IB rejected me, other broker with per share Commish?

I understand. I really need to redo my net worth figures.

51k in 3 funds

3k in cash account Firstrade

owe 10k on car but car is worth approx 19-20 kbb is 22 so I'm being realistic here (i realize the car depreciates)

5k in savings

6k in checking

no other bills, no rent, no other debt, no wife, no kids, no criminal record, etc... and anywher from 10-18k in income without having to lift a finger and very little risk.

Oh well...
 
Quote from longhornxtreme:

While I understand them rejecting me on the grounds that I'm not a 'big account'...
More...
That's not it. It's the lack of a job. Like another poster said, I'd also be reluctant to open an account with a broker that allowed someone with $18k of income and no job to start trading.

Still, they're not the only game in town. Try Schwab or Scotttrade. The former allowed me to trade in college long ago.
 
Arrgh.

MB has a 50k min income a year. Just out of curiousity... but where the hell am I supposed to go to get decent comissions and a data feed? Sorry... now I'm starting to get a little pissed. I understand I'm a student. But I actually have positive net worth and experience trading, I just need to move beyond my Firstrade account....

This is quite frustrating filling out an application and then 3/4 of the way through it they post their minimum requirements...
 
longhornextreme,

a) Its nice that you're not knocking ib for the rejection. I think they sometimes accept people who are too inexperienced and then we see them bleating about this and that on this site like the lost and (sadly, often stupid) sheep that they are.

b) The idea of checking out the others on the quotetracker website was a good one.

c) What about getting your mother or father to open the account for you instead. If they have faith in your financial prudence then they could do that - I'm not sure how you sort out the name/assignment of tax issues but it must be possible.

Understand that deep discount brokers are not about heaps of handholding customer service ... they are about fast, cheap and efficient ... so stick with your current maturity and don't become one of the bleating whimps when you get your account and a few things go wrong.

Trading's all about taking personal responsibility and learning faster than the initial money declines. Don't forget to paper trade a bit (while you wait for the accounts, lol) so that the initial period is not as painful.

Best of luck,
Kiwi :)
 
yeah samething happen to me filling it out. send a good size deposit and c what happens they might approve it anyway especialy if your creative with the app. me i switched from scottrade to rushtrade which recently combined with terranova.
choice trade doesnt look bad. or if your really desparate and your good as you say you are you could try a subllc/ prop firm. jmowery made a good list http://www.utropix.com/jmowery/PropFirms.html
and i believe not sure cygroup allows you to demo/ papertrade with the laser platform. qt isnt the holy grail but it is a great service. nothing wrong with having 2 datafeeds one from your broker and another off the qt list. good luck
 
Quote from ken__0:

yeah samething happen to me filling it out. send a good size deposit and c what happens they might approve it anyway especialy if your creative with the app.
More...
I'm amazed at the number of people on this thread openly admitting to fraud. The people who "get creative" with their apps are the ones who force brokers to do background checks, get copies of drivers licenses, and all the rest of the crap thats been recently instituted.

Thanks.
 
how is that admitting fraud you can read cant you. i merely said try it anyway and c what happens and they might approve it anyway. especially if he or she decides to check or not check a box on the mb app thats his or her perogative.i on the otherhand did not and found another broker elsewhere.which was easily decernable if you had read the entire post instead of jumping to conclusions.
if you want to talk about fraud how about the pdt rules how is it legal for one wealthy person to get in and out of a trade the same day but to disallow the small investor or not so wealthy person and make them wait 3days in effect force them to margin. but lifes not fair is it. is it so wrong for long horn to want decent commissions and to have the same access to the best brokerages .
 
You could take a look at optionsxpress. They have free real time data with QT. Their commissions are a bit higher (.01/share) but I opened a 5k account with them a year ago with no problems whatsoever.

My status one year ago:

College student
No experience
No job
 
You must log in or register to reply here.
Back
Top