What are the best brokerages for day trading?

hello guys liam dexter welcome to these videos and today we're going to talk about the pros and cons for different brokerages and also the borrow fees for different brokerage as well and before that we're having a platform coming out it's going to be called starcraft it's a scanner that can scan for different strategies that you're interested let's say you're interested into a bounce short you can input the criteria into the scanner and you will scan for the bouncer that you wanted to see for that specific day so it's going to be very suitable for people

that's going to approach into the market more of a systematic way if you're interested make sure click the link below we have a pre-sale going to come out very soon and let's get into the video so as a beginner in 2016 2017 i had trouble choosing different brokerage because the fees were basically taking out 20 to 30 percent of my net profit that doesn't really include the ecn and the normal execution fees it's all comes from the hard borrow fee so this is one of the i would say major problem if you get into around

a hundred thousand to two hundred thousand dollar account and there's also some brokers you can use to minimize that if your account size is under 10 000 or 30 000. so first of all let's talk about loan strategy first so if you're a long biased trader and you want to minimize the fee as low as possible you have to do some type of calculation let's say that you normally trade anywhere between 3 000 to 5 000 shares between one or two days so interactive brokers basically charges money per share and if you're trading large amount

of shares well interactive brokerage might not be worth it and e-trade they basically charge a fixed amount for one trade no matter how many shares they're trading i think there's up to a limit but they only charge about i think it's around seven to eight uh back in 2017 2018 per trade that's for specifically for long and they charge short interest for hard to borrow stocks but normally that e-trade doesn't have enough availability especially for shorting or low flow so in terms of flexibilities interactive brokers does have more options you can choose dollar per share

you can also choose dollar per trade so e-trade i think it only has the option for dollar per trade and ever since 2018 i moved down into trade zero and guardian then now i'm using regal security so i'm going to explain what's the pros and cons for shorting strategies and what's the best option for especially swing assured positions for two to three days maybe two to three weeks and what i figured out for the last two to three years is that short interest is much better than holding overnight especially with your borrow fee times three

times five that is just not worth it because i have tested my strategy my strategy actually works but overnight fees are taken now maybe 15 to 25 percent sometimes even 30 percent so whenever you are shorting a stock you are thinking about holding overnight and you had a really good entry but if you can't borrow fee in your entry is not very good if you manage the borrow fee and actually reduces your profit margin so the concept is very simple if you borrowed a thousand dollars worth of stock and you want to hold overnight depending

on the trade zero current uh holding overnight plan they normally charge times seven now the charges times five so the stock itself still have to cost you five thousand dollars to hold overnight just for the fees if the stock doesn't have another 20 to 30 percent drop potential uh it's not worth it to hold overnight that's why trade zero is almost for intraday shorts almost all the time and the guardian is a little bit different they do have a plan that if you are planning to only trade 25 000 shares or below then you can

enter this plan by paying a monthly fee so you don't have to cost you money every time when you borrow a different stock that's also very suitable for account it's between let's say fifty thousand to five hundred thousand if your account is above that uh most of the time you're going to short more than 25 000 shares or trade more than 25 000 shares that's where the plan is not very useful because you can borrow more than 25 000 and that's actually going to reduce your profit as well so for different traders make sure which

area you are landed in and to choose the best brokerage that fits for you i would say interactive brokers and in-trade interactive brokerage are suitable for account within three thousand to five thousand e-trade i would say it's suitable for long and swing strategies up to millions and uh guardian and trade zero trade zero are more suitable for account that is over thirty thousand and you're almost placing injury traits all the time not worth it to hold overnight guardian i would say it's probably currently the best for swing short if you plan to hold two to

three weeks that's my personal experience for using them about two years now so that will be end of this video and whenever you are choosing a different brokerage make sure that you track every around six months to a year to see how much fees that's actually taking now your net profit so you can kind of have the idea that you don't want that amount to exceed over 30 percent of your profit because that is very important and don't blindly borrow shares before the action happens normally that you're into a wasted borrowed situations and it's not

going to feel very good and also make you very formal to trade different stocks in that day so hopefully this video is helpful um let me know if you have any questions please leave a comment below and i will see you guys in the next video you