What's up everyone? All right? Well, I Want to come on here and let you guys know that there's a pretty big announcement tonight from Char Trader and you can see this right on my screen and I'll read it to you guys. so it says Business Change Announcement Dear Clients We would like to advise that without written notice and reason, our clearing broker has recently changed the terms of our relationship. In light of this, there will be changes to your trading account. Please take note of the following announcements relating to your Sure Trader account.

You'll have two options relating to your trading account with us. Unless opted out, your account will automatically be transferred to a new broker called F1 Trade on Monday November 8th and you will need to agree to their client terms and conditions. F1 Trade is a Stock CFD Broker. Those of you guys that don't know about CFDs We'll talk about those in a second that offer very similar products and services to Sure Trader, including the - platform for a seamless transition.

Okay, and B if you choose to opt out of transferring your account, you'll be required to withdraw the entire account balance by bank wire instructions in the name of your Sure Trader account on Monday November 4th all clients will be placed on closing only transactions. So that means you can only close the orders that you have. You can't take any new trades. If you have open positions, you will have until Friday November 8th to close out these positions in your account.

Share Trading reserves the right to look, Reserves the right to will liquidate those positions and credit the proceeds of the liquidation to your account before transferring to F1 trade. unless you've opted out. In that case, you'll be required to withdraw the entire balance of your account. So you know this doesn't change anything for me.

As you guys know, I Traded with Sure Trader at the very beginning of my $583 account challenge when I did my first account challenge back in January 2017. I served five hundred eighty three dollars and grew the account over a million dollars. You can see right here This is my audited my audited statements for that challenge by: Citrin Cooperman So during this period for the first, well, I guess it was right around here January and through February I traded at Sure Trader and then as soon as I made enough money to move my money out of there I moved it out of there and I started trading with Us brokers. So and I haven't been recommending Short Trader for a long time and the reason is because of the price.

So shortly after I started my small Account Challenge in January of 2017 I I start getting emails from people that said hey, Russ have you seen the new Commission structure at Sure Trader? So when I was trading there, the Commission was for 95 per trade up to 10,000 shares and I had some small Ecn fees but that was it So you know I was able to trade pretty aggressively and I was able to grow the economy quickly. Now, shortly after I started my small account challenge. For whatever reason, I don't know I guess to make more money but I don't know they changed their Commission structure. two Point Zero Zero one per share with a minimum trade of $5 Point Zero Zero One Guys, that sounds like oh, that's not allowed to penny per share.

So a thousand shares times point zero zero one. That equals ten dollars to buy and it would take another $10 to sell. So that was a huge hike on the Commission and as soon as that happened, I stopped recommending Sure Trader and you guys can comment below. you guys, can those you watching this live? I'll leave a link below in the description to the small account broker that I would currently recommend.

and you know some of you guys, you sort of have two choices. You can either if your wish or a traitor. Right now you're as a U.s. resident, you're not allowed to trade CFDs So CFDs contract for difference.

U.s. residents aren't allowed to trade so on stocks so that's that's simply not gonna work. you know I So that I would probably not do. So you guys sort of have two choices.

you leave sure, trader and then you can either open an account with like TD Ameritrade or you can open an account with E Trade And you know, trade below the Pvt level right? That that would certainly be an option. Or you can open an account with one of the other below PDT Firms that are in the Caribbean I There's a couple articles you guys can look them up on the what Was it I Just had it up here a minute ago the Tribune which is a newspaper in the Bahamas and they had some articles. They had one on March 8 2019 where they talked about the challenges that Sure Trader was facing. They talked.

Let's see, there's a quote in here. so there's a quote that he said quote. The latest incident happened on February 7th 2019 when the Bank of Montreal issued a letter to Mint broker executives informing them that it was ending our banking relationship with the broker-dealer It has been determined this is a quote from the bank that your personal and/or business activities fall outside our risk appetite and therefore we do not have an appropriate basis to maintain a baking relationship. As a result, we ask that you close your account by March 7th 2019.

After that time, we will cease to operate these accounts. So you know I Think you guys who have done some research, you can kind of see that there's a pretty colorful history around Sure Trader and I you know you guys can read about that yourselves but I don't know if this what's happening with Sure Trader is a an issue specific to Sure Trader or if it's an issue specific to all brokers that don't enforce the PDT rule. but as of right now it appears to be specific to Sure Trader. So yeah, there are there are other brokers that that traders have been using for small accounts for quite a while and they've been lower Commission and they you know have been fine.

So yeah I think this is just you know it's it's a it's a big deal though because some of you guys have accounts with Short Trader and you're gonna have to. Well, you've got two choices right? You either you either move to F1 trade and I don't know I mean maybe maybe they'll accept us Us traders I'm not really sure I would think that they can't. You know if I could trade CFDs I I would because you get no slippage. That's the nice thing, but it's it's it's almost like paper trading and the broker you know kind of.

it's like and I think that's one of the reasons that they're not allowed so know anything about this broker I've never heard of them before, not once in my life. but I do know that we're not allowed to trade CFDs as US residents so I'm not sure that that how that's gonna work. and then of course if you close your account then you have to decide. You know, all right, do you open an account with one of the other small account brokers? Or do you go and just deal with trading below the PDT level at you know, something like you know TD Ameritrade or whatever.

So yeah, I don't know what you guys think those of you guys who are watching this live I you know I I figured I would just come on here and announce this live instead of taking the time of recording a video because this is gonna affect you guys on Monday You know Monday morning you're gonna be closing only positions if you're a shirt trader so you know I mean I've I've certainly talked about this risk for a while and one of the strategies that I had when trading with an offshore broker was to take money out of the account on a regular basis. So I was never leaving a large balance sitting in that account. You know, just in case something like this happened. Of course it says that you know you'll get your money wired back to you so that you know everyone should be fine there.

but with thousands of accounts getting closed all once? I don't know how fast that money will come out when I was doing my small account challenge back here and I can go? Let's see. So this was the very beginning of my challenge. Let me just jump over here to my 2017 earnings statements. So my 2017 earnings statements up here: I'm just gonna scroll down.

So from February first sorry from January 1st until be wary six I was trading at Shirt Trader and I made a total of 41 thousand dollars most trading there. So from $583 to 40 2020 for trading days not bad, right? And you know again, this is all fully audited. So as soon as I had made enough money there, I closed out that account and and that was it. I Haven't looked back but these are my statements from it was called Swiss America at the time I think now they're called.

they're called Mint. Yeah I'm in Broker International. so yeah. I don't know I could try to click the transfer button and see what that means but I don't actually intend to I would just be curious whether or not they actually transfer me.

So yeah, it's a it's an interesting thing for sure. So this is kind of my thought in terms of trading below trading below the PDT level. If you want to grow and account quickly and your day trading, you know the fastest way to quickly grow an account is by day trading. If you're limited to trading only three times a week, it doesn't mean that you can't take five hundred eighty three dollars and turn it into a hundred grand.

You're not going to do it in 45 days. It's just not possible because you can't turn the money fast enough to grow the account as quickly as you'd want to. So you know if you're limited to three trades a week, then you know. Essentially I was taking an average during this challenge of three trades a day.

So I was taking fifteen trades a week. so I was trading five times as often. So I would guess I would just say multiply 45 times five and you're looking at 225 days to take an account from 583 dollars to a hundred grand. You know, potentially.

And and that's that's B That's honestly being optimistic because I think trading only three times a week would also psychologically slow you down because you miss great opportunities and you get really frustrated about it and then you overcompensate on the next trade and you know it would just create some emotional roller coasters. But anyways, that's you know, that's kind of what I wanted to come on here, just let you guys know about. I Haven't heard anything from any of the other small account brokers that I that I know my students in use and I've reached out to them so they said yeah, this is. You know we don't know what's going on, but it's isolated to them because they're doing fine.

So for those of you guys that aren't totally clear on on how the clearing firm works, so a broker, these are introducing brokers. and so in introducing broker, they're basically they're the ones to take your you know, open an account for you, take the deposit for you but all of your trades they clear with the clearing firm which is like a bank for brokers. So every introducing broker needs a clearing firm and a couple clearing firms that let's see. So when I was doing my shirt trader challenge let's see I think the clearing firm might have been Apex I don't remember I remember whose APEC surf it was someone else but with Lightspeed by clearing firms Wedbush for a while I was clearing from a core clearing Apex Core Clearing and Wedbush are the three that I'm familiar with off the top of my head because they're ones that I that were part of this small account challenge.

So if you have a you know so if you're a broker you need to have a clearing firm, it's like you need to have a bank. You need to have someone who's processing the trades. So the fact that they said that they've that the clearing firm has recently changed in terms of our relationship. you know that that that was that was that was that you know.

So I you know I do feel bad for those of you guys that that are. you know gonna be stuck for a period of time just because it may take a couple weeks for you to get your money out. Oh and that's what I was gonna say. that's what I forgot to mention and that's why I actually looked at this but it took about I took I think it was 14 days when I did my wire transfer for the money to come out of my account or for it to arrive at my new account.

It was like 10 10 days or maybe 12 days I don't remember but and I was during kind of regular course of business. so yeah I don't know Let me let me know when you guys see you know those wires hit your account. maybe they'll be really fast. that would make it nice so you guys could just kind of get back to trading.

but yeah I logged into the sure Trey account. got an email from a student that had logged in and saw this business change announcement and they're like Ross is that for real? So I came over here I logged in my account PF s zero, zero, seven, six, five that's the same one that you can see here in just copy image location. so this isn't the highest quality image but in any case p FS 0, 0, 7, 6, 5 well same account number. So yeah, that's that's where we're at.

Alright everyone. so I feel free to leave questions and comments below. I have a video that I'm gonna post tomorrow about Interactive Brokers because I have had a number of you guys asking me whether or not I would consider trading there and the answer is no, absolutely not I won't use Interactive Brokers I won't use E trade The only broker that I would use right now would be Lightspeed if you have an account above 25,000 and I would use TD Ameritrade if you have a small account of like $500 if your offshore I have or international I have recommendations or brokers that I would use if I was in that position of wanting to trade below the PTT level or wanting to trade if I was international so you guys can check out the links below for that stuff. Alright, so that's it for me I Hope you guys have a good rest of the weekend.

Hopefully this doesn't mess up your plans too much and I will see you all first thing on Monday morning. Alright, see you guys later Bye everyone.