If you have no problems with the platform then I would stick with the $29
Let's say you are with a platform that goes down at a critical period? It would cost you a lot more than $29!
There are probably better day-trading platforms than TD Waterhouse for day trading but I doubt you will find a much better discount brokerage overall for service and reliability.
Your $29 commission fee for trades is due to your low asset investment...once you have more than $50,000 in assets in your account the commission drops to $9.99 and can go as low as $7 per trade if you make more than 150 trades per quarter.
1. Where are you going to day trade in hours after the trading day is over??? In the after hours market??? Are you crazy?? You need volume and liquidity to perform day trades properly....there is none in the After Hours market.
All Brokers keep trading hours but that does not stop you from placing trade orders any time of day...Midnight or 2:00am if you want but these orders will not be acted on until the trading day begins
2. First of all, you cannot deal with an USA broker since you are not American....it is a tax thing...the US government wants its pound of flesh.
And even if that were allowed, do you think they want to deal in Canadian Dollars???? HeII no!!!....your $30,000 Cdn would be converted to $26,855 at the current exchange rate of .8952
and when you want to bring it back to Canada you will get hosed again.....silly idea
3. Yes, getting a US dollar account (which you can do in TDWaterhouse) is beneficial to the trader. You wait until the exchange rate is favourable (definitely not now) and you deposit (convert) into US dollars into the account.....NOW you are not affected by exchange rates when you trade in American stocks (of course you would not use such an account for Canadian stocks...stating the obvious) when you want money from that account then you wait for a favourable exchange rate and convert it back to Canadian dollars on withdrawing.
it is really the same as having a US broker account without the mess as all taxes and such are handled by your Canadian broker.....BUT Making transfers to and from that account requires you paying attention to exchange rates.
I understand you are a beginner and in my opinion you chose a good broker to begin with. Most Canadian discount bank brokers are decent but I am not sure how day trader friendly their platforms are as I am not a day trader....All I can say is that I have dealt with TD Waterhouse for over 10 years and did NOT have ONE problem with their service...any difficulties where from my misunderstanding and resolved satisfactorily every time and their 24 hour telephone help line is superlative.
Since you are a newbie, I suggest you try being a swing trader rather than a day trader...day trading is a graveyard for new traders as it requires a special skill set. in the mean time learn all you can about Fundamental and Technical trading, whatever approach you feel fits your trading style...if you continue your desire as a day trader then definitely you need to know how to use technical trading as fundamentals don't help much when you hold a stock for less than day...anything can happen in that time.
Good Luck
If a $30 commission has ANY effect on the profitability of your "trading" then you are not actually trading, you are gambling...
(What good would "more hours" do you? The Market is only open when it is open....you cannot "trade" when there is nobody there to trade with!)
Don't be TOO surprised if your money is soon all gone!
If you want to earn money with binary trading and you aren't a big expert you definitely need some kind of support. I use a software called "autobinary signals" and I earning good money with it. Here you can find all the details and also some video proofs: http://tradingsignal.toptips.org
i think you should try this deal.
go to this link above :
http://7b4d5hcmb07o0x1ab-7fsaogxi.hop.cl...
hope it will make your trading succesfull..
I do stock day-trading on line, using TD Waterhouse' website, with around $30,000 CND investment. But TD charge $29 for each trade. I am looking for a good broker with cheap commission fee. Beside that, I have 3 more questions:
1.What is the broker that lets day-traders do more hours? (TD Waterhouse only 9:00 am-4;30 pm).
2. As a Canadian, can I use US's broker, if they give more hours and charge less fee.
3. What is benefit for a Canadian day-trader to use US dollar account?
I am a beginner and that is why I have so many questions. Many thanks!!
