Account opening requirements - (US) futures broker, UK based

[gfcavalier]

Hi all,

I have tried searching for this kind of specific info but to no avail...

I am at the stage where I strongly feel that I will realise my best trading performance by going DMA with a futures broker - after 12 months spread betting, in which I have been busting my balls learning price action and trading quite short term timescales, I simply don't want to push my luck with my SB companies any more and risk being put on dealer referral (most of my trades on Finspreads and ETX).

The sticking point is that I am worred that in being of independent means (have a healthy 5 figures in cash), and not seeking employment, that any application to open a futures broker account might not be accepted - and I'm reluctant to put a call/send a mail just now for fear of prejudicing any application. I am in my late 20s, have had a solid career in IT since early 20s.

I bet and am looking to trading DJI (YM) and FTSE (Z).

I have ruled out ProSpreads as I don't think I will qualify as a Professional in the eyes of Mifid.

Futures brokers; AMP, Mirus, Velocity, Infinity, MFGlobal are on my list... currently trialling AMP and intend to start with them.

So...:

How much cash am I likely to need such that not being in employement won't be an issue?
How much trading experience am I likely to be expected to have, again where not being in employement won't be an issue?
Does not being in employment and being based in the UK make any difference to the US brokers?

So really I'd love to hear about anyone else in, or has been in, a similar situation really - I've searched and searched some more here on T2W and web in general to see if anyone has any numbers but can't find anything...

All feedback/responses welcome!

 

[gc1]

They are primarily interested in commission income, few are likely to turn you away as long as you have a reasonable amount of $$$ to deposit (around $5,000 or more). With short experience and limited funds they might not offer the same low day-trade margins (e.g. $500 per mini contract) that they offer others.

 

[Charlton]

Hi all,

I have tried searching for this kind of specific info but to no avail...

I am at the stage where I strongly feel that I will realise my best trading performance by going DMA with a futures broker - after 12 months spread betting, in which I have been busting my balls learning price action and trading quite short term timescales, I simply don't want to push my luck with my SB companies any more and risk being put on dealer referral (most of my trades on Finspreads and ETX).

The sticking point is that I am worred that in being of independent means (have a healthy 5 figures in cash), and not seeking employment, that any application to open a futures broker account might not be accepted - and I'm reluctant to put a call/send a mail just now for fear of prejudicing any application. I am in my late 20s, have had a solid career in IT since early 20s.

I bet and am looking to trading DJI (YM) and FTSE (Z).

I have ruled out ProSpreads as I don't think I will qualify as a Professional in the eyes of Mifid.

Futures brokers; AMP, Mirus, Velocity, Infinity, MFGlobal are on my list... currently trialling AMP and intend to start with them.

So...:

How much cash am I likely to need such that not being in employement won't be an issue?
How much trading experience am I likely to be expected to have, again where not being in employement won't be an issue?
Does not being in employment and being based in the UK make any difference to the US brokers?

So really I'd love to hear about anyone else in, or has been in, a similar situation really - I've searched and searched some more here on T2W and web in general to see if anyone has any numbers but can't find anything...

All feedback/responses welcome!

You might like to look at an Interactive Brokers Universal account, which allows you to trade in multiple currencies, exchanges and instruments from a single account in a designated base currency.

Although US based they have offices in London, from which they used to provide (and might still provide) free training evenings on the use of their platform,

Some links here cover the products you want to trade, but look around the site generally.



http://www.interactivebrokers.co.uk/contract_info/index.php?action=Details&site=GEN&conid=71094018

Z

http://www.interactivebrokers.co.uk/contract_info/index.php?action=Details&site=GEN&conid=73462742

YM

http://www.interactivebrokers.com/en/p.php?f=margin&ib_entity=llc

Futures margin requirements


http://www.interactivebrokers.com/en/p.php?f=tradingConfiguration

Trading configurations

As long as you fulfil the margin requirements by depositing sufficient funds they are unlikely to follow up and require proof of earnings or experience, although you will find these are some of the questions you have to fill in on the account application. They are really there to protect IB and its customers by getting them to stop and think.

If in doubt just phone them or go along to one of their training sessions and tell them that you are thinking of opening an account. As I said if you satisfy their margin requirements and have been trading for 12 months I don't think you will have a problem opening an account.

 

[maxima]

Trying to escape the reality by inventing a mirageous new purpose of your life by trading is a great mistake. The consequence will be you finally looking for a new job in 2 years having wasted all the savings on the vice.

I really wish you'd reconsider. There is about 100% probability that trading as a way to substitute lost job will have you lose your account. Or two.. or three.. until you realise it doesnt work this way. :!:

Forgive if I misinterpreted your situation and you are actually retiring millionaire who wishes to colour his dull life in the countryside mansion.

 

[mkyfutures]

Hi all,

I have tried searching for this kind of specific info but to no avail...

I am at the stage where I strongly feel that I will realise my best trading performance by going DMA with a futures broker - after 12 months spread betting, in which I have been busting my balls learning price action and trading quite short term timescales, I simply don't want to push my luck with my SB companies any more and risk being put on dealer referral (most of my trades on Finspreads and ETX).

The sticking point is that I am worred that in being of independent means (have a healthy 5 figures in cash), and not seeking employment, that any application to open a futures broker account might not be accepted - and I'm reluctant to put a call/send a mail just now for fear of prejudicing any application. I am in my late 20s, have had a solid career in IT since early 20s.

I bet and am looking to trading DJI (YM) and FTSE (Z).

I have ruled out ProSpreads as I don't think I will qualify as a Professional in the eyes of Mifid.

Futures brokers; AMP, Mirus, Velocity, Infinity, MFGlobal are on my list... currently trialling AMP and intend to start with them.

So...:

How much cash am I likely to need such that not being in employement won't be an issue?
How much trading experience am I likely to be expected to have, again where not being in employement won't be an issue?
Does not being in employment and being based in the UK make any difference to the US brokers?

So really I'd love to hear about anyone else in, or has been in, a similar situation really - I've searched and searched some more here on T2W and web in general to see if anyone has any numbers but can't find anything...

All feedback/responses welcome!

Try www.fairvaluefutures.com they are UK based and offer some good rates and low start up costs

 

[LittleKnown]

Try www.fairvaluefutures.com they are UK based and offer some good rates and low start up costs

Never heard of them, are they trusted?
I wouldn't trust them based on a £2995 TA course with a free sandwich!
Is it KnowledgeToAction repackaged or something?
Whatever it is, at a glance they look gash!
What's price per trade?
Either I'm missing something or they only show what margin is required!

 

[Martin Kong3]

Never heard of them, are they trusted?
I wouldn't trust them based on a £2995 TA course with a free sandwich!
Is it KnowledgeToAction repackaged or something?
Whatever it is, at a glance they look gash!
What's price per trade?
Either I'm missing something or they only show what margin is required!

Phone or e-mail them.

By the I got through eventually and for 10 years gilts (liffe) with Ninja Trader platform it's £2.10 per round or £1.05 per trip.