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I agree $15k is a small account for daytrading. However, your statement that "you'll be losing close to 2% of your capital each month just for the cost of the data feeds and network connections" is not exactly true. If a trader meets minimum activity requirements, there are no data fees.
I also remember when CyBer was requiring minimum initial capitalization of $50,000 and lots of folks were criticizing them for this policy. So, CyBer reduced its minimum and now you offer criticism. They obviously prefer a higher initial account balance, just like you do.
Seems to me, though, that you didn't read anything I said in my previous response about why CyBer might require six months' prior direct access trading experience. I find it strange, Bill, that you feel CyBer should be more conservative and require a higher initial capitalization, but yet you don't seem to understand why they might want to require some prior experience. Actually, I believe they are doing it exactly right. If a new trader wants to commit only $15,000 to daytrading initially, possibly trading small shares or lower priced stocks, I see nothing inherently wrong with that. After deciding that daytrading was "right" for him or her, the account can always be increased. Better than putting in all one's money and blowing it during the infamous "learning curve."
You're entitled to your opinion, but I respectfully think you're stretching it about on this point. By the way, are you a CyBer client? Or, if not, where do you trade? |
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