For day trading, everything I have read says 25k minimum. So that may be out for me. I was hoping to day trade stocks and start with around $1,000. So is this just not possible?
Quoted from barakandl:
Sign up for something like AllyBank. They have low minimums, cheap, so you can play around.
I went to AllyBank, and this is straight from their webiste:
ALLY INVEST SECURITIES LLC (“Ally Invest”) DOES NOT PROMOTE DAY-TRADING. If a customer engages in day trading, the following rules apply.
Customers are considered as engaging in Pattern Day Trading if they execute four or more stock or options day-trades within a five-day period in a margin account.
Minimum Account Equity
If you are designated as a Pattern Day Trading customer, you must maintain at least $25,000 in account equity in order to maintain day-trading privileges.
If a call to bring the account equity to the minimum amount is issued for your account and the call is not met promptly.
The account will be restricted to cash until the account equity is brought back to the minimum requirement or at least $25,000.
You will not be allowed to day-trade in your account.
You will not be allowed to open and close positions on the same business day. All opening transactions must be held until at least the following business day to avoid further restriction.
Within these restrictions, you may still trade on margin (if you maintain at least $2,000 in account equity) and utilize buying power.