers is by far the best platform for small scale day traders and investors that are fairly active with trading. Commissions as low as a dollar and you can trade bonds, forex, stocks, futures, options.
Don't forget you need to maintain a balance of at least 25k to be a day trader and it's not for the faint of heart.
Scott trade, ETrade, Ameritrade, Fidelity and the like are all complete jokes with sky high commission and lousy platforms that couldn't possibly be used successfully to daytrade with.
Having said that, if your a newbie trying to trade this market you might as well just cut a check to Goldman Sachs and save yourself the pain of losing your money to their robots a little bit at a time.
I use Sharebuilder, but only because they keep throwing free trades at me. Look for promotional startup wherever you go, many places give you some free cash and trades when you first establish an account.
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