Perhaps I'm the dumb one here for even trying to think through this, but when you did your calculation of needing 600k for margin for 1200 contracts at $500 per contract, you forgot to include that you were heavily down. So if you only had 600k in the account, you would have been closed out. Now if you had so much money so as to be able to trade 1200 contracts and plenty left for price going against you, you would have needed well over a million. Lastly, if you actually have this much money in the account, then I don't think you would trust it to a $500 per contract broker. People will millions in their account don't use these "day trading get rich quick brokers". So this would require a broker who has a much higher initial margin requirement. So essentially what I'm saying is thanks for the laugh. Its unfortunate that some new guys might actually try and find something useful in all of this and be completely led down the wrong path.
Listen I'm on the phone selecting the leather interior of my Lambo I'm ordering. I don't have time to parse reality with you. What do you think the margin is at a clearing firm. Booyaa!!