Traders Laboratory - View Single Post - Trading for the least amount of money
View Single Post
  #23 (permalink)  
Old 04-06-2008, 02:21 AM
smwinc smwinc is offline
smwinc is in the Boiler Room

Trader Specs
 
Join Date: Sep 2007
Posts: 136
Thanks: 27
Thanked 74 Times in 35 Posts
Re: Trading for the least amount of money

When you are just paper trading, I completely agree that you want to keep costs as close to zero as possible.

In my opinion, this is the best combo:


Charting:

Ensign Windows is 39.95 / month.

Data:

FXCM feed is included free.
Interactive Brokers provides stock/futures/bond data for free. Account minimum required is $2,000 USD (or is it $5,000USD?)

HOWEVER: a "bug" if you like with I.B; once you have deposited the funds and your account is active, you can withdraw your 99% of your funds (leave like $50 in there).

After a few months, they will send you an auto generated email along the lines of:

"please note, your account is below the minimum, please deposit additional funds or your account will be closed..." etc.

What they actually do is seize the funds from inactive low-balance accounts, however because that is such a cruel thing to do, they have to give plenty of warning. Like 2- 4 months.

After you get the warning emails, go into your I.B account and click the button that indicates you are putting in a deposit. This begins the cycle again - After a month your 'pending deposit' expires, you get another warning email, send another 'pending deposit' note, wait a month, etc etc..

I have had an old I.B account with less than $10 in it for over a year now.

Reply With Quote