No FX for me, stictly the EC for currencies, and I have my accounts over funded in light of the scum bags that keep stealing customer money. I am thinking of reducing cash in my futures accounts to a bit above required for what I trade, so if something goes bad I won't take as big a potential hit. In equities and equity options I can't say I get above 2x and my option trades are always done so that I have cash to take a position if exercised. I must be getting old, I save my risk for driving the motorcycle and flying. No desire to lose sleep over money anymore.
Thanks for knowing that (a) I like you, and (b) I wasn't attacking you personally. I agree with you, if it's too cool than it's also a red flag of "what is all this smoke-n-mirrors?" i don't want to post competitor's websites....but like bloomberg dot com is pretty simple, easy, and not too much. if u want to do much more videos instead of articles, something like cyclingdirt dot org. a little too much, but it gives you an idea. of course, if you want more of a static website and not update it too much, then look at banks websites. like bank of america dot com. i can be reached at 1-900-MKE-BANK. I charge $45,000 per minute for consulting.
IMO-- NO ONE should ever hold more cash than minimum margin for trading in any futures or forex account--- Been preaching this for years, but the brokers PR budgets are tough to challenge... -- 1000 per contract is plenty in the YM for intraday-- if you lose 100 points in a day, its time to call it quits anyway....
Try telling that to emg. That clown continues to preach having 100k in your account PER CONTRACT you plan on trading.
I didn't get to that point.....but I admit I have been in the $35-55k range per contract for a couple of years for my futures. I have felt I was with good firms, but I should know better. All is good until it isn't. I am moving cash away to much lower minimums. I also don't want to be where I was when I started, although the minimums then were much bigger to begin with than the goofs offering $500 per contract. I don't worry about me, but I worry about the firm and the people they have at those levels. My firms ask for a bit more, but less than what I think is appropriate just the same.
Hi Taclander, Can you explain the logic behind having more than a $500 cushion ($1000 per contract at $500 day trade margins) per contract traded? What am I missing, What's the edge? Thanks! surf
No problem. As I became successful trading, and not on a one day basis, I made the psychological commitment to not trade on the edge of margin as I did when I started. I don't buy into the daytrade margins as being acceptable, but in light of what seems to be happening on a regular basis I am moving towards minimums. My thought after I was making a living was $10,000 for the first contract, and $5000 for each additional for people just starting out. From there I kept upping my minimums for myself. It is a mind set, as most trading seems to be. I am in the process of changing that as my faith in any broker is failing. I have a good friend who is an IB for a firm. I told him long ago I have no interest in doing business with him as I don't trust the firm he uses for clearing. It was based on experience with the firm, and my statements being wrong almost nightly. They were always corrected after I called, but why would I do business with a large firm that screws up regularly. Oddly enough this firm gets recommendations on here as well as elsewhere, but I will never do business with them again. I never am able to summarize simply, but to the point, I am pulling back cash in my accounts. I won't be at minimums, but not far off, as my trust for the system is at an all time low. Rick Santelli swears by the futures system, but I don't by that story anymore. I don't want the clowns in government jumping in as they are even worse, but oversight is greatly lacking in equities and futures, obviously, and sadly.
I guess as an addendum I have issues with how our markets are going. I think the dark pool concepts etcs. are a load of crap. With that kind of b.s. and the abuses on the futures side I feel no issues with going on the attack on my side. Not many options for us low life retail guys, but I study and look for opportunities. My idea of war is no politics, you annihilate the competition. I gather that is the idea of you pros, so I have no intention of tolerating or playing that game. I look to teminate the other side and make money for me.
Averaging over a year, that's $1M per month, or approx $50K per trading day. Using the ES e-mini, that works out to 1 point of profit per day ($50) with 1000 contracts. Impressive.