Day Trading under $25k...

IN ANSWER TO YOUR QUESTION ABOUT TRADESTATION. I AM USING DIALUP AS DSL JUST CAME AROUND THE CORNER HERE IN FLORIDA. WITH DIALUP, AT 26K, I SEE MY TRADES DONE IN MAYBE 2 TO 3 SECONDS AFTER I HET THE SEND KEY. USING EASYLANQUAGE IS OVER MY HEAD. THE CHARTS ARE GOOD, ALL ISGOOD BUT CUSTOMER SERVICE IS LACKING. SOMETIMES YOU ARE ON HOLD FOR 30 MINUTES WAITING TO SPEAK. TRADING FEES ARE GREAT FOR UNDER 1000 SHARES. I HAVE BEEN TRYING TO FIGURE OUT HOW TO USE THE TRAILING STOP FEATURE BUT HAVE NOT AS OF YET. THEY ONLY GIVE YOU BASIC INSTRUCTIONS AND EXPECT YOU TO PAY FOR EASY LANGUAGE HELP OR ATTEND A SEMINAR. IT IS GREAT FOR FULLY AUTOMATED TRADING. IF YOU ARE UNDER 25K THEY LIMIT YOU TO THREE DAYTRADES PER 5 DAY PERIOD IS WHAT I WAS TOLD. I AM WORKING ON SWINGTRADING NOW UNTIL I BETTER LEARN DAYTRADING.

QUESTIONS FOR YOU:

FIRST OF ALL, THANK YOU FOR ANSWERING MY POST.
1. HOW DO YOU FIND YOUR DAYTRADING STOCK TRADING IDEAS AND WHAT CRITERIA DO YOU BASICALLY USE
2. HOW DO YOU DEAL WITH THE PAPERWORK NIGHMARE IF YOU HAVE MULTIPLE TRADES PER DAY? DO YOU HAVE A SERVICE THAT ELECTRONICALLY DOES IT OR DO YOU MANUALLY ENTER IT SOMEWHERE AT THE END OF EACH DAY?
3. HOW DOES YOUR ACCOUNTANT DEAL WITH ALL THE TRADES AND THE CHARGES FOR THEIR SERVICES

GOD BLESS YOUR TRADING SIR
 
Quote from PREACHER1111:

THANKSFOR YOUR INPUT ON ALLIANCE. WHAT DO YOU USE TO FIND YOUR DAYTRADING STOCK LIST FROM? OR SAYING IT ANOTHER WAY, HOW ARE YOU FINDING YOUR BEST DAYTRADING SETUPS? ANY INPUT FROM OTHER READERS FOR THOSE WHO TRADE LESS THAN $25K.
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you have to look at the commissions, they can be pretty high if you trade any volume, might be good for longer moves but tuff to scalp on those commissions

you can look into genesis for cheaper commissions
 
Commissions

100 SHARES IS $1, 500 SHARES IS $5, I THINK 1,000 IS $8. IS THAT TOO HIGH? THE SHORT LIST IS USUALLY VERY GOOD. ALSO, CAN YOU ANSWER THE OTHER QUESTIONS THAT I POSTED IF YOU ARE ABLE? THANKS
 
Quote from PREACHER1111:

ALSO, CAN YOU ANSWER THE OTHER QUESTIONS THAT I POSTED IF YOU ARE ABLE? THANKS
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Hi Preacher: As a fellow (semi-) newbie, a few words of advice:

- Don't trade until you've watched the markets (all day) for a minimum of 6 months, read the top 5 trading books (see ET's book section), and browsed a few thousands posts on this site. (DON'T spend money on expensive seminars or advisory services!) You're guaranteed to lose your money (all of it!) if you jump into trading too fast.

- Don't ask for people's setups, especially on this site (which is very harsh for newbies). People spend years and many thousands of dollars learning how to trade and thus they are understandably reluctant to divulge their secrets. There are many simple examples on ET, however -- use the search function. The best way to learn trading is DIY.

- You can't daytrade with less than $25k anywhere in the US. The broker mentioned in this thread is based in Jamaica and is thus able to get around this rule. They sound reputable, but be careful.

Good luck, Tim
 
Quote from PREACHER1111:



QUESTIONS FOR YOU:

FIRST OF ALL, THANK YOU FOR ANSWERING MY POST.
1. HOW DO YOU FIND YOUR DAYTRADING STOCK TRADING IDEAS AND WHAT CRITERIA DO YOU BASICALLY USE
2. HOW DO YOU DEAL WITH THE PAPERWORK NIGHMARE IF YOU HAVE MULTIPLE TRADES PER DAY? DO YOU HAVE A SERVICE THAT ELECTRONICALLY DOES IT OR DO YOU MANUALLY ENTER IT SOMEWHERE AT THE END OF EACH DAY?
3. HOW DOES YOUR ACCOUNTANT DEAL WITH ALL THE TRADES AND THE CHARGES FOR THEIR SERVICES
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1) Way too general. Everyone has a different method and you need to find your own.
2) What nightmare are you talking about, almost all firms have everything on the internet now. It is not really that difficult. If anything just keep monthly statments, every confirmation is not necessary to keep IMO.
3) You should not have to individually go through each trade, a summary of your gains vs. losses is enough (I believe its called tax lot accounting, but don't quote me on that). Some people trade 100x or more a day, they would literally have to send boxes of paperwork to the IRS if they went trade by trade. Just send them the totals and keep your monthly statements in case you're audited as proof of actual trades.

PS: A word of advice, do not post in ALL CAPS. CAPS is the equivalent of yelling and is very annoying to read. Nobody likes it, so try not to do it. Even if you have to do all lower case it reads much easier.
 
Quote from PREACHER1111:

Commissions

100 SHARES IS $1, 500 SHARES IS $5, I THINK 1,000 IS $8. IS THAT TOO HIGH? THE SHORT LIST IS USUALLY VERY GOOD. ALSO, CAN YOU ANSWER THE OTHER QUESTIONS THAT I POSTED IF YOU ARE ABLE? THANKS
More...

the commission prices you are quoting come from tradestation, their not to bad, all inclusive, I'm looking into them

the high commissions I was talking about was at ALLIANCE , their commisions and fees are high unless you trade a lot of trades a month, and then their still high, tuff to scalp off those commissions, I think

1. I use patterns and charts


http://trending123.com/

http://stockcharts.com/education/


http://www.decisionpoint.com/TAcourse/TAcourseMenu.html

I spend hours of time everyday watching and studying charts when i'm not trading and hours watching charts when I am, there are patterns that work, you have to find the one that works for you, there are many sites that will let you download their software to try it out and try your stratagies, DAS TRADER is a good one that works in real time and you can test yourself, doesn't cost anything

2. I download a monthly statement

3. my accountant fishes thru all the trades and comes up with the figure
 
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