Switching from scalping to swing. Suggestions?

[Dr_Explode]

Quote from Maverick74:

Jesus, I totally missed the part where he said he wants 30 to 1 or 50 to 1 overnight. Lord Almighty. Is it me, or is there something wrong with this message board. I mean who on God's green earth actually can ask for that with a straight face? So basically a 2% overnight move in a stock will blowout his account. I would love for this guy to come into my office face to face and request this with a straight face. I need to see that.

Jesus Christ, I'm not looking for that leverage overnight. I want to continue day trading while slowly experimenting with holding 200 shares until I can get a sense of how feasible switching would be. What I'm looking for is an account that might be legally defined to both day trade and swing trade.

The reason I'm not willing to trust anything over 5k with a firm is because I haven't yet met a trustworthy firm, although I haven't spoken to the more established ones yet. My previous one kept seven grand of my capital for six months after I quit.

You're definitely a smart guy when it comes to trading, but judging from your response you seem like a real prick in person.

 

[Dr_Explode]

Quote from Hydroblunt:

lol, thanks for the laugh.

DrExplode:

Take the extra 5k, if you got it, open up a retail account with IB, OptionsXpress, MB Trading (if the allow) or even Ameritrade or Etrade. Get the 2:1 leverage, suck it up and start swing trading. If you have any skills, you should be able to make 20%+ in year. If you're good, you'll double the account. Once you get some actual experience swing trading and conviction, you will put in more capital and grow more.
Unless you find someone else to back you, no way you will even get even 30k overnight BP with 5k down. Most swing traders trade on 2:1 margin anyway, for the protection of capital in case of unexpected news.

Thanks for the advice. I had no idea 30k bp was that hard to get or that it's really a 2:1 game, since I've only been doing prop. It seems I'll need to create two separate accounts then and continue day trading where I'm at.

 

[Maverick74]

Quote from Dr_Explode:

Jesus Christ, I'm not looking for that leverage overnight. I want to continue day trading while slowly experimenting with holding 200 shares until I can get a sense of how feasible switching would be. What I'm looking for is an account that might be legally defined to both day trade and swing trade.

The reason I'm not willing to trust anything over 5k with a firm is because I haven't yet met a trustworthy firm, although I haven't spoken to the more established ones yet. My previous one kept seven grand of my capital for six months after I quit.

You're definitely a smart guy when it comes to trading, but judging from your response you seem like a real prick in person.

Dude, you have no idea. I'm a huge freaking prick in person. That's what 10 years in this business will do to you. You are worried about losing your 5k? Hell, we are worried you are going to blow our firm up. It's not really an equal bet is it?

I'm sorry, I'm not going to take back what I said. You want to trade and you are basically saying you don't believe you will make money. Otherwise, you would have no problem putting up some capital. You are practically shouting it from the rooftop.

Listen, there maybe some daytrading firms out there that will let you in with just 5k and let you churn your account down to nothing then show you the door. But no one is going to let you have overnight risk for 5k. Not in this world. And calling me a prick is being way too generous. Ask me if you can trade overnight positions with 5k in person. And bring someone with you. LOL.

 

[Dr_Explode]

Quote from Maverick74:

You want to trade and you are basically saying you don't believe you will make money. Otherwise, you would have no problem putting up some capital. You are practically shouting it from the rooftop.

With the amount of sleaze out there who can open an LLC, find shady ways to charge you, and then try to legally stick it to you if you leave, I'm not too trusting. If I could day trade through something established like IB I wouldn't have a problem putting money down. Getting trapped in a shady firm that has since lost all of its traders proved to me that you can't lavish trust on someone just because they have an LLC. Sue me.

I wasn't aware that holding even 100-200 shares overnight would basically require 25k, that leverage was that tight. Now I know.