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A trader friend of mine has been looking for a way around the NASD
day trading rule, which states that you must have an account over
$25,000 in order to day trade everyday (I don't worry about it myself
because I have much more than that). Anyway, he found this firm that
is not located in the US, so they are not governed by the NASD and
therefore do not have to follow this rule.
Here is their website: http://www.alldaytraders.com
He has been using them for several months and says he looked into it
before he started. Including speaking to a friend of ours thats a
securities attorney. You still get a direct access trading platform
with Level 2 quotes and charts. The firm's bank is in the US and the
clearing firm is in the US, so the funds never really leave the US.
He says he has deposited and removed funds several times with no
problems. He also day trades everyday even though his account is only
worth around $12,000.
It is something I found interesting when he told me about it and I
figured alot of you without the $25k may be interested as well, so I
figured I'd share the info. If this is valid, it seems like such a
simple answer to this issue that I can't believe it had not been
thought of earlier (Don't like US rules = Don't trade with a US
firm).
If you have any questions or want more info, go to the site.
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