futures daytrade margins, how does it work?

I want to open an account for futures trading but can't afford $4000+ for a es contract so I looking for brokers who offer $400 - 500 day trade margins, my question is ; can you hold a position all day? Does the broker automatically close the position at the end of the day? If so what time do they close it, or is it broker specific?

Thanks.

 

These days, you cannot open a broker account with $500. Specially if you want to trade future. My recommendation is that don't do it. Even 10,000 is not enough for one contract of ES. I know many people will disagree with me but you should have enough ammunition to continue if you lose. Your best bet is piggy back on one of your close friends account who has a big account and tell him to enter your trades in his account till your $500 gets busted.

 

you can open an account with $500 at Amp.

http://www.ampclearing.com/

 

$10,000 for 1 contract?

I'm sorry, but if you need the above amount of capital, you should NOT be trading live.

 

Are you serious? That's not what I was asking. Also I'm not starting with $500 but $5000.

 

Based on your response, I decided not to tell you why you need more than 5K for trading ES and keep you in the dark !!