I get these simple questions so often, I had to do a post…make sure you understand the various minimums listed below:
1. $2,000 required to use margin and be able to short sell…don’t know what short selling is, learn HERE
2. $3,500 to open an account with Thinkorswim, my recommended and preferred broker
3. $10,000 to open an account with Interactive Brokers with whom I also have an account, although I don’t love them as much as Thinkorswim
4. $25,000 required to be considered a day trader to get 4-1 buying power and not be restricted by the absurd pattern day trader rule (remember just over a year ago, my now $65,000-ish TIM trading account was still under $25,000, see what it was like HERE)
5. $250,000 is around what kind of account you need to be able to pull in six-figures per year without using leverage or taking on much risk, don’t believe anyone who says they can teach you to turn a few thousand into millions very quickly…yeah, I’m talking you to YOU LYING SACK OF SCUMBAGS IN THE TRADING COACH INDUSTRY
6. A few million is required to even get meetings for any institutional investors if you ever want to have a startup hedge fund, see my experiences HERE
7. $10 million is the approximate maximum my Pennystocking strategy can handle on a short-term trading basis…anything greater endangers the strategy’s absurd % returns..unless it’s changed to a longer term time horizon…stay tunedddddd
Tags: Basics
