The Best Brokers for Day Trading
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- čas přidán 6. 09. 2024
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Warrior Trading // Ross Cameron // Day Trade Warrior
Although I've been trading actively (1-2 Times a day) I have been using TOS with a cash account and I switch to magin when I can. The reason why I didnt go to CMEG is this process has allowed me to become more meticulous with my trades rather than over trading. Started with $500 In March, and will hit $10k By the end of may :)
What is your strategy my man, I’ve basically been doing the same thing with IB and being successful but I am thinking about going to CMEG so I can use the DAS software and being more efficient
wow awesome!
TOS ? what is this?
@@brianwiles7955 Think or Swim.
That’s great. I’m thinking I’m going to keep my CMEG this time and open a new US account and fund both so I can use both of them
Thanks, Ross! Although I'm not close to trading with real money yet (hoping to be profitable in the sim soon, trading 500-1000 share sizes, up to $10 stocks), I've decided to sign up with CMEG now. It took only 7 days from application to approval. My Warrior Trading journey has been amazing so far!
thank you!! Welcome!
Hey out of curiosity how are you doing now?
so how are you doing ?
You're way cooler than them loud af guys that talk forever and say nothing. Thanks for the post m8!!
I appreciate that, thanks!
Mckinley Acy what kind of friends are you
buying 7vt
@@DaytradeWarrior pp
@@WholeHerbs hzy
This guy has the best day trading insights and videos I have ever seen so far. And I’ve seen a lot of videos from other people.
Ross goes right into it and actually tells you stuff unlike other people where they just provide tips and generalize everything.
Agreed.
I love it… its calming
Agree 100 percent
Thanks Ross , I’ve been on sterling simulator . I was hesitant on CMEG after adding all my commissions in excel. I was profitable but only 100 or 200 dollars a week . Which isn’t bad , but then I slowed down, stopped taking every trade , started taking larger positions on better setups and my profits and p/l ratio went through the roof . Even with commissions! So CMEG it is , till 25k then transfer to light speed. Thanks for the video.
if you don’t mind share what set up is that. Kinda new on to this
Shwagks J The setups I’m talking about here are just strong patterns(bull flags, triangle patterns, momentum pullbacks etc.) on strong daily charts . Or did you mean something else by setup?
VirtuosoJo_ AZDZ all this included
Shwagks J I use sterling pro, a demo I got from CMEG for free, so I can get used to the platform I will use. Then I have a free account with Td ameritrade. I downloaded “think or swim” from them so I can use the “on demand” feature for my practice account . On demand is great because you can go back in time and play and practice , on any day you want. It replays days and allows you to trade in them like they were going on now . Also you can practice whenever you want instead of only when markets opened . Lastly there is a CZcams channel called “precision day trading” this guys streams scanners from trade ideas everyday . And has a year of them back stocked on his page. So I go in the past on “on demand” and find the video of the scanner for that day from precision day trading then sync up the times with in demand. That way I can simulate and practice with scanners for free. It’s very hard to practice without retro active , real time scanners, but this way it’s pretty realistic to the real experience . Hope this helps get you practicing at least!
VirtuosoJo_ AZDZ Glad to hear you are doing well! what are you paying ecn fees with cmeg?
I am a 30 year old high voltage electrician..got a great career but im tired of looking death in the face daily. I have two very young children and a stay home wife. I am looking to build a small portfolio to learn this game inside and out! Thank you so much for the info!. Awesome job
You're welcome!!
Good Luck. My 6 figure career went overseas, I researched oil and gas rights. When it went overseas, I went to doing title in real estate, the pay sucks and I'm so used to working solo, a 1099 contract worker. So, I'm also looking to build a new business. Trading, affiliate marketing, I just going to go for it.
@Raw_Roots 2 years later I hope your day trading is going Amazing
Nice video! I've seen many people in the trader education space dodge this topic and/or make fun of or belittle aspiring traders for asking it. No doubt some of that is because it depends so much on the type of trading you plan to do and the trading strategies you use. You addressed this topic very well and gave enough information to provide context to your audience about how to select a broker depending on the individual need of each trader and their strategy. Thanks for taking the time to say it right! You lined up the horse, cart, and wagon in the right order!
thank you!
pray for the horse 🙂
With Etrade Pro in the last month I've lost about $2000 (a lot for me) just from quote/order execution lag and being unable to sell shares i didnt want for up to 3 hours. I'm switching to Lightspeed and I'll never use Etrade again. What a nightmare. Thanks Ross, I should have listened to you sooner lol!
E*trade doesn't have a direct stop loss. What an L. Have to set up a convoluted order just for a stop loss. SMH.
Bro how is your experience on lightspeed after etrade?
I’ve watched a handful of your videos and I appreciate you spreading the wealth of knowledge. Thank you for not shoveling a whole bunch of nonsense our way, but for the most part seemingly straightforward and honest.
Age isn't a barrier in making millions, when you utilize all necessary opportunities you'll see yourself making huge profits after a successful business, I like where good investment are talked about.
Yeah, nice comment I agree with you, investment talks are really interesting
Artem Steve is the best, I met him in a conference in London last year
His strategies are just superb
Are you serious, I work with Steve too
+44 74 51 27 59 8 0
The free commission brokers like webull and robinhood are great for beginners or dabblers. If you decided to stick with it and actually make a career out of trading. You need the next step up. Just like any profession.... You need the right tools and vehicle to do your job as good as you can. But when youre just learning, stick with the free brokers and work out some kinks. Youll know when/if you're ready to commit to a better broker that costs you money to use
Can I use DAS trader with light speed?
I am currently using Webull and have tried Robinhood. I blew my small Robinhood account trying to day trade with their terrible charts. On webull I have been successful and should be profitable. The software though at opening bell has caused me to lose big on trades that I should’ve profited on (the issue is that trading the open, I guess lags the system, so the time it takes my orders to actually show up in my account the stock has already went up and went way down by the time I was able to sell). That’s why I’m opening a CMEG account so I can trade properly. All I’m saying is that you’re absolutely correct 😅
True!
@@thatonejokr8419 I agree. I currently use Webull and like their user interface, charting features, mobile app (for checking market data), and other tools, but their system has been known to lag at times. Also (and I don't know if this is common across the board on all trading platforms), the P&L data is very slow in updating so you never really know the "true" value of your open positions until after a couple seconds of price change. In many cases, I have to do the math in my head or just focus on my exit plan (Stop loss -Take profit) based on the current price and 2:1 risk/reward ratio. I also had a situation where I sold about 1000 shares and not all 1000 filled (which is common), but their system notified me that it was filled, AND that it was filled at a stated price. It turned out I still had unfilled shares so I had to rush and sell the remaining while the price was falling, and the portion of shares that did fill didn't fill at the price notified. I reached out to their customer support- which is a JOKE BTW, provided all the documentation and NEVER heard back from them. Lastly, I occasionally run into issues where the execution prices shown in the account doesn't match the trade confirmations...and I'm not talking about rounding.
So I agree, when you're serious about taking trading to the next level and feel you've got a firm grip on the basics, then an upgrade (and the added cost) might be worth it. Other than the issues noted above, I still think Webull is a good choice for someone just getting started or still getting a feel for trading as it's pretty user-friendly and isn't as complex/intimating as ThinkorSwim. It's also more robust/advanced than some other platforms such as those offered by Fidelity, Merrill, etc which aren't really geared towards active traders IMO. E*TRADE's web platform is OK, but I find it too boring to use. :)
Live&Learn I just switched over to CMEG so hopefully I’ll be able to do something with them. I was positive with webull on my day trades but 3 a week is rough, especially if you have a bad one one day and there’s no way of breaking even
FYI
Just wanted to say that I am Canadian and use Interactive Brokers Canada...
Canadians that use Interactive Brokers Canada are also not subjected to the PDT Rule, they do not follow FINRA's/SEC Rules...
Thanks for sharing!
no problems with TD here! I like to think I'm trading "BreakOut or Bailout" so as soon as I'm in I want it rip or I'm already flattening the position.So my wins are really small cause I already have the limit sell placed $.10 , $.15 , $.35 out but the winning percentage is higher. it actually counteracts the data lag as well. Sometimes my sells are already filled before I even get see the candlestick reach that price action oh but definitely can't trade in first 10minutes sometimes it's okay, but I step away
Agreed you CAN NOT Trade Ross's strategy in the first 30 min of the day with TD. Your fills are actually not that bad, but the info lag will take you as many as 2-3 min to get a confirmation that will allow you to sell, and then wait another couple minutes for the sell confirmation. Put it this way, I would not trade anything faster then 5 min candles in the first 30 min of the day with TD. I had to open a LightSpeed account for day trading and kept the TD for Swings, Investments and Charting. Yes, the LightSpeed charts suck so you will either need to use TD TOS for charting or if you can afford it E-Signal Charts.
Yea not good at the open
Are you trading at the open, if so did you have problems this morning (Friday)? I have had, and have read multiple complaints about the serious lag 15-20 minutes in order execution confirmation... Only have this problem at the open, but that is a serious issue for day traders who want to use the momentum strategy.
@@RichardFioreJr: If TDA's TOS lags so bad, why are you recommending using it for charting?.. If I am trading fast with a different broker - wouldn't their charts also be slightly behind? I have been paper trading on TOS for some time - and compared to ESignal or Sterling Pro - it seems the candle moves in spurts - about every 10 - 2- seconds - and not instantly - as do the others... I find that frustrating as well.. I am now quitting TOS and TDA for CMEG and Sterling Pro... Thoughts??
Hi Ross, as one of your graduate students I used CMEG, and I am extremely disappointed. 1) Horrible customer service, during business hours they rarely answer the phone specially their tech support they just hang up on you and never pick up your calls. Their platform also freezes at least once a week during the morning trade which can make you lose all your money at once. They almost never respond to any tech support email you send them. Lastly, their platform lags and slows down often during the morning trades. I dont recommend CMEG to no one.
This is how I felt about Robinhood.
Protecting the capital is the most important part of being a successful trader. Hands down.
👍
I'm brand spanking new to this... Starting with 500-1000 dollars. I'm having a difficult time even understanding the correct simulation account!!! Every video I watch makes me more and more reluctant to begin but this is something I very much want to continue learning. Please help!!
Thank you Ross. This is what I needed to hear. I’ve made all my trades on a phone app. Ready for the next step
Great to hear, keep in touch as you continue. Thanks for watching!
I am trying to get started trading futures. I have spent 7 months paper trading but have no professional experience. When I decided to go live I put my $7,700 in TD Ameritrade and applied to trade futures. That's when I found out they require professional experience to allow me to trade futures on their platform. Do ALL platforms require experience? If not, can you recommend a platform that does not?
CMEG def seems like the winner. Ive tried TONS of them and the PDT became the biggest thing holding me back. Ive been in trades with a 1.15 entry. Got out at 2 for a nice profit. But then watched it go all the way to 4.86. I Coul dnt get back in due to PDT and it mentally sikes you out. That was a long time ago but i remember it like it was yesterday
Good to hear its working for you!
Are there any platforms that don’t freeze? Are there any that don’t have stale markets? I won’t name the ones I’ve used but I have been disappointed.
Hi Ross, I have a question, what's the best way to start a trading account? Would it be with a retirement account and how can I do that? Or with a regular account when my funds are under 5k?
I would use a cash account losses are tax deductible.
Save retire account for when you become constantly profitable. Any money lost in a retirement account is not tax deductible. Double check that though.
New Trader here.. I opened up with Fidelity cash account and although it does take a few days for the cash to settle, they’ll allow you to continue trading with cash you would have. They keep a running tally, even though it’s not “settled”. I hope this helps someone
Thanks for sharing!
Hey ross. I have two brokers. Because of the pdt rule I trade with Ameritrade think or swim on Monday and Wednesday. I trade with E-trade Power on Tuesday and Thursday. I made 1 trade a day. I don't trade on Friday. Tell me what you think.
If you are not using a 100% of your capital every trade why don’t you use a cash account so you don’t have to worry about the PDT rules? Yes, it takes two days for funds to settle but it is an easy work around if you aren’t using the margin.
Friday is the best day to trade out of all days
That works!
I used TD212, the interface just wasn't built necessarily for day trading even though i managed to become profitable out of it.
The layout and everything ju8st wasn't meant for it so i switched.
Use what works well for your strategy
👍🤓
I learned more in these 23 minutes than I did in 2 years of grad school - thanks! where do I sign up? and how will i know if you replied?
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of my best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
@@DaytradeWarrior Im reading this now. Is there another webinar coming up? How do I receive newsletters from you for upcoming events etc
HI Ross. I'm a new member at your Pro level and I highly recommend it. Just one questions... I'm a very experienced trader and have 1m in my account and have been with Etrade for years but have filled out an application at lightspeed. I'm confused why you say you don't have "Buying power" for short trading in some of your videos. With Etrade buying power is never an issue with day trading.
Can you guide me on that? Thanks again for all of your work.
Some brokers restrict shorting of certain stocks under a certain Price- Normally Stocks under $2.00 cannot be used with margin and sometimes shorting- There is also the issue with just not having shares to borrow to short for small cap stocks as there are less shares in their float. That's why Shorting is more easy and popular for large cap stocks.
To learn more shorting, and the risks of shorting you can watch a video ross has made here : czcams.com/video/c5HU_4ukSw8/video.html
Downside to cash account is you cannot short stocks which is essential esp in a down market.
True, though there is still opportunity to the upside in a bear market.
Hi, Ross- Great video and thank you for all your advice- question: would it make sense to open say 2 accounts with 500.00 each (instead of 1000.00 in a single acct.)? Then one could trade one acct. on Mon/Wed/Fri and the other Tue/Thur? We could trade 5 days a week albeit with less money? Thanks
Yeah that is possible to do. Ross trades in two accounts, a main account and a retirement IRA account.
@@DaytradeWarrior Thank you so much.
Hello Ross - do you have special pricing with Lightspeed? The $2 per trade and $55 platform fees that you mentioned in the video seem to be far less than what Lightspeed says on their website ($4.50 per trade and $130 platform fees). Is there a way we can access this special pricing?
Ross has a special deal running with Lightspeed. His students use it to learn trading, which means they have more customers, so they give Warrior Trading a discount.
@@WreckerR Thanks. If that is the case, then I think the video should have mentioned that.
Yes! If you are a Warrior Pro student!
Great video, Ross! Thank you for insights. I'm European trader, have my account with Interactive Brokers, but don't really like their trading station. What is your opinion about it and, do you have any video lessons about their software? Thank you.
You're welcome Eduard! www.warriortrading.com/interactive-brokers-review-warrior-trading/
I use E*trade. I will do some day trades with small cap but usually swing trade large cap. Zero commissions are great since you can have a profit instantly with smaller share size.
If you use Etrade, do not think about day trading. You can't be profitable with etrade
Everpector Evarestus nah you can
cool!
Lightspeed has payment for order flow, they were recently fined by Finra in Feb 2021 for misleading customers. They now mention that they can ignore your order direction to various exchanges and just use payment for order flow:
"If you select a venue for order routing, Lightspeed may handle as not held. Regardless of the route selected in the dropdown, hot button, or hot key, the Firm may first direct that order through a vendor and may receive discounted execution fees and/or payment for order flow through that vendor that it does not pass on to its clients."
Very interesting, thanks for letting us know
I use TD with a cash account and divide my funds between 2 days and then divide my daily funds to make 3 day trades. Keep putting more money in regularly so I can use more funds daily. Doing thise method I can stay away from the PDT rule since I'm under 25K and trade every day
Do you know you can day trade all you want in a cash account. And not limit your self with 3 day trades in a day. I sometimes trade 4 to 5 trades on my cash account in one day. And yes I divide my cash in half like you, so I can trade everyday.
@@Freddy-wc1fm The dude literally said he uses TD with a cash account.
He only makes 3 trades because he is using a certain amount of money for 3 trades a day
franklin Johnson yea exactly. It's up to you WHT percentage you want to allocate for 1 day trade. Some people like to trade 3 times a day and use more cash and some like to trade 5 times but use less cash for the trade.
I use a TD Ameri cash account and can only trade like 5 times a week. I started with only 300 dollars though.
I start trading on TD Ameritrade (few years ago) On and Off with margin account, but being novice to trading and 25K i had my share of failure.
Since TD Ameritrade move to zero commission it become almost unbearable to use Warrior Trader strategies (High momentum, fast moving with huge volume). Why? Well in my experience, even using Hot Keys, no matter if it Limit order or Market order you can't get filled even with a small size when you want it. Huge delay and slippage, resulting in me being filled at horrible price, or even get filled after i Cancel order. So if you under Margin, you can lose lots of money. Then i decide to move to Lightspeed. Open account with 10K (Cash Account) and using Lightspeed Web Platform (Yes, it little clunky but still better then thinkorswim in speed sense). And since i use cash account, i split my account in half and can trade every day to get around PDT rule. Yes i trade small size, usually 800-1500 shares size. But what that does is that it slows me down a little so i can focus on quality trades, it allows me to be smart about entries and exits. So now even when i get $300-$600 day gains, setting stop losses and walking away from trades. I become better trader and more patient one. I've been doing this full time since march of this year and never look back.
P.S. On personal note i'm not part of Warrior Trader group yet (just a follower) , but working towards that.
right for sure, they're very slow
I trained on the TD Ameritrade simulator for my first 2 years. I've been trading with real money since last summer. I have a consistently rising p&l curve but I'm only trading with $6,000. My next step is CMEG. Ross if it's not too much to ask can you do a video in detail about how to use CMEG and what to expect when setting up an account and the fee structure ect. Thank you sir.
2 years on the simulator? We’re you trading only periodically? Or daily? I’ve been using TOS since the coronavirus started and I’m already considering Cmeg. But maybe I am moving to fast. 🤷🏼♂️
that's fantastic!! Great job! Check out Day 1 from Decemeber to see how I was trading with CMEG, that video I believe talks about it.
I might have seen it but I'll check. Hey thanks for all your helpful videos over the years Ross. Can't tell you what an eye opener it has been. No one does it quite like you do. I look ahead to paying it forward in the future.
Hey Investing. I've got about 4000 hours in the simulator. More would be better but I feel comfortable enough to trade real money and bigger size. I did take a lot of big losses when I first started over 3 years ago. After that I made a promise that I wouldn't trade real money again till I could prove consistency. No doubt I could have achieved my goal quicker if I had purchased the course Ross offers. Hindsight is 20 20. Good luck to you. Always embrace the risk!
Warning if you use TD Ameritrade at market open you will have a potential disaster if you try to use the platform for Quick split second in and out executions the system bogs down and can take possible 10 to 15 seconds so you have bought and sold the delay will show you that you have bought and sold and then 15 seconds later you will get the sound the ding ding ding sound where your order is being filled after you’ve already either canceled it it will still proceed with the filling which screws you were in and out trade big time this has happened to me at least 10 times and I have lost thousands. But if you waitUntil 945 this seems to be a lot better execution I’m assuming not as many people are buying and selling at this time in the system can keep up with that but not at 9:30 which is the open there’s just way too many people buying and selling at that moment.
K W I didn’t even try
Their platform is going to see what they see as a perfect execution I’m sure
That's true, the executions are somewhat slow
Thanks Ross for giving me the passion back again in stocks! You have a great delivery in the way you speak and teach, very informative! I worked on Wall Street for a few years and got burnt! I'm going to crawl back in😳 keep up the great work🤙
Thanks for sharing!
I think you have to be in different brokers to understand which broker is best. Right now I believe almost all brokers are $0 commission.
So which one is easier for beginners to understand? Which one you can trade after hours?
The best way for you to learn more about our favorite brokers would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of my best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
So, Ross, this is the problem I have been struggling with. I want to eventually get into trading full time, but right now I can only trade a couple times a week because I work 4-5 days (usually 5). I am currently using Fidelity Active Trader, but there are no hotkeys, vWAP on the chart, or a trading simulator. I have a $2000 account right now. From a previous question I asked you, you mentioned CME Group and TradeZero. I was under the impression that TradeZero doesn't allow US citizens to open accounts with them? I have looked into CME Group, but don't think the extra software expenses would be worth it until I can trade regularly. I am just getting into this and have been watching tons of your videos (premarket trading, recaps, and learning videos) and read your book. I really want to sign up for Warrior Pro, but I am concerned about how much time I would have to give to it and practice in the simulator. Until I can find a supplemental stream of income to allow me to take more time off, that will be hard. How do you feel about Tradestation if only able to trade a couple of times a week for now? Is there a better advantage for Tradestation vs Fidelity vs TDAmeritrade vs ETrade? Sorry for the long post. I haven't felt this passionate about anything in a long time and really want to get more and more into it. Thanks again.
Hey John, You can look up reviews on all of those brokerages on my Warrior Trading website. warriortrading.com. I personally recommend CMEG because I think they are the most reliable offshore brokerage that you can go with.
This video needs to be rerecorded to not distract the viewer to the autofocus mishaps... Please don't take my comment wrongly, I just found your channel and already love your style.
Thanks for the feedback!
In your video about equipment starting out, you recommended a gaming laptop with 16-32 Ram,
256 GB solid state hard drive and two ASUS Usb portable monitors. Is it alright if the laptop is not
a gaming type laptop as long as it has all the other requirements? Thank you
Yeah definitely!
@@DaytradeWarrior curious ! so for the two extra monitors is that where you watch the list of movers & the other monitor for TA charts ??
His Ross. Which broker do you recommend for Spanish residents? Thanks
Hey Mark, These are two offshore brokers that people in our community or our educators have used that you can research.
For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group Rebate Program: www.warriortrading.com/cmeg-broker-rebate-program/
CME Group website: cmelitegroup.com
For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA Even Canadians:
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/
TradeZero website: tradezero.co/
Hi Ross! I found you about a week ago and you've been incredibly informative. I'm gathering and sharpening the tools to be a day trader but not quite there yet. How can we find this simulator took you're talking about? Looking forward to following you for years to come!
how is your experience so far
I use WeBull right now, I did really well for my first trades and I love their data, comments, and other features; but it's like it doesn't want me to trade on their platform. I see some good chance to jump in on a stock and WeBull won't let me buy in because the funds haven't settled from my previous trade. Right now I'm seeing all of these opportunities to buy and am just stuck sitting for a day or two. It's painful.
What platform has similar features but will let me buy, sell, buy with my earnings the next day? Any of them offer both stocks and crypto so I can trade with my stock money on crypto when an opportunity arrises?
Good!
Love the content, Ross. Had a solid green month having found your channel recently and used the free info / webinars available. Hoping to trade up to the amount to get Warrior Pro for the year.
Good stuff, glad to hear it Chris!
For Canadians, why didn't Ross mention Interactive Brokers Canada? Their commissions per share are the lowest that I've seen which should be quite convenient when one manages a small account.
They're a great broker as well!
Great video! I'm new to this. I'm not actually day trading yet. I'm still learning and gathering info. I'll probably do some courses and simulators next. But I didn't hear Trade station mentioned. I was wondering how does it rank among the others mentioned in the video?
While Ross has not used Tradestation himself, we do have mentors and students in our community who have used them and find them to be a great broker
Ross ive done well with your Top Gainers pre market scanning strategy finding the rite set up to squees at open bell i grew my demo from 6k to 22k in 15 days
Now im using cash account real money and am setting up HOT KEYS what settings on the bid and ask would you reccomend.
I was thinking buy bid +.01 and sell bid -.02 ?
This is great. What platform did you build your account on?
Thanks for the advice as usual Ross. Sorry you had a bad time in this here state of Wyoming. Probably more deer than people here and I wouldn’t change that 😊 . Keep rockin 👊👊👊
Thank you!!
Fast question...went to cmeg and this message came up
"As such, the services it provides are not intended to be made available to U.S. persons. Capital Markets Elite Group reserves the right to refuse to provide brokerage services to any potential customer that is a U.S. person in accordance with Rule 15a-6 of the U.S. Securities and Exchange Commission."
Is this new? Just seeing how you've reacted to this. Wishing you well!
It is still possible to use their brokerage as a US resident. That notice is intended to make sure they didn't solicit you for their business
@@DaytradeWarrior Thank you for your response! I deeply appreciate that you gift your time answering questions. Wishing you well!
Great Video Ross! I've bounced around from Fusion to ETRADE and Interactive Brokers. I settled almost 2 years ago on TD. Very unique platform. I love how you can trade the charts, manipulate them in any manner ( position on chart, color code etc.). You have a visual stop loss or target price on the charts. No, it's not a scalping plat form, for me, but it works well on pullbacks and retracements. You also can write scripts for indicators, such as weighted VWAP. It does take practice, which is available through on demand historical data or live paper trade. Due note live is different than simulator, fills. Level II is lacking, the tape, but if you don't use it as much all is well. At the end of the day I feel around 100 hrs. of practice on whichever platform is a must! You don't want to fumble around with live money, entry and exits, for sure! Thanks again Ross.
i hear you, it's hard to find the right platform. When you find what works for you, stick with it!
Have you done a beginner video so people can decide what type of trading they want to focus and drill down into dependant on their risk and motivation levels? How do you choose a broker that does not have high fees when you are starting out. Uk
Good video. If your first starting out, i would suggest a low commission broker, like TD. Unfortunately, TD is for amateurs due to the execution speed and lag. When your first starting out, it doesn’t matter bc you’re just learning to trade and build a strategy. You’ll know when it’s time to step up your tools.
Thanks Hugo!
I use a $30K IRA account for trading right now with Merrill Edge. Can I transfer that money to a better broker for day trading? Which one would you suggest? Can I bypass the PDT rule with an IRA account?
Yes, you can transfer it to a broker of your choosing! For accounts over $25,000, you can look into Lightspeed (available to US and most international residents except Canada and Australia).
Lightspeed review: www.warriortrading.com/lightspeed-trading-review/
Lightspeed Rebate Program: www.warriortrading.com/lightspeed-broker-rebate-program/
Lightspeed website: www.lightspeed.com/
For margin accounts under $25,000 (as little as $500), you can take a look at CME Group (available to US and most international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group website: cmelitegroup.com
Most international traders can look into TradeZero (available for accounts as low as $500, or $1,000 for our Warrior Pro rebate program. Not available for Canada):
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero rebate: www.warriortrading.com/tradezero-broker-rebate-program/
TradeZero website: tradezero.co/
You can use this link to help you decide which broker might be good for you: www.warriortrading.com/how-to-choose-the-best-online-broker/ and www.warriortrading.com/stock-broker-essential-guide/ For more information on options available for day trading with less than $25k, check out this article here: www.warriortrading.com/how-to-day-trade-without-25k/
@@DaytradeWarrior Thanks Ross!
I've been with IBKR for the past 2 weeks! Love it. I defs use your strategy in the morning. Only 1-200 in share size so far but my commisions are only 1.00 and my execution is always super solid. I'd recommend them for people in Cananda! Not sure about execution above 1000 shares tho :p
IBKR is just as good for 1000 shares. I haven't done anything like 5000 so can't comment. But 1000 works the same as 100.
@@nathanhumphreys7206 Thanks for the heads up man! I was hoping I wouldn't have to switch brokers when I started going up in size.
@@jasonm8755 no problem! A lot of people don't use IBKR as they enforce the PDT rule and their platform TWS takes sometime getting used to but they are fast with execution even with big share size and charge possibly the lowest commissions of all brokers
@@nathanhumphreys7206 Another question bro! What's you commisions on 1000 shares?? And are you on the fixed plan or tiered? Cause I find myself paying the same commisions on 100 shares that I do on 200... :O which is sweet obviously lol.
@@jasonm8755 yeah it's it's the same for 100 and 200 shares but 500 is $2.5 and 1000 is about $7 from what I can remember. I have lowered my size to 500.
I do ETrade. Don't see myself changing until I have learnt what needs to be learnt. Thought about using CMEG but not sure it is worth it
good call!
I appreciate videos like this that think through the issue. I've been trading in TOS for a while with a cash account while slowly increasing share size. I'm in the process of setting up my CMEG account and plan to start using that in June. This video confirms I'm making the right decision at the right time. Thanks Ross
Matt. What platform are you going with at Cmeg? Sterling or dos?
@@investing2089 I'm going with DAS. I've used their simulator in the past so I think I'll be comfortable jumping back into it.
right on!!
How has your experience been with Cmeg up till now? Thinking about opening an account
@@SJR24 I'm no longer with CMEG. I've been with Cobra now for a couple years. I can't really speak to CMEG at this point because I don't know if they've changed anything, but I remember their locate process being expensive when I was there so I really could only be long biased.
Does anyone have a plateform where there is no amount of orders you can put in a day ? TS allows 3 trades a week for 25,000 and below accounts.
Hi Ross, Firstly i'd like to thank you so much for putting out so much great material you are definitely instrumental in helping me to make a career transition. I used to to do spread betting until i realised i was getting crappy pricing and ridiculous spreads. I'm based in the UK and I just started using IBK and to be honest I've found it clunky and slow and I cant get my head around it so i'm gong to try lightspeed and watch all your tutorials again. Is that your current goto broker and do you receive data from them for execution?
Yes it is.
Warrior Trading ..What a coincidence I have already contacted E-signal earlier this afternoon. I presume it will work with light speed?
What is best if I like to hold for long term. I want to have money grow but be able to take it out if I want to buy a house or send my kids to college 10 years from now. I’m thinking fidelity is that okay. I have no clue what I’m doing, it’s just a thought at the moment
Learn about Ross's Strategy and our Courses here: www.warriortrading.com/strategy/
Does lightspeed have faster execution than Td , assume I would trade scalp for 10 cents
Oh yeah big time, that's why I use them. www.warriortrading.com/lightspeed-trading-review/
How do you think Fidelity rates for day trades. ( breakout trades). It’s the only one I’ve used but seem fast.
Canadians also use Interactive Brokers, the reason Questrade is more popular among Canadians is that you can trade directly from a TFSA account (tax free savings account) which is similar to trading from a retirement account. I use IBKR because of very low commissions (as opposed to Questrade) The taxes have to be paid under Capital Gains but with the Brokerage costs I don't think it really makes that much difference between the two, depends on your trading style and experience. Also be very careful about TFSA rules regarding what constitutes 'non professional' use, best talk to an expert its like deciphering Einsteins theory, you dont want them nailing you with huge fines for filing incorrectly. The other advantage to not using TFSA is that if you blow up your TFSA account you absorb the loss. If you are not using TFSA and you blow up your account you can claim the loss under Capital Gains/loss rules. Also Canadians are exempt from PDT rule.
right okay that makes sense
It's there a good simulator to use without opening an account with a broker?
Hey Tim, There sure is! www.warriortrading.com/paper-trading/
I use Fidelity but it isn't made for day traders and it takes too long...no streaming tickers. Does anyone have streaming numbers, or do you need to push the 'reload' button? I appreciate all of your great advice. It is working!
It's my pleasure Kimberly!
Great content Warrior! I just started trading and you've answered not only questions that I had but also new things that I would've eventually ran into like PDT rule. And great music!!!!
Thanks a lot Jerry!
Pre & After market trading on the eTrade Pro platform is the worst. I've lost more money having to go to the website to be able to execute a trade during those time frames. Maybe I don't know enough about eTrade Pro, so I missed the option to do trades during those hours, I don't know. When you couple the market time restrictions with having to click a secondary window to execute a margin trade, that has completely turned me off of eTrade!
Hey Steven, Here are some brokers we recommend: For accounts over $25,000, you can look into Lightspeed (available to US and most international residents except Canada and Australia).
Lightspeed review: www.warriortrading.com/lightspeed-trading-review/
Lightspeed Rebate Program: www.warriortrading.com/lightspeed-broker-rebate-program/
Lightspeed website: www.lightspeed.com/
For margin accounts under $25,000 (as little as $500), you can take a look at CME Group (available to US and most international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group website: cmelitegroup.com
Most international traders can look into TradeZero (available for accounts as low as $500, or $1,000 for our Warrior Pro rebate program. Not available for Canada):
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero rebate: www.warriortrading.com/tradezero-broker-rebate-program/
TradeZero website: tradezero.co/
You can use this link to help you decide which broker might be good for you: www.warriortrading.com/how-to-choose-the-best-online-broker/ and www.warriortrading.com/stock-broker-essential-guide/ For more information on options available for day trading with less than $25k, check out this article here: www.warriortrading.com/how-to-day-trade-without-25k/
I’m looking at IC markets or plus 500 as I’m in Australia, have been doing well with my paper trading but have noticed a few problems with mt 4 and the plus 500 app , so will be trading on my computer only , have saved enough to start my account with a healthy balance, just not sure what kind of trader I am as I don’t mind waiting for things to happen but also like how quickly things can change , wish me luck as I’m going to start this week 😎👍
Fot CFD trading CMC Markets is also good
hey, i don't trade CFD's, i'd avoid them.
I contacted cmeg and they said minimum to
Open a new account is 2500. I was confused.
They have 2 branches. Us and overseas.
Overseas won’t open us resident account?
Us new account is 2500? Confusing.
Thanks Ross. Your videos are always so full of important and vital info. One of a kind.
You’re an inspiration to us beginners. 🙏🏻
Thanks.
ZelicOG awesome. Thank you.
that's interesting, i haven't heard that
Hello what's the way to get started with trade Cos I've been making my personal research for a while now
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
TD Ameritrade screws you on orders. It's always .50 to 1.00 less than the bid and ask.
👍🤓
Ross, I saw that Lightspeed has a 10k min to open an account. Is that true? I am a warrior pro student and love it btw.
Yes that is correct. Great to hear you're enjoying the Warrior Pro!
@@DaytradeWarrior Hi Ross, i want to go for CMEG but i saw alot of negative comments about them.
can you share ur experience with them are they good and trusty?
Hi Cameron, like your videos as a newbie. Would you definately recommend Trade Zero and is the wire system safe to transfer funds??? Appreciate your advice, Many thanks, John
You can read our thoughts on them here: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
Thanks for going around our questions and address them in an honest way. I appreciate it.
My pleasure Amir!
Of the top 5: TD, ETrade, Fidelity, CS, IB - what has the best corresponding research software and phone app? What has the best software tools that will prepare me to transition to a more professional program like Lightspeed later on? Currently I work in a job that requires me to travel to remote locations a lot. I'm wanting to start with the zero commission platform (NOT RobinCrap) and gradually learn more and do more, using research tools and a corresponding phone app for swing trading, for times when I'm traveling or and can't sit at a desk full time for day trading. Eventually, when I am ready, I will commit to faster more focused day trading program like Lightspeed. With this basic timeline of events in mind, what would you recommend from the top 5? Thank you for your time and consideration.
FWIW I think etrade has a fantastic phone app. The charts / watchlist and even L2 info is impressive.
Thank you Ross,
Alot of options when it comes to brokers. Way to break them down.
Sounds like cmeg and trade zero would be best for small accounts as long as your profitable. Thank you for the video.
My pleasure Jose!
Ross is the kind a guy you need as your bigger brother, always having great advises, can't thank you enough
Thanks for watching!
Can any one give me a list of international broker btw i resides in Mauritius and it is difficult for me to get a broker i cant download robinhood
Hey Ajay, These are two offshore brokers that people in our community or our educators have used that you can research.
For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group website: cmelitegroup.com
For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA except Canadians:
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero website: tradezero.co/
TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ (Keep in mind that participation in a Broker Rebate Program is not required to trade or to be a member of our community. Rather, they can be an opportunity to receive discounted commission rates if any of these brokerages are a good fit for you.)
This article can be a helpful resource for exploring your options for day trading with less than $25k! www.warriortrading.com/how-to-day-trade-without-25k/
ok while we are at this ... which broker does not apply PTD Rule???
These are two offshore brokers that people in our community or our educators have used that you can research.
For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group website: cmelitegroup.com
For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA except Canadians:
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero website: tradezero.co/
TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ (Keep in mind that participation in a Broker Rebate Program is not required to trade or to be a member of our community. Rather, they can be an opportunity to receive discounted commission rates if any of these brokerages are a good fit for you.)
This article can be a helpful resource for exploring your options for day trading with less than $25k! www.warriortrading.com/how-to-day-trade-without-25k/
Great video Can't wait for the "Warrior Trading Platform" You definitely understand the problems small part time trader are having
Haha we'll see! Glad you enjoyed the video!
Spot on video again - Am an international trader based in Europe focusing on day trading equities and thus now actually considering moving towards Lightspeed. European brokerages are rather expensive and often do not provide direct access. Thus, this video and especially hearing it from Ross is just another confirmation of doing so. Only question I got now, does Lightspeed have good paper accounts?
Unfortunately they don't.
@@DaytradeWarrior Thanks Ross for ya quick reply. Meaning, I should sign up with DAS or is there a cheaper / free-of-charge alternative? You guys work with DAS I suppose?
How much does it cost to be your student Ross?
Hey Ramon, You can check out our courses here: www.warriortrading.com/trading-courses/
Too much.
Hey Ross quick question! What top 3 simulators should I use to get started? I appreciate the help in advance! New subscriber! Love your stuff!
-Thanks 😊
www.warriortrading.com/paper-trading/
How, just how, you went from $500 to $53K in less than a month!!! I need that lol
Thanks for watching!
@@DaytradeWarrior CMEG? is that Capital Markets Elite Group?
@@orlandorealestateconsultan6656 yes CMEG is Capitol Markets Elite Group
Hi Ross, what day trading Simulator with Replay would you recommend since I work full time , I would appreciate your help
We do offer the Warrior Trading simulator, but it doesn't come with a replay feature. One thing to consider if you're looking to practice trading when the market is closed is take a look at TD Ameritrade's Thinkorswim (TOS). Their onDemand feature allows trading with historical market data at any time of the day. This can be great for practicing at your convenience, including while the market is closed. Please refer to their site for more information: www.thinkorswim.com/t/trading.html
Ross... you are certainly the truth ✊🏾✊🏾✊🏾
Thanks Ryan!
I want to trade candle stick, breakout, patterns only after I have concrete catalyst for a life style change
threw you a sub just for the vibe you gave me! love the video, actually meaningful and included valued information! appreciate you. **And the advice was free lol.**
Thanks!
@@DaytradeWarrior of course! Appreciate you boss!
I switched from Robinhood to streetsmartedge from schawb.
Their platform is very similar to you Ross, their scanner is very efficient too. Their execution is quick, their chat help live is very good.
I trade 30 min every morning, about 10 to 15 trades and everything is free on top of that.
2 week with them and two weeks green....
Was it hard to switch brokerages? I’ve been trying to switch from Robinhood but am finding it difficult to do. Did you have to speak to someone over the phone?
@@TexasGent3808 it definitely easier yo put back your money to your account and then deposit in your new broker.
Romain Lemaire Oh okay. Thank you! I’ll definitely do that.
@@TexasGent3808 you're welcome
Wow nice!
This was an awesome video! Thanks for the info!
Thanks for watching!
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@@DaytradeWarrior 4
4th 4
@@DaytradeWarrior 4
I day traded years ago, I recently lost my job and would like to start doing it again, I have a about $6k to start, I opened an account with Fidelity not to keep the funds in my checking account and expend it, I'll like to hear from Ross and everyone else what trading simulators are best, I am going to research the brokers mentioned on the video, thanks in advance.
I'm using Ross's Warrior Sim and have for a little over a month now. It's a good sim b/c if you go to CMEG or lightspeed you essentially use the same platform, so little to no relearning on the platform.
@@mattwagner5800 Thank you, that's good to know, I looked at CMEG information, doesn't seem to be a bad deal the Trinidad and Tobago location is a concern
We have a simulator that is included with our course packages that will be likely the same platform when you eventually go live
Tradingview has a free basic simulator...
I am in ross’ class and I actually like the Tradestation sim the best. It’s free if you have an account with 2000 in jt
Love the background music Ross
Thank you!
Hey Ross. If I trade the American market and American shares. Will I have to pay US tax or my country tax which is Australia or both?
Hey Samvel, I'm not sure. I recommend reaching out to a local CPA in your area to get more information. All CPA's should be knowledgeable about trading transactions, be sure to confirm if they have dealt with these kinds of situations before.
In the meantime, here are a few links to some helpful articles we wrote about trading and taxes.
www.warriortrading.com/tax-tips-for-active-traders/
www.warriortrading.com/maximize-tax-returns/
Good info. For anybody on the fence, I've been learning from Ross for about a year now. He's a great teacher and he WILL make you profitable if you put in the effort. I'll be renewing my membership when it runs out.
thank you!
Fidelity or Etrade? Which of the two should I go with? Thanks for the awesome video.
You can read our thoughts on both of them here:
www.warriortrading.com/fidelity-broker-review/
www.warriortrading.com/etrade-review-warrior-trading-reviews/
It's funny I have Charles Schwab and Webull and I like Webull way more lol.
👍🤓
Agreed... Schwab StreetEdge is garbage
Thanks for this Ross - In trading from a retirement account (IRA, etc)... Isn't there a ceiling to how much $$$ can be put into it year to year? I remember when I was a teacher - and switched to my own IRA - I could only deposit so much $$ per year... aren't profits into the account considered deposits - and are there limits?.... Please elaborate... Thank you!
Hey! Profits aren’t considered deposits. So you’re right, you can only deposit 6k/yr, but you can grow it as much as you can!
@@DaytradeWarrior : Excellent - Being I am 61, I would think I can also have access to it relatively quickly... Thank you!
Trying to get ready for the webinar
👍
You are hilarious and very easy to learn from. I'm still broke, looking for work so I can fund my account. Starting from $0 with barely any clothes or possessions. Thanks for your help.
I'm on etrade w cash account, but could just as easily start fresh on another platform. Signed up and hoping to join your webinar tomorrow.
Enjoy the webinar!
Which software do you think is best to use