Day Trading

[Sheikhspeare]

Hi,

I need a little help with a few questions I have ad am confused about. I would appreciate it if anyone can answer these questions..

I am currently in Dubai and want to day trade US, UK and emerging market equities using a platform such as eSignal or TradeStaton.

1) Are there any tax implications for me trading US stocks from the UAE.

2) Do I need a US bank account to trade there?

3) I am looking to make 4-5 or maybe more trades on the US market a day, is there any limit or restriction?

4) Do I have to have a minimum cash balance to trade. For example, if i have $2000 then i will only purchase stock to that amount, only what I can cover.

5) What is the better of eSignal, TradeStation and MetaStock, for the purpose of day trading?

Thanks.
Regards,
Sheikh

 

[Trader333]

If you want to day-trade US stocks then you will need a minimum of $25,000 in your account as this is a requirement of the Pattern Day Trading rule. You should be able to open an account in your own currency if you use a platform such as Interactive Brokers but it is best to check their website.


Paul

 

[Sheikhspeare]

Is there a minimum cash requirement on other markets too, like the UK?

Sheikh

 

[timsk]

Hi Sheikh,
It might be worth getting in contact with Damian Oakley with regards to your tax situation as he trades U.S. equities and lives in Dubai.
Tim.

 

[gooseman]

Is there a minimum cash requirement on other markets too, like the UK?

Sheikh

you'll need to be able to pay your margin calls for sure