A needle palm might be your best bet for a first year palm. It needs some protection in your zone (despite claims of it being cold tolerant to -20F) and you should look to buy online from someone in a temperate climate if possible (such as NC, VA, TN, GA, etc). E-bay has a few needle palms and I remember seeing some nice sized ones for sale on it. Needle palms dont trunk (technically it does, but its not a very nice looking trunk).

If you really want to push the elements, try a Chamaedora microspadix or Chamaedora radicalis. They are only cold tolerant to 20F, but eventually can survive down to 15F, maybe close to 10F in protected conditions, but it will be damaged. They have a slender trunk and they look very tropical. They will never get too tall. Plant in shade though, especially near your house for some added heat.
Trachys will eventually get tall, but it takes a very long time from a small size (over 10 years from seedling stage).

Many palms with trunks get pretty tall so there arent a huge amount of options for a trunking, short growing, cold hardy palm.
The palms and cycads forum could maybe help a little too.
-Alex

Hi MiPal. Besides the dwarf Trachy you are planning on growing, etc., I would suggest Mediterranean Fan Palms. They are quite dwarf in nature and very slow growing. They grow much slower than my Trachy and Washingtonia I have outside.

Good luck!

i just got a needle palm in the mail, its of good size and am eagar to plant it, any suggestions???
btw, i live near chicago by the lake...

Give it a sunny and protected spot, and definitely protect it during the winter so it doesnt get damaged or killed. They love the heat and humidity so make sure it sees lots of sunny heat and water it well when it gets hot during the summer. Dont water it at all during the winter because just like all palms, needle palms hate cold winter moisture,
-Alex

You should check out our new group. www.tropicsofmichigan.com we just started out this spring. I just planted a chinese windmill palm.