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Need to open broker account ASAP

Discussion in 'Brokers' started by db94, Aug 3, 2013.

  1. db94

    db94

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    So basically I wanna open a trading account asap to get on MMS. The problem is im currently with commsec but the cost is $20 each side, and trading only $700 is gonna make it hard; unless I margin lend... Are there any brokers that you can apply for an account and trade instantly? instead of having to apply and then send away paper work and stuff to finalise.
     
  2. tech/a

    tech/a No Ordinary Duck

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    Re: need to open account asap

    Oh my!
    Simplicity for Fourty bucks
    Small price.
     
  3. db94

    db94

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    Re: need to open account asap

    true. Going to place $750 in the account now. However $20 as a percentage of $730 is 2.74% and then to break even it needs to go up 5.5% :frown:

    Ah well, cant expect much trading $730 anyways :)
     
  4. stewiejp

    stewiejp

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    Fairly certain your first 12 trades (within 3 months) are free with CommSec, and from what I remember NAB as well, but NAB (last time I checked) charge $15 odd after the free ones.
     
  5. ROE

    ROE

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    let look at this way...
    stock has to move 6% for you to break even .... most people make money trading on movement of 1%.
    don't bother with small capital the odds of you winning is lottery style
     
  6. wombat40

    wombat40

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    I dont think so...Most require reams of paperwork and dont even think about IB, they want to know when you took ur last dump almost!
     
  7. CanOz

    CanOz Home runs feel good, but base hits pay bills!

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    I have four IB accounts, two personal trading accounts and two adviser accounts.. For the last two, it took me less than 60 minutes to complete the application. Do the prep work first, that way you can complete in one step.

    Most of the info is to protect IB from liability when you blow up your account. I don't reckon they check half of it:2twocents.

    If you are finding particularly difficult to complete the application, it does beg the question "should you be risking capital trading?"
     
  8. tech/a

    tech/a No Ordinary Duck

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    To start with he will need $10K to even qualify filling out their paperwork.
    Someones given this guy a hot tip and he's falling over himself to put up $750!!!
     
  9. db94

    db94

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    dont know what got into me yesterday. The true amateur trader came out of me

    Thanks for the advice and tips :) im gonna wait, save some more cash, go back to paper trades and revise technical and fundamental analysis
     
  10. skc

    skc Goldmember

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    :xyxthumbs

    When you rush into things like that, you lose when you win and you lose when you lose.
     
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