I want to start trading US markets, but eTrade rates are too high

[misssoprano]

high for the amount im trading. Who uses what to execute their trades? Im going to start swing trades, want to do day trades, but because of the time difference it cant be done i dont think. So have to do 2/3 day trades instead. Only have a small start of $1000. I have the advisor im going to use.

If anyone could let me know what is a cheaper way of doing it. I also asked in at the anz bank, and they were bugger all help, said they only do mutual funds.

 

[misssoprano]

Ive looked into IB but you need a 10k minimum.

 

[YMI]

Perhaps Optionsxpress. Just be aware that your bank will most certainly charge a rate of about 3% (exchange rate) when you transfer the money back to AUD.

 

[misssoprano]

Ive looked into IB but you need a 10k minimum.

andddddddd ive got hold of ETRADE to complain and ask for lower brokerage fees for under $5000. Which is a waste of time, but least ive told them.

 

[misssoprano]

Perhaps Optionsxpress. Just be aware that your bank will most certainly charge a rate of about 3% (exchange rate) when you transfer the money back to AUD.

ill have a looksie, thanks

 

[CanOz]

high for the amount im trading. Who uses what to execute their trades? Im going to start swing trades, want to do day trades, but because of the time difference it cant be done i dont think. So have to do 2/3 day trades instead. Only have a small start of $1000. I have the advisor im going to use.

If anyone could let me know what is a cheaper way of doing it. I also asked in at the anz bank, and they were bugger all help, said they only do mutual funds.

At $1000 you are under capitalised for equities in my view.

Perhaps a micro FX account if you want to learn the basics first.

You need a minimum of $25,000 to day trade the US markets.

Save up, do your homework, paper trade or Sim trade your ideas until you have a profitable system.



CanOz

 

[misssoprano]

At $1000 you are under capitalised for equities in my view.

Perhaps a micro FX account if you want to learn the basics first.

You need a minimum of $25,000 to day trade the US markets.

Save up, do your homework, paper trade or Sim trade your ideas until you have a profitable system.



CanOz

who said i need 25K? i met a guy over here who started with $1000, trading on the nasdaq from Aussie ( not sure what broker he used) and is now up to 30k in 6 months. From day and small swing trades....

 

[CanOz]

who said i need 25K? i met a guy over here who started with $1000, trading on the nasdaq from Aussie ( not sure what broker he used) and is now up to 30k in 6 months. From day and small swing trades....

Its the law in the US. Look here....

and is now up to 30k in 6 months.

Wow, $1000 to $30k in 6 months. That's pretty impressive, do you have proof of this, financial proof that you have seen with your own eyes?

CanOz

 

[Gringotts Bank]

who said i need 25K? i met a guy over here who started with $1000, trading on the nasdaq from Aussie ( not sure what broker he used) and is now up to 30k in 6 months. From day and small swing trades....

3000%?

In 6 months?

 

[tech/a]

who said i need 25K? i met a guy over here who started with $1000, trading on the nasdaq from Aussie ( not sure what broker he used) and is now up to 30k in 6 months. From day and small swing trades....

How did he satisfy Margin requirements?

Agree Can Oz
Undercapitalized.
Another budding millionaire with his first 1000.
Best advice here is to open up a simulation account.
IB of course.

 

[pavilion103]

Wow I've been getting bad advice in here!!! People have been hiding the fact that I could be making 3000% in 6 months.
What's your friends number? Maybe he can mentor me.

 

[Trembling Hand]

How did he satisfy Margin requirements?

probably Aus CFD account. No daytrading rules, even for US markets.

 

[CanOz]

probably Aus CFD account. No daytrading rules, even for US markets.

Seriously, could you have taken an account that far that fast trading US equities???

I realize you had an edge with the SPI a few years back, demolished a few CFD providers, but US Equities???

Even if this guy is a gun, WTF is he doing trading a CFD account??

CanOz

 

[tech/a]

Wow I've been getting bad advice in here!!! People have been hiding the fact that I could be making 3000% in 6 months.
What's your friends number? Maybe he can mentor me.

Damn redundant!

 

[tech/a]

Seriously, could you have taken an account that far that fast trading US equities???

I realize you had an edge with the SPI a few years back, demolished a few CFD providers, but US Equities???

Even if this guy is a gun, WTF is he doing trading a CFD account??

CanOz

Yeh it could be done.
Compounding ---- very good at what you do and damned quick.

 

[Trembling Hand]

Seriously, could you have taken an account that far that fast trading US equities???

I realize you had an edge with the SPI a few years back, demolished a few CFD providers, but US Equities???

Even if this guy is a gun, WTF is he doing trading a CFD account??

CanOz

Yeah no idea really. Just another internet guru!

 

[misssoprano]

My apologies he said 30k in 9 months. He trades through etrade and some independant broker started out really small wins and has a good advisory. As he worked night shifts and we are behind, he was awake when the market was open.. He said he put a ****e load of time and work in and won big on a few randoms. He also played ok on the australan market with a few trades. Sorry i don't know the correct terminology yet.

 

[ROE]

Another punter thinking they can make easy money on the market with just 1K of cash.
they all have friends with their secret money making technique.

A Chapter from the richest man in Babylon book

THE FOURTH CURE
Guard thy treasures from loss
"Misfortune loves a shining mark. Gold in a man's purse must be guarded with firmness, else it
be lost. Thus it is wise that we must first secure small amounts and learn to protect them before the
Gods entrust us with larger." So spoke Arkad upon the fourth day to his class.

"Every owner of gold is tempted by opportunities whereby it would seem that he could make
large sums by its investment in most plausible projects. Often friends and relatives are eagerly entering
such investment and urge him to follow.

"The first sound principle of investment is security for thy principal. Is it wise to be intrigued
by larger earnings when thy principal may be lost? I say not. The penalty of risk is probable loss. Study
carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not
misled by thine own romantic desires to make wealth rapidly.

"Before thou loan it to any man assure thyself of his ability to repay and his reputation for
doing so, that thou mayest not unwittingly be making him a present of thy hard-earned treasure.
"Before thou entrust it as an investment in any field acquaint thyself with the dangers which
may beset it.

"My own first investment was a tragedy to me at the time. The guarded savings of a year I did
entrust to a brickmaker, named Azmur, who was traveling over the far seas and in Tyre agreed to buy
for me the rare jewels of the Phoenicians. These we would sell upon his return and divide the profits.
The Phoenicians were scoundrels and sold him bits of glass. My treasure was lost. Today, my training
would show to me at once the folly of entrusting a brickmaker to buy jewels.

"Therefore, do I advise thee from the wisdom of my experiences: be not too confident of thine
own wisdom in entrusting thy treasures to the possible pitfalls of investments. Better by far to consult
the wisdom of those experienced in handling money for profit. Such advice is freely given for the
asking and may readily possess a value equal in gold to the sum thou considerest investing. In truth,
such is its actual value if it save thee from loss.