ijustscalp
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$6 RT WHAT??? thats way too much. Anything above 4.50 RT is too much.
pipseeker43
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Not sure about platform costs, free I think (nothing fancy) but I was quoted $3.99 R/T at MF global futures today.
Transact futures ES for $3.76 r/t and $4.68 for currencies. Low magins at both too.
Transact futures ES for $3.76 r/t and $4.68 for currencies. Low magins at both too.
ijustscalp
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futuresbroker.com has a flat rate of $3.50 RT if you use ninjatrader.
Many thanks for your reply
I thought it's too much, but should I really be negotiating with a broker at this point? The fact is, I have never traded live before. I think someone like me this early on in trading should go with what there given, as in a way I am asking too much. What I mean by this, is that I am setting up a trading account with just $750 in funds to trade 1 contract in the emini s&p 500. This broker I am in contact with is offering me this with $500 margin per contract at $6 per RT with platform costs at $50 per month. Should I just go with them? I am thinking if I can make a few thousand dollars after a while then I would be in a better position to negotiate a better commission rate later on. If I don't get it, then I can move on to some other broker offering below $4.50 per RT. The reason I am also keen to go with this broker at $6 per RT is because of only having to fund my account with $750 to trade 1 contract. All the other brokers that I have been in contact with who can offer under $4.50 want the account funded with anywhere from $2,000 to $5,000. So what should I do?
Many thanks in advance
ijustscalp
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well with $750 if a few of trades go against you then you wont be able to trade at all. If you are looking to build your way up to the top with $750 then good luck. It will be extremely hard especillay with $6 RT. I doubt any other brokers are will to take you Global and AMP are the only ones I can think of.
I don't understand why it's so hard
I have practiced in a simulator. Even if I could make $50 a day, after 1 month that's $1000, month 2 another $1000. Then when month 3 starts I could trade 4 contracts (leaving me my original $500 aside) and make $4000. Then in month 4 I could trade 7 contracts (leaving $500 profit aside + original $500 = $1000 saved). Now in this month 4 I could make $7000 and I can now trade in month 5 10 contracts (leaving me $2000 aside). Month 5 at 5 contracts is $10000. With everything saved from adding whats in the brackets I have $3000 after 5 months. Plus what I have also made to be able to trade each month. As you can see from the above scenario this is known as compound investing. But I am basically position sizing from the compound investments I make. Of course you need to add commissions to this, losses, and you may not win all the time. But if I can consistently do that, then I don't see why starting out with so little is not possible.
spy74
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TheDuder_69
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Sure. And every trade is a winner of course. And I am the son of Bin Laden.
Make sure you don't tell anyone about your trading strategy, they might come after you. Alternatively, you could have a read or two on money management. And do some more serious paper trading.
Either way, I wish you good luck and happy trading.
Make sure you don't tell anyone about your trading strategy, they might come after you. Alternatively, you could have a read or two on money management. And do some more serious paper trading.
Either way, I wish you good luck and happy trading.
If you can do that then you don't need to worry about commissions. All I can say is give it and go and see how you get on.
Hi Sopodo
I think the above scenario is highly unlikely. In my view even the most seasoned and skilled trader is highly likely to lose the capital given the constraints you mention.
I think spread betting a micro account would both give you some real trading experience and hopefully some time with which to build your capital.
spy74
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Starting with $750 doesn't give you much room for error, and you have to prepare yourself for the high likelihood that you'll go backwards first!
If it were me, I'd stay on the Sim alot longer than you initially intended, save up more $$ to give you a higher starting capital balance...and maybe look at trading a contract with a lower tick value (like the YM?).
I think the key point is to do EVERYTHING you possibly can from the outset to ensure you can stay in the game long enough to ride the inevitable learning curve.
DionysusToast
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Emini-mouse
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5 points against you and you are on margin call
timsk
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Hi sop',
You ask so many questions - many of which have been asked before. Not that that matters particularly but, this time, you've really excelled yourself as this question has been covered pretty comprehensively in two other threads - both of which were started by YOU!
Do you think these commission rates inside are acceptable?
What's the best futures broker to use?
In light of this, I can only conclude that your game plan is to ask the same question repeatedly until someone eventually tells you exactly what you want to hear. So here goes. . .
A round trip above $6.00 is good, above $7.00 is even better. Don't fund your account with $750.00 unless you're really pushed to - try and fund it with just $500 max'. And yes - trading is easy peasy pudding 'n pie. You're guaranteed to make at least $50 each and every day without fail. In no time at all your $500 account will be up to $50k and you'll be able to trade 100 contracts per R/T. I would say 'good luck' but it's not necessary as - in your case - success is inevitable!
Tim.
You ask so many questions - many of which have been asked before. Not that that matters particularly but, this time, you've really excelled yourself as this question has been covered pretty comprehensively in two other threads - both of which were started by YOU!
Do you think these commission rates inside are acceptable?
What's the best futures broker to use?
In light of this, I can only conclude that your game plan is to ask the same question repeatedly until someone eventually tells you exactly what you want to hear. So here goes. . .
A round trip above $6.00 is good, above $7.00 is even better. Don't fund your account with $750.00 unless you're really pushed to - try and fund it with just $500 max'. And yes - trading is easy peasy pudding 'n pie. You're guaranteed to make at least $50 each and every day without fail. In no time at all your $500 account will be up to $50k and you'll be able to trade 100 contracts per R/T. I would say 'good luck' but it's not necessary as - in your case - success is inevitable!
Tim.
DionysusToast
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Edgier than usual Tim...
A taste of things to come ?
Good post though.
A taste of things to come ?
Good post though.
Hi sop',
You ask so many questions - many of which have been asked before. Not that that matters particularly but, this time, you've really excelled yourself as this question has been covered pretty comprehensively in two other threads - both of which were started by YOU!
Do you think these commission rates inside are acceptable?
What's the best futures broker to use?
In light of this, I can only conclude that your game plan is to ask the same question repeatedly until someone eventually tells you exactly what you want to hear. So here goes. . .
A round trip above $6.00 is good, above $7.00 is even better. Don't fund your account with $750.00 unless you're really pushed to - try and fund it with just $500 max'. And yes - trading is easy peasy pudding 'n pie. You're guaranteed to make at least $50 each and every day without fail. In no time at all your $500 account will be up to $50k and you'll be able to trade 100 contracts per R/T. I would say 'good luck' but it's not necessary as - in your case - success is inevitable!
Tim.
Tim, you forgot to add that your broker will be so pleased to have your business they'll give a free Ferrari after six months, and that you'll become irresistible to beautiful women.
timsk
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I have my moments!
No offense sop' - you seem like a decent enough chap to me, but I do sense from your threads that you don't accept the wise words of those who have been down a well trodden path before you. This too is fine, healthy even, but three seperate threads on essentially the same topic is unnecessay, IMO.
Nah DT, there are some true experts on here when it comes to being 'edgy'. No way that I can match them!
Tim.
MarketMoverTrader
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It's not SO hard, but $750 is tight. Your reasoning shows it can be done IF it works out that way. If you can slowly edge it over $1000, but keep trading 1 contract until you're at $2000 you will be okay - but you may have to top up if you lose your first few trades. Just give it a go I guess. I started with $1200 and reached $1500 in just over a week, where it got easier and I could trade more comfortably - but it was very careful and slow going at first. You're right, it is possible, but is it probable?
P.s. $6 is terrible, as many have said. I get $4.80 on Global, but no monthly fees. Getting too much slippage and missing good trades though - thinking of going to Infinity.
