TradeStation asks for $5,000 for opening account...

mizhael · Feb 8, 2009

Hi all,

I really don't want to split $5,000 out from my existing accounts with IB to deposit to TradeStation. Not to say every time you wire here and wire there, they charge you fees.
Having multiple accounts across different brokeages is horrible thing, at least for individual investor like me. Any way out?

Thanks!

Free Thinker · Feb 8, 2009

Quote from mizhael:

Hi all,

I really don't want to split $5,000 out from my existing accounts with IB to deposit to TradeStation. Not to say every time you wire here and wire there, they charge you fees.
Having multiple accounts across different brokeages is horrible thing, at least for individual investor like me. Any way out?

Thanks!

if you have so little money why do you need multiple accounts?

mizhael · Feb 8, 2009

Quote from vhehn:

if you have so little money why do you need multiple accounts?

What do you mean by I have so little money? All my portfolio is with IB, I just don't want to split out to put into other brokeage and wiring back and forth.

tango29 · Feb 8, 2009

I guess I'll ask. Why are you making the statment then if don't want to? Then don't do it. It really is that simple.

Free Thinker · Feb 8, 2009

Quote from mizhael:

What do you mean by I have so little money? All my portfolio is with IB, I just don't want to split out to put into other brokeage and wiring back and forth.

well its just that most people who would have large enough account that they would need to split it up as you said "multiple accounts across different brokeages" would consider 5k peanuts.

mizhael · Feb 8, 2009

Quote from vhehn:

well its just that most people who would have large enough account that they would need to split it up as you said "multiple accounts across different brokeages" would consider 5k peanuts.

So then they install different softwares and open different windows and monitor them real time? We are not talking about professionals who have 16 screens simultaneously monitored. I am asking about average individual investors.

operator · Feb 8, 2009

Quote from vhehn:

well its just that most people who would have large enough account that they would need to split it up as you said "multiple accounts across different brokeages" would consider 5k peanuts.

He is basically calling you a piker:

1. You are crying about 5k
2. You are crying about wiring fees

If tradestation has some service that you need to trade then open an account. It's that simple.

mizhael · Feb 8, 2009

Quote from operator:

He is basically calling you a piker:

1. You are crying about 5k
2. You are crying about wiring fees

If tradestation has some service that you need to trade then open an account. It's that simple.

So what? I am just a student, I started with $500. And now I am well over daytrading rule limit. I am quite happy with that. But I still do want to cry about the wiring fees. I cry about any transaction costs. Think about it. Money in my hand has a much higher multiplier than probably many other people.

I am looking for creative ways, for example, discounts, rebates, tax exemptions, workarounds, etc. I want to find a way to turn impossible to possible.

operator · Feb 8, 2009

Quote from mizhael:

I am looking for creative ways, for example, discounts, rebates, tax exemptions, workarounds, etc. I want to find a way to turn impossible to possible.

It's best to focus on your trading...

Bolimomo · Feb 8, 2009

Quote from mizhael:

So what? I am just a student, I started with $500. And now I am well over daytrading rule limit. I am quite happy with that. But I still do want to cry about the wiring fees. I cry about any transaction costs. Think about it. Money in my hand has a much higher multiplier than probably many other people.

I don't understand a couple of things:

1) What is the purpose of having both IB *and* TradeStation? Do you need some features in IB that is not available in TradeStation and vice versa, so you need both of them at the same time? Or you want to hedge your risk over 2 different brokages accounts?

2) Do you need to transfer your funds between the 2 accounts often, back and forth? Once a month?

3) While wiring is expensive ($20 to $25 or something), using personal check to make deposits and ask the brokerage firm to cut you a check should be free of charge. Why wire? You can't afford to not trade for a few days?

P.S. I think the description in your original post and your questions were not very clear on what exactly you want to do. Do you want to keep 2 separate accounts? Or just want to transfer from IB to TS?