mrpipsfield
Newbie
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Hello Everyone,
I am new here, and new to Futures trading.
I have a problem, and my broker won't give me a straight answer.
On October 23rd I placed six round-trip ESZ8 Futures trades.
My brokers account balance on The morning of October 23rd, 2008 was $7430.88
There were no Open positions from the previous day on the morning of October 23rd,
And no Open positions at the end of the day.
My brokers account balance at the end of the day on October 23rd was $6752.20
Now, my broker charges $8.64 per trade, or 17.28 per round-trip trade.
So when I do the math for this trading day, I come up with a $75.00 loss to my account + total commissions = -178.68
So my account balance should be: $7430.88 - $178.68 = $7252.20
So what happened to the missing $500.00 ???
My broker told me is because of the "Position Offsets Policy" in the Futures trading industry.
But they also say that, no matter how the account is calculated, whether through their "offset procedure" or they way I calculate it, the account balance should be the same.
But again, I'm confused. if you calculate ALL of my round-trip trades that day, the account should be down 1.5 points = $75.00
I am in the wrong here? Do I not understand? Or, has my broker duked me?
Attached, are my Trades on October 23rd, 2008.
What should my balance be at the close of October 23rd?
Any info and advice is appreciated.
Good Day Everyone.
JD
I am new here, and new to Futures trading.
I have a problem, and my broker won't give me a straight answer.
On October 23rd I placed six round-trip ESZ8 Futures trades.
My brokers account balance on The morning of October 23rd, 2008 was $7430.88
There were no Open positions from the previous day on the morning of October 23rd,
And no Open positions at the end of the day.
My brokers account balance at the end of the day on October 23rd was $6752.20
Now, my broker charges $8.64 per trade, or 17.28 per round-trip trade.
So when I do the math for this trading day, I come up with a $75.00 loss to my account + total commissions = -178.68
So my account balance should be: $7430.88 - $178.68 = $7252.20
So what happened to the missing $500.00 ???
My broker told me is because of the "Position Offsets Policy" in the Futures trading industry.
But they also say that, no matter how the account is calculated, whether through their "offset procedure" or they way I calculate it, the account balance should be the same.
But again, I'm confused. if you calculate ALL of my round-trip trades that day, the account should be down 1.5 points = $75.00
I am in the wrong here? Do I not understand? Or, has my broker duked me?
Attached, are my Trades on October 23rd, 2008.
What should my balance be at the close of October 23rd?
Any info and advice is appreciated.
Good Day Everyone.
JD