Amt4swa, I wouldn't dare trade 1 contract per every $500 I have in my account. I am trading 1 for every $1,500 - $2,000 in my account which may be pushing it. I remember when my broker was talking to me about opening the account and when I told her I was going to deposit $2,000.. she said very excitedly that I could trade 4 Emini contracts.. I almost hung up on her because at that point I knew she was not out for my well being as a trader just after my commissions..
Be very clear that under no circumstances is a broker interested in your well being. They are indeed interested in the commission ... every one of them. I guess they shouldn't be this overt, but even if it's sugar coated, the primary objective remains the same. Just the same, you use a broker because they provide the right service at the right price. If your level of satisfaction dips, you flick them like a spent cigarette.
Biilb, I agree with you but not 100%.. I feel there are some good brokers out there who are interested in helping new traders be it a very small percentage... after all.. the longer a person stays in the game the more commissions they will get from them. Jeff