I was hoping someone can reccomend a good broker for a beginner in the futures market. I've been paper trading successfully with the openecry demo (ES&ER2), I like the layout and the rates look competitive but I'd have some trouble coming up with the 5k minimum to open an account due to the fact that I'm still in school and don't want to liquidate other long-term investments. I think MB trading has a 2k minimum but I'm having trouble finding this kind of information on most futures brokers websites. Is 2-3k even enough to get started with? Any help is appreciated.
You can trade with Pro Active Futures for $2,500. They are a pretty good group. Their Pro Active Direct aka TransAct Futures platform should do everything you want. That said don't try to trade the futures market with that small of an account. The leverage in futures will make it go bye bye real fast. If you are ready to donate that to the market as a cost of tuition go for it. I would say minimum 5-10k, 15k preferably. Good luck. Dan
Thanks Dan. I'm well aware that such a small amount of money wouldn't last long in most cases. I have very good money management skills and discipline. Experience is the major thing that's holding me back right now.....oh yeah and the 15k in cash. But I think I can "hang in there" long enough to learn something and develop some skills. Thanks for the reco, I'll look into them.
Drew, I would check out ProActive and Mirus as well. $2500 is a very, very small account to open, so I hope you are prepared for big swings! Hopefully more up than down!
================ Drew7; Futures/options may not be suitable for all investors; IB[interactive brokers] had a$2,000.00 minimum to get permission to trade ES emini,YM or ND Excellant broker,but futures are a difficult business sometimes, like any business, perhaps more so, 80% or more fail. I still do occasional paint/home improvement contracts, especially during non ES/SPY ,market hours; trade ES emini contracts also Actually may take $50,ooo as Trade Station says,for active trading;but thats cheaper than a medical science education. Trading education may take more years than medical science. William O Neil compares trading to profession of medical science; and is not real keen on futures trading unless you have been profitable in stocks. The plans of the diligent tend only to advantage
Drew07 Thanks Dan. I'm well aware that such a small amount of money wouldn't last long in most cases. I have very good money management skills and discipline. Experience is the major thing that's holding me back right now.....oh yeah and the 15k in cash. ################################# 1. MBT offer possibility to go with one options,100 shares for 1$ with account 1000$ ,that is enough for prof.Thorp suggest not to risk more as 2 % for each trade. But author tryed to open account by MBT 3 years ,without success. MBT demanded a lot of paperwork ,which is not related to trading ( Author in contact with SEC office San-Francisco) .It is suggest ,that MBT accepted only clients with social background and ideja as MBT. Qualification of MBT is not high 2. Thinkorswim offered 1.5$ for one options ,no minimum and 1500$ for cash account for author . Qualification evaluated as high ,but founder is ex market-maker from CBOE and conflict was programmed .In end statement to founder Scott Sheridan will eliminate author access to any USA financial institut (he have made some error ,as forget that each he's e-mail before and after a conflict was resended direct to SEC,FBI,CFTC ,NFA ,court,attorney CME ,CBOT ) Both MBT and Thinkorswim stated to be pure agent of principal (not have proprietary trading desk) If your social background,cultur suited to this company (very can be for you) you can try ... Author was not suited ,as each opinion of the broker for author was without any matter ,as author is in pure cash, and this cash is from price money trader contest win in USA. (win accepted from USA regulator) Wish success... P.S. -Not forget ,all CFTC(future) broker's are FCM ,which trade from proprietary account against client's interess.
Just throwing in my .02 I would suggest jrfutures http://jrfutures.com/ Even with a small account you can negotiate better commissions vs. Proactive. And the free platform allows pit as well electronics. JR futures is an IB for PFG. Good luck, Osorico [not affiliated in any way with jr futures or PFG]
Hello Drew07, Global Futures doesnt require a minimum account size as long as you can meet our day margin requirements for the markets you trade. For e-mini indices it is $500 per contract and we do offer very competitive commission rates, is it recommended however the more equity you have to work with for your account can possibly survive through drawdowns on the account. If you are interested for more direct information or trying out a few demos you can reach me at jkhek@gfetc.com or contact me directly at 1-877-367-3177 x 127. Take care Johnny