best prop/llc in new york city?

Requiring $30,000 minimum to open a trading account is rediculous.

They just want your cash, the more money you have deposited the more you trade and thus more commissions and more spread in the interest and they get to use your margin that you don't use.


Quote from Trader7793:

A few years back I traded thru an Assent Office remotely from home. I put up $5000 in capital and had $300k in intraday buying power. The $5k was subject to a one year lockup. However I was trading as a prop trader with a series 7 and 55 license. They are one of the few prop firms registered directly with the NASD, most are registered/licensed thru an exchange such as the PHLX.

They may require $30k from unlicensed traders, but requiring that much from licensed traders and locking it for one year would make them uncompetitive. If you are unlicensed, then taking the series 7 and 55 exams is a pain but nothing too bad.

Remeber there are firms such as Cygroup Trading and Benchmarq that do not require any licenses and start you out with 20 to 1 leverage.
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Quote from vectors101:

Requiring $30,000 minimum to open a trading account is rediculous.

They just want your cash, the more money you have deposited the more you trade and thus more commissions and more spread in the interest and they get to use your margin that you don't use.
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You need $25,000 to avoid the PDT rule. Would you like them to open an account with $25,001?
 
Quote from razor99:

longhorn,assent requires 30k if you are not licensed(i believe). is this the case or will they take less?
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30k is the minimum for a retail account due to the PDT rule.
 
why don't they just raise it to 100K to protect the customes.

they just want your money.




Quote from Longhorns:

30k is the minimum for a retail account due to the PDT rule.
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Quote from vectors101:

why don't they just raise it to 100K to protect the customers.

they just want your money.
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You cannot daytrade a retail account with a balance below 25k. Therefore you have to open an account with an amount that provides a reasonable cushion in front of that 25k. If you just had 25k as soon as you place a trade you will be below 25k and unable to trade. 30-35k gives you 5-10k buffer. Most firms used to require 50k minimum for daytrading accounts. So actually its come down.
 
Quote from vectors101:

why don't they just raise it to 100K to protect the customes.

they just want your money.
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It's an SEC rule, not the firms rule.

P.S.-- You sound like a real piker.
 
Quote from sun170:

You cannot daytrade a retail account with a balance below 25k. Therefore you have to open an account with an amount that provides a reasonable cushion in front of that 25k. If you just had 25k as soon as you place a trade you will be below 25k and unable to trade. 30-35k gives you 5-10k buffer. Most firms used to require 50k minimum for daytrading accounts. So actually its come down.
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Thats not true. Only if your trade loses money will u be in trouble. IF your trade dips below $25k, but then hits above $25k when you sell, you're fine.
 
Quote from wiesman02:

Thats not true. Only if your trade loses money will u be in trouble. IF your trade dips below $25k, but then hits above $25k when you sell, you're fine.
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Yep, that's the hard part, making sure your stock pick goes back up, LOL.

Don :D
 
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