Trying to find a good broker for trading ES with $500 margin and decent commissions. ibdirect are $6.00 rt, but don't know anything about them.
I don't know how actively you trade but 6.00 rt is fairly outrageous. All though, any broker can negotiate commissions. Start calling around.
They are a GIB (guaranteed ib) for OpenEcry. OEC is a good firm, imo. OpenEcry offers better commissions than this ib. Osorico
"Accounts opening with less than $10,000.00 add $1 Per Side to the below rates." So that's $8 R/T. One assumes you need the low intra-day margin because you have little equity. Probably not a good way to go as you'd be tempted to maximize your leverage and blow out in a day. They don't even show you the trading platform they offer on the web site. You are forced to give them personal info to do research. I'd try elsewhere. Look at the Broker reviews here on ET.
Welcome to Elite Trader! My name is Michelle and I am with Global Futures. We have been in business since 1998 and we are one of the largest Introducing Broker in US with multiple clearing firms to choose from. We offer competitive commission rate based on account balance and trading volume. We offer $500 intra-day margins for ES, multiple trading platforms, free simulation accounts and 24 hour live support. You can contact me directly for a quote at 1-818-670-7733.
Trade at Global at yout own risk and please do not let this low margin day trade marketing spiel persuade you. if you have $5 to $10 grand than wait til you save up $25 k and start than. High leverage will kill you eventually on small accounts. I have been in this business the last 5 years as a broker and trader for 9 years and small accouts never get over the hump and data fees and than platform fees for a solid front end need to be added in. That is $500 or so a month. Do yourself a favor and start or enter this business with better odds and at least 25K to have a chance to grow from there. Trade Well.
Okay, thanks for the replies...I'll check them out. I'm starting out with $50,000, and my strategy is basically fading support and resistance levels. I'll "add to a losing position" about 3 times, but keep my total loss at about 2 percent of my account. The strategy requires me to take control of about 30 ES contracts on a losing trade {around a $1,000 loss}, and at IB, that's about $52,000 initial margin, so you can see why I'm looking around for a lower margin requirement. Thanks
i thought i'b's intraday and overnight margins are the same at $3900 or so a contract? also i'll say it bluntly as hell. if you put 50k in a account i'd use nobody but ib as nobody else is insured. ib sweeps to there insured side so all your free cash is sipc insured. now if you only do intraday trading you can control 30 contracts with 15k so you'd have 20k in an account so a $500 broker would be ok for that. BY THE WAY HOW THE HELL ARE YOU ONLY GOING TO HAVE A 1K LOSS OR 2% OF YOUR 50K WITH 30 CONTRACTS? A 1 PT LOSE ON 30 CONTRACTS IS $1500. YOU'LL BE STOPPED OUT 80% OF THE TIME