I've got the money.
I've got about 5 to 10k to invest in stocks and shares. Wanted to buy shares without any leverage. Which stocks and shares would be the best to look at? Ones that are very active and moving through out the day preferably ones with low cost shares.
Hi,
Thank for the reply and information really appreciate it.
I'm thinking of invested short term more like a scalper. Few hours a day and then out with my investement. I'm okay with taking risk with some of my investement but wouldn''t put all of it in one pool.
By settled funds what do you mean? Sorry for being a bit dumb here. I've got the cash there to use nothing borrowed.
I'm most probably going to buy and sell the same day, does it become an issue being labelled a Pattern day trader? Do they impose some restrictions on you?
I was using Halifax's fantasy trader buying nasdaq short term trade index shares TRINQ, got really good at it but when I openend an account with them can't seem to find the damn company using the ticker. Tried other brokers even then don't list TRINQ. Don't know where to find it, got really confident with it.
Thanks once again.
Mike.
You need $25,000 to meet the PDT status and day-trade as much as you want. otherwise, like 'twotif' said, you will be limited to either settled cash or if you have a margin account, then you get 3 day-trades on a rolling 5 day period.
One big thing though. Cash accounts can day-trade as much as they want IF you buy using 'settled cash'. Settled cash (amount available to withdraw) is your friend. If you have $10,000. Technically you could buy with $3,000 (all at once or 3 chunks of $1,000) everyday and never get in trouble for freeriding, as every 3 days cash settles. So you'd just rotate a small portion of cash to make sure you always have some settled. Otherwise if you buy using non-settled cash you have to wait until the previous sale settles to sell the current buy.
Thanks Blain, you explained it better than I could.
I thought he was saying that TRINQ was some sort of a trading platform. Guess I misread it.