Hi there. New here, and have come up with a scenario I'd like help with. What would a broker do if I have an account with 10K cash in it, and I enter one GC contract position. The initial margin is lets say 6K, daytrade margin is 2K. Lets say I go long one contract. I met initial so am allowed go into the position. During the day, my position drops -1K, and the market is about to close. I want to stay in the position when GC closes for the day. So...my account value before the market closes is 10K cash - the open 1K is 9K. When the market actually closes, do they take out 1K from my cash account? And when GC market reopens next trading day and my open position is at same price, I have lost 1K in cash? Do I now have 9K cash - the open 1K and so now my account value is only 8K? Does that question make sense? I just wonder what would happen if the position never moved from that point. Would on the following day of GC close my account value is 8K -1K for open position, so the following day my account has lost another 1K in cash, so now account is 7K? How much cash do I have left in trading account on third day?
If the market moves against you 1K and stays there then that is how much you will lose. The trade settles when globex has its cool down at 4PM CT
You're account balance into the close would be $9k. When the market reopens your account will still be at $9k unless your positions moves into profit or further against you? Lol you might just want to try a demo account buddy.