The little we have learned about you in your short time on ET, I would recommend that if you get the urge to trade futures that you pour some gasoline on the hand that holds the mouse and set it on fire.
Is that for MES? Per side? That's frigging crazy, if you ask me. Here's what AMP Futures charges for MES ($0.37 per side, including commission and exchange fees). AMP probably has the lowest fees in town. https://portal.ampclearing.com/account/commissionquote.aspx
maybe it’s because I’m not a professional trader or don’t trade that often. But it doesn’t bother me. If I buy (or sell) 5 contracts, I’m putting up $7150. Transaction costs are $34.80 round trip. That’s just under 1/2 a %. Who cares. of course if I was a professional, or otherwise doing 50 trades a day, I might care more. But that’s not the case.
OK, I could use some help understanding… trading paper money, just screwing around trying to learn from experience. ( no wise ass comments please I know this will be an abortion if I start treating real money in the next month or two. I won’t do that until I know wtf I’m doing LOL)… sold short 5 contracts /MES @ 3868.25 Closed Position @ 3878.50 Loss on the trade was $256.25 Transaction cost about $34 round trip So am I correct that with a multiplier of $5, each point that the index moves is worth $5 x 5 or $25? Had I bought one contract, it would have been $5 per point and I would have lost $50. so generally speaking when I take a position my risk (and reward) is $5 per point x # of contracts? am I getting this correctly? Explain?
$2.25 per contract.yeah I’ve been told it’s high, but don’t care much, first off it’s a minuscule % of the trade, second , more important I’m not trading a lot. I may not trade at all, I’m just feeling my way thru it with a paper money account If I ever get serious about it I would look for cheaper alternatives for future, but for a few trades here and there there at most doesn’t pay for me to spend time moving money around
If your going to take on this risk and depend on auto liquidation to cut your losses, you are a crazy fool.
As an options trader, I've never met a profitable futures trader-and like many people, I found out that after the first 500 futures trades it's death by 1,000 cuts. 4 years of that crap and never again -you have to be right on direction, and stops and take profit/trailing stops. In a volatile market you'll just get stopped out every trade. Invest in underwear to sell to futures traders
Lol, I gave up on the idea, moves way to fast for me. In fact, to protect myself from myself, I’m calling TD this week to shut down the futures account