thanks for your reply and advice
i've read johnny t's upset..oh dear..
however i mus t find a broker with the tight spread to ease my trading..if i can ask you one or two questions? here or on the broker?thread?
i'll dare to ask here as its sunday [i know this thread is re:dow]
1. with the speed of prices moving on the YM [thats all i'll be trading with IB] i'm anxious about slippage if i place orders "at the market" rather than limit..iused to use limit only on uk stocks and would berate my friend for only ever using "mkt" and he'd get really cross for getting rubbish fills! i, on the other hand I wouldn't always get filled ..etc..
question...do you place your orders at the market and [for the most part] can you rely, then, on getting filled at the numbers quoted at the TWS?
2. i've read their site help stuff but, and forgive if i'm being dense, but what is the deposit/maintainence requirement for 1 $5 lot?
any idea? i ask as i'm opening the account with only $2000..
with d4f [my curent outfit] £1 =£100 deposit [NTR-notional trading requirement] ..thats it. so all that remains tells me how much margin i have..very important with so little in the account!
sorry to trouble you on this one so thanks in advance
Hi wellshot , you need a minimum of $2000 in order to place a trade, i am lead to believe, so with todays exchange rate you have $3698 , so you have enough to trade, if using limit orders mine to seem to get filled ok and sometimes better, trading at market you tend to get the screen price most of the time unless the market is moving quicker than you can hit the button, but slippage is only a point or 2, 2 points at worst i find,
1. I usually use market orders and am filled in approx 1 second, obviously if the market is moving at speed then there may be some slippage but in most instances this is not the case, however in range bound market's it often pays to place limit orders 1-2 points away from price which quite often will get filled instantly too, thus you will have no spread and be instantly in profit and again by again immediately placing another limit order 1-2 points away from the first you can find 2/3/4 points profit without the market moving at all.
2. I don't pay that much attention to margin per contract, but my memory seems to recall that that it is c $750 per contract , CBOT is down at the mo but I will confrim that exactly for you tommorrow, but I am sure you will be able to trade 2xYM with $2k.
thank you both. perhaps when i 'm given the account i'll be a little more self assured-it's the unfamiliarity with IB
marky..do you use the TWS platform? find it ok?
thank you, again..it's amazing how easy it is to feel insecure about such a small thing! thankfully i'm much more comfortable with my trading!!
Just as another side issue...when I first started doing Dow Reports ( I forget when exactly) there used to be less than 100 reads per week. This week, by Friday night, there had been over 5,000. That's 1000 reads per day.Truly amazing. And it's not me clicking the read button. :cheesy:
I must admit the thread has got very interesting lately. Wellshot has posted excellent charts & analysis recently. I don't post much but have enjoyed and learned a lot from frequent posts on this board.
Hi wellshot, yes i use the standard ib platform, to trade the ym, i have to admit it scared the hell out of me at first, i spent a week with my finger on the mouse afraid to click it, but once i did it was fine, it was a bit daunting at first using limits as id never used them in the past ,and a bit of a panic entering your stops, for the first week it was expensive as i hit he sell button and buy buttons my mistake, also because i was getting the price i wanted i was over trading big time, but im sure im not the first, but if you can stay ahead or make a profit from spread betting, you will do well with ib, never had any reason to fault them,
Hi ChartMan , its such a great thread thats why so many people read it everyday, im sure you and those that contribute have helped many a trader on his first steps and maybe a few seasoned pro's, it certainly help me learn more about patterns and targets, cheers and thanks for the great work.