There are other options out there called Prop Firms. Not all of these are created equal so you will need to do your homework on them. The two below are legitimate and worth a considering as they are in the USA. You can open up an account with $5000.00 and have 20:1 margin which means you can use $100,000.00 of buying power. They have risk tools in place keep you from blowing up your account. They also come with training as well. You will have to pay for the Platform and Data fees. The price per trade is usually per share so it is very good for traders who scale in and out of trades. If you have any questions, please email me at titl316247@gmail.com.
Colmex is a prop firm based in the UK that has offices in New York. They work with Tradenet. They have many options out I started out with the $500 option that gives access to free chat for 5 months which is valued at over $500 just with that. You get 10:1 margin with a full $500 drawdown. The really unique thing is that your buying power is still $5000.00 regardless of your amount. Intraday your buying power increases when you are profiting on trades. My average price per share is .017 for every 100shares bought or sold. I tried Suretrader in the past with terrible results. I always felt I was being traded against. Suretrader Fee's are insane and their customer service is horrible. When I send emails to Colmex, I get calls directly from brokers and timely email responses.
I plan on opening an account with Cy Group soon as they are located here in Los Angeles where I reside. They have a very generous margin of 20:1. Cy Group entry investment is $5000.00 which gives you buying power of $100,000.00. I sure I wish I would have found them before Sure Trader. I like the fact that you can use Trade Signal platform with them. They also use Sterling Platform as well. They also offer a Bootcamp service for free as well.
I have not used Liquid Tree. I inserted them here as an alternative to Cy Group to give your more choices to ponder over. They seem similar to above.
Bulls On Wall Street created a Hedge Fund that you can be a part of by educating yourself through their Bootcamp. Once you complete the first phase of education (60 Days) then you take another class to get qualified. Your "Tuition" for your education is used as your trading capital. Kunal is a very good teacher and had tremendous patience. I took the class and learned a lot from him and the community there.
Pattern Day Trader Definition
FINRA rules define a “pattern day trader” as any customer who executes four or more “day trades” within five business days, provided that the number of day trades represents more than six percent of the customer’s total trades in the margin account for that same five business day period. This rule represents a minimum requirement, and some broker-dealers use a slightly broader definition in determining whether a customer qualifies as a “pattern day trader.” Customers should contact their brokerage firms to determine whether their trading activities will cause them to be designated as pattern day traders.
A broker-dealer may also designate a customer as a “pattern day trader” if it “knows or has a reasonable basis to believe” that a customer will engage in pattern day trading. For example, if a customer’s broker-dealer provided day trading training to such customer before opening the account, the broker-dealer could designate that customer as a “pattern day trader.”
Under FINRA rules, customers who are deemed “pattern day traders” must have at least $25,000 in their accounts and can only trade in margin accounts. For more information on pattern day traders and related FINRA margin rules, please read the SEC staff’s investor bulletin “Margin Rules for Day Trading.”Pattern day trader is a term defined by FINRA to describe a stock market trader who executes 4 (or more) day trades in 5 business days in a margin account, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. As the trader is exposed to the danger of day trading and intraday risks and potential rewards, it is subject to specific requirements and restrictions.A FINRA (NASD) rule that applies to any customer who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period; the rule applies to margin, but not to cash accounts. A pattern day trader is subject to special rules. The main rule is that in order to engage in pattern day trading you must maintain an equity balance of at least $25,000 in a margin account. The required minimum equity must be in the account prior to any daytrading activities. Three months must pass without a day trade for a person so classified to lose the restrictions imposed on them. Pursuant to NYSE 432, brokerage firms must maintain a daily record of required margin.
Rule 2520, the minimum equity requirement rule was passed on February 27, 2001 by the Securities and Exchange Commission (SEC) approving amendments to National Association of Securities Dealers, Inc. (NASD)
A pattern day trader is generally defined in FINRA Rule 4210 (Margin Requirement) as any customer who executes 4 or more round-trip day trades within any 5 successive business days.[3] If, however, the number of day-trades is less than or equal to 6% of the total number of trades that trader has made for that five business day period, the trader will not be considered a pattern day trader and they will not be required to meet the criteria for a pattern day trader.[4]A non-pattern day trader (i.e. someone with only occasional day trading), can become designated a pattern day trader anytime if they meet the above criteria.
If the brokerage firm knows, or reasonably believes a client who seeks to open or resume an account will engage in pattern day trading, then the customer may immediately be considered a pattern day trader without waiting 5 business days.
Under FINRA rules, customers who are deemed “pattern day traders” must have at least $25,000 in their accounts and can only trade in margin accounts. For more information on pattern day traders and related FINRA margin rules, please read the SEC staff’s investor bulletin “Margin Rules for Day Trading.”Pattern day trader is a term defined by FINRA to describe a stock market trader who executes 4 (or more) day trades in 5 business days in a margin account, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. As the trader is exposed to the danger of day trading and intraday risks and potential rewards, it is subject to specific requirements and restrictions.A FINRA (NASD) rule that applies to any customer who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period; the rule applies to margin, but not to cash accounts. A pattern day trader is subject to special rules. The main rule is that in order to engage in pattern day trading you must maintain an equity balance of at least $25,000 in a margin account. The required minimum equity must be in the account prior to any daytrading activities. Three months must pass without a day trade for a person so classified to lose the restrictions imposed on them. Pursuant to NYSE 432, brokerage firms must maintain a daily record of required margin.
Rule 2520, the minimum equity requirement rule was passed on February 27, 2001 by the Securities and Exchange Commission (SEC) approving amendments to National Association of Securities Dealers, Inc. (NASD)
A pattern day trader is generally defined in FINRA Rule 4210 (Margin Requirement) as any customer who executes 4 or more round-trip day trades within any 5 successive business days.[3] If, however, the number of day-trades is less than or equal to 6% of the total number of trades that trader has made for that five business day period, the trader will not be considered a pattern day trader and they will not be required to meet the criteria for a pattern day trader.[4]A non-pattern day trader (i.e. someone with only occasional day trading), can become designated a pattern day trader anytime if they meet the above criteria.
If the brokerage firm knows, or reasonably believes a client who seeks to open or resume an account will engage in pattern day trading, then the customer may immediately be considered a pattern day trader without waiting 5 business days.
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