I know, but I just try to understand their business model better before I commit some money But thanks anyway! You were very helpful!
Whatever you do, I cannot stress this enough, in order to trade futures on your own, you need to be properly capitalized. I think a lot of guys/girls underestimate the size of futures contracts and don't realize how much margin they are using. As I've stated before, I would suggest one having 10k in cash for every one lot of ES. And 25k for every one lot of Crude oil, Bonds or Gold. Currencies you can probably get away with 15k per one lot. Nobody and I mean nobody should ever think about trading futures with less then 10k in their account. If you take nothing else away from this thread, please take this.
I'm a bad ass multimillionaire eating sour patch kids while I slam you on elite trader. You're a rising trader who didn't get a job at a bank or prop firm. I'm slandering? Welcome to Elite trader. Personally I like the free and honest posting here, even though it means more spam. It's not hard to see that it has paid off -elite trader is the largest english trading forum I have found. IP is also no good for location by the way. I work through vpn so my neighbors don't ease drop my traffic in our wifi. It is possible to trade with $2 k -I recommend spreads or options, although both of these take lots of time for any one (doesn't matter how smart) to learn and become very proficient. Day trading with $2 k is also enough (although low) for the ES. It would take awhile though to build an account doing just standard directional trading. A $2 k draw down at the start would be 40 S&P points cumulative -that's a shitty trader. Only a little profit with decent consistency is needed, even in a small account (1.1 profit factor and a 33.3 % draw down is good enough). If you don't believe it, go find a calculator. Your long posts using words like "excuse" and "Hell you can't" are poorly constructed and annoying to read. If I'm provoking you badly, just ignore me. Ps if you think I have a grudge against you, you are wrong. I hope you become more successful and someday do the things you are thinking about now. I'm just chipping in my part to keep others from misstepping into a place run by a strange looking man and lose a couple hundred bucks. I hope new traders spend their time talking to successful traders so they can spend their time wisely by learning and practicing, not searching for an automated-trading holy grail or wasting two weeks on patak's spin off website. If the couple hundred doesn't matter, go for it. edit: I saw in your post you said CL is $10 k per lot. LOL. stop the exaggeration.
OK, so it's obvious English is not your first language. Thanks for establishing that. Second, I ran a prop firm office for 8 years. Third, if you think it's prudent for one to use 2k to trade 65k worth of futures, well I have no response to that which won't get deleted by moderators. And if you think it's easy for guys who are under capitalized to become consistent, then you obviously haven't seen the numbers I have. Our firm had a 100k minimum, that's right 100k. We had about 95% failure rate. And when I say fail, I don't mean they struggled. I don't mean they lost some of their money. By failure, I mean they left our firm with NOTHING! This is a very tough business and nobody is going to make it work on 2k whether they are trading futures or options on futures. Why do you insist on making these comments when it's obvious you do not trade nor have you ever traded a day in your life. If you were just acting stupid I guess we could all ignore you, but you happen to be giving guys the worst possible advice for starting out. It's laughable that you think one could ever stand a chance at 30 to 1 leverage while learning how to trade. Hell Steve Cohen couldn't stay solvent at 30 to 1 leverage. These statements are beyond absurd.
This comment just proves you have never traded a day in your life. The avg trader will go through 2k in commissions alone in less then a month. Commissions...yeah did you forget about them? LOL. Oh wait, you are the guy that thought buying a seat on the CME means you can trade commission free. LOL.
II hope everyone reads this to see how big of a dumbass you sound. If you want people to think you are a trader (which maybe you are or maybe not -your posts do NOT sound like anything who ran a real prop, they sound like an inarticulate 30 something who came from a second rate college) copy my posts. Other real traders read me (when I'm serious) and understand that I'm a real trader. That's the way it works on elite trader -I figured that out last week.
Jesus man, you really need glasses. No where did I say that! I said one should have 25k for one lot of crude oil!!!!!!! They should have 10k for one lot of ES. For the love of god, taking a reading comprehension course.
You couldn't even give me the tick value for Gold or Copper you wannabe. Wanna try again? What is the tick value for Gold or Copper? Come on dude, you have to know this. Just Google it for Christ sake!
Scrnst: Exchange seats -they are for institutions and big traders. Want to guess why I was talking about them and not pumping up tst on another thread? I'm busy so I won't be responding anymore by the way