I need advice from the ground up on platform and broker set up. Pls help

Discussion in 'Index Futures' started by MrNiceGuy, Jul 3, 2010.

  1. MrNiceGuy


    Hey, I'm sure a derivative of this question has been asked a million times, but I need specifics that I was not able to find when I searched here.

    My background: (just in case that answering my question might be easier)
    -Cornell University, economics '05
    -ex varsity athlete plus I played euro bball
    -unhappily underemployed, Cornell did not return on its "promise", but still happy im not on the streets

    So, I've been trying to get into emini trading for years now. I am not looking to get rich, but I am looking for geographical freedom, and ability to be self employed. Since all my attempts of getting personal guidance or of getting into a firm that would train me failed, I decided to go ahead and risk my own capital.

    I chose OEC as my platform of choice, but they, as brokers, have an account limit of 5k. I have that money locked up in investments, and I would prefer funding the account with $500-$2000 at first. Would it be possible to use a different broker on OEC platform, like IB lets say, instead of OEC broker? Do you know of any brokers where account minimums start at $500? I know IB is not that.

    How can I get live open pit audio feeds to my speakers? Again, another inquiry where I tried searching for, but I guess there is information overload.

    Similarly, how can I get real time institutional orders info?

    Thanks in advance,

  2. If you can't afford $2500 you have no biz trading futures. You really need 10k plus. Just sign up with Mirus and Zenfire and sim trade away until you are consistent. For $2500 you can open an account with TransAct through ProActive futures. OEC also requires 1k margin per contract most are 500.
  3. joneog


    Just because the day margin is $500 doesn't mean you can trade with $500 in your account. My personal feeling is that your cash reserve should depend on the instrument and the level of volatility. In a market like we have now you probably want $2500+ to trade 1 contract, and likely have to start with $3500+ to cover a draw down. $2500 is 50 ES pts and should be enough of a cushion. If the market were to get crazier (like sep-oct 08) I'd recommend $4000-$5000(or more) to trade 1 lot giving you an 80-100 pt cushion.

    If your broker requires 5k than you have three options 1) find the 5k, 2)find a different broker, 3) paper trade for a while until you have more cash available...or some combination of those

    If you can't adequately fund your account to trade 1 lot, and take a sizable draw down than you shouldn't trade.(yet) You can try but you're just going to learn the hard way that it's nearly impossible to be successful if you're undercapitalized. It's hard enough to be successful even if you're well capitalized.

    Oh, and be prepared to lose your initial investment, and the one after that, and the one after that...

  4. to be more blunt, at that funding level in futures, you will crash and burn in a way and before you know what hit you
  5. if you don't have 25K minimum to start then stay with stocks. futures are difficult and you will get f%cked. Interactive Brokers or Advantage Futures and TT or CQG Trader otherwise go home son.
  6. A very nice choice for a broker and wonderful platform, no worse than Ninja Trader, if not better in some cases.

    For a newbee this is the best platform.

    The solution for you is http://www.atcbrokers.com/futurestrading.php

    They are Introducing Brokers for OpenEcry and the account minimum is 2000$.

    I had an account with them before and no problems at all.

  7. Since you have found now one of the best brokers and platforms, you have to educate yourself and have a trading method you can trust.

    The best place for honest education and where you will find the truth about trading is tradingeducators.com

    I strongly recommend you to read Joe Ross´ book, called "Trading is a Bussiness"

    This is the best book about the trading reality described in the best way it is possible by one of the best traders in the world. This is a fact, not an opinion.

    Next step is to have a trading method you can trust and you can stick with it in its hardest times.

    You have two choices here: To create your own method, or to scroll over the TE website and simply buy one.

    Buying a method that works sounds good, but the problem with buying a trading method is that you do not understand it, you don´t feel it nor you will trust it when in drawdown and soon or later you will blame it for the losses which WILL OCCURE and you will throw it away, but if you read and reread the book, maybe you will not do that and hopefuly will have good results.
  8. You should find a mentor dude.

    You need to learn the mechanics of trading as well as trying to work out when to trade.

    I would suggest trading demo for a while until you are ready.

    Best of luck.
  9. If you want to trade as a hobby then use $2000 to open accounts with AMP, they are frontend for OEC but with $2000 minimum.

    If you want to trade as a business you need 200k$ starting money, or you wont make it.:cool:

  10. I would agree with the gentleman who stated you should SIM TRADE for several months at this point. With $1k to trade you might not make significant gains, so work on a simulator for a few months.

    The answers for you will become clear in time. Best of luck
    #10     Jul 9, 2010