Which brokers are you guys' using if you are in fact using intraday futures margins? I'm in the process of going to a day trading system and would like a few recommendations from actual users. Of course, I'll do my own due diligence. Thanks for any assistance.
IB does not offer more margin for day traders. Some FCM'S will offer 2X to start and go as high as 4X when they get comfortable with your trading.
Most are competitive with each other. Though Global futures may be negotiated down to $300. http://www.globalfutures.com/accounts/300dtm.asp
Beware of futures trading at Interactive Brokers; they are unique. This firm does not use exchange margins, as most other futures brokers do. Theirs are significantly higher. Also, they recently invented some new charges they call "exposure fees," something no other firm has and which you may well find on your statement. Additionally, these fees are difficult to define and they warn that they can increase without notice. The bottom line is you'll get less-than-optimal efficiency if you trade futures at IB.
Deep Discount (Crossland/Wedbush), Optimus (Vision/ADMIS), NT Broker (or any other ib for Dorman) are some to look at. AMP if you feel adventurous. All four offer various software options.
Hello, so I've seen in a few places the idea that in a futures account you can "lose more than your account balance." Is that really possible? The broker comes to collect more dough? Thanks.