Direct Access Brokers - online?

Question

Applications for direct access brokers states that they offer day trading accounts to "qualified" traders.

What does that mean? how can someone qualify?

Answer 1

Usually you have to have a certain amount of cash available, (25K I think) and you have to sign a form stating that you're aware of the risks and have experience and knowledge of the stock market blah blah blah. Check with your broker for more details.

Answer 2

In the United States a day trader must be approved for a margin account and be able to maintain the account with minimum equity of $25,000 at all times.  This does not mean deposit 25 but keep at least $25,000 in equity.

If you have to ask what it means, you should not apply and if you have to ask how to qualify it means your don't and don't even try