I'm trying to sign up for an IB account, but they seem to want a minimum of 2 years of experience trading each instrument that I intend to trade - options, forex and futures. I do not meet the requirements for forex and futures ( total newbie here), only options/stocks. Also my salary is not above 40k as I do not work (dependent on financial support). I intend to use IB to trade for a living as my job with a portion of my substantial savings. How am I supposed to have a salary if I haven't started day-trading yet? My focus will be on discretionary trading initially, although it would like to eventually learn about and implement a coded automatic system. I am interested in IB because I can trade all those markets in ONE account unlike the other major brokerages, where you have to sign up for multiple accounts for each instrument. What do you advise me to do? If IB is not possible, could you please recommend some alternatives? I've looked into mbtrading, tradestation, etc.
These questions are "know your client": they have your answers on file it case anyone asks. Other than that, they just want to weed out the easily scared and the inexperienced (and indeed, with IB you're expected to figure everything out on your own, no hand-holding from the support department). I think ultimately as a broker they only care about you being able to fulfill an eventual margin call.
Even though most people just lie their asses off if they don't meet a specific requirement I'm kinda thinking this is one case where the requirements are having their intended effect. No job and relying on financial support is NOT a good mix with futures trading.
Curious, if you are a new trader how do you expect to earn a living by learning on the job and eroding your trading capital in the process, by using your savings? This would be like saying I never flew planes, but I want to learn how to fly a 747 and then flying one and crashing immediately. You might survive the first one, but most likely you will not on the second one. A few tips. Avoid Forex you will just blow up your account quickly. I would NOT recommend IB for an inexperienced trader. Or someone who does not like mystery Margin calls that make no sense, right out of the blue. Stick to the SPY ETF and learn how to make money with it. I only trade SPY and its options myself, been doing this for years. Work one symbol day in/day out for years, SPY is highly liquid, and you are not exposed to single stock risk. ie LEH is a good example of single stock risk. Trading is like any other career, you don't just one day decide "I want to be a day trader" and live from the proceeds. It is like saying I want to be a surgeon on Tuesday, bring in the first patient. You need a minimum of 6 digits in capital if you want to start thinking about making enough to be living off the market income. 1 Million is the point to be if you want to live purely on trading income. 1 Million USD, and you live below your means, are good at managing your money and not squandering it like a fool.