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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: kingfisher who wrote (3923)	3/2/2000 9:38:00 AM
From: charlie mcgeehan	Respond to of 4467

hi everyone i received a pm from martin favreau last night and he asked me to answer on the thread. he wrote <<i've read in one of your posts that you use a b watley even though (i assume) you are a canadian citizen. i've always heard how we (canadian traders) were stuck with canadian brokers, that it was the law. i am wondering how you did it, opening an account with a b watley, traqnsferring funds, and how you work your accounting with canadian laws. is it legal?.. my answer is that many u.s. brokers accept canadian or foreign customers. opening an account with them is very easy. simply go to their site and fill out the necessary papers. some want a minimum deposit. fill out a form to transfer your account and they handle the rest. you have to fill out a waver that you are not a u.s. citizen. taxes are handled the same way you would any capital gains. now you must know that these brokers are for trading u.s. stocks. if you want to trade canadian stocks forget it, its not worth the hassle. i trade u.s. stocks because they continually have one of the worlds fastest growing economies and i like earning in u.s. dollars, although of course you have to do the exchange the other way when you start. also there is a wealth of information (mostly free) on u.s. stocks so research is much easier and more complete. the reason i am now trading canadian stocks is that since nov the venture exchange is the fastest growing exchange in the world (at least in the part of the world i am interested in). however having said that i do not believe in daytrading canadian stocks because of the broker problem. it makes trading too much of a crapshoot. i mostly position trade trending stocks because there is seldom a need to execute a trade in a moments notice. to be honest i also use a full service broker that i have used for years. i negotiate a better commisiion rate and find the trade execution is just fine. now this will not work if you are just trading a few hundred shares because its hard to show enough profit to justify that kind of commission. martin, i hope this helps you and please feel free to contact me if you need more help. i am a firm believer that as individual investors we are in tough against the "big players" but there are ways we can win. good luck to you charlie