I would like to open an account with Interactive Brokers so I can start paper trading and eventually start actual trading. The catch is IB requires "Prior execution of 100 or more trades (any product)." Being a new trader, obviously I have not previously executed 100 trades. Does this mean that I am in no way eligible to open an account with them?
Yes, unless you lie.
That's what I would do, they're only asking so they can cover their backs. So if you lose all your cash you won't be able to say 'but I didn't know what I was doing, it's all the broker's fault for letting me go mad'.
The other option is you tell the truth, then they'll refuse you.
That's what I would do, they're only asking so they can cover their backs. So if you lose all your cash you won't be able to say 'but I didn't know what I was doing, it's all the broker's fault for letting me go mad'.
The other option is you tell the truth, then they'll refuse you.
Physicsman
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You can also consider opening up a demo account with whomever offers one - Spreadbetting or CFD providers would probably be easiest? Execute 100 or more trades on the demo platform.
Now you are no longer lying when you state you have executed 100+ trades. I'm assuming the form never explicitly stipulates 100+ "live" trades correct? Just that you have executed 100+ trades?
Now you are no longer lying when you state you have executed 100+ trades. I'm assuming the form never explicitly stipulates 100+ "live" trades correct? Just that you have executed 100+ trades?
lol. Physicsman I never thought of it that way, but I guess it would count.
I have been looking around and want to start trading futures contracts on the YM so I am thinking about starting up an account with Mirus Futures. I have a demo account set up with them and have been messing around in NinjaTrader with the Zen Fire data feed and it seems to work well for me. Also, since this will be my first brokerage I will be opening an account with the customer support they offer may be a pro as I have heard that IB does not have such good customer support.
Physicsman
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I have only had to use IB client support a few times but they were fine when I did. However, in my opinion IB is a brokerage for the more experienced trader - someone who already knows what they are doing. In IB's own words, a professional trader.
They are probably not the ideal brokerage for a total beginner who needs a lot more hand holding as they learn the ropes.
That's probably where IB's client services get their reputation from; I suspect they give short shrift to rookie traders and their more simple/basic beginner's questions.
I suspect you would be better served starting out with a brokerage that is more sympathetic to beginner traders and can help you through the initial pains. Once you have gained knowledge and experience, then it would be a better time to move to IB for the best commission rates going.
Good hunting with whichever brokerage you choose!!!
