Platform recommendations

Discussion in 'Index Futures' started by Drew07, Mar 5, 2007.

  1. ddunbar

    ddunbar Guest

    Well, first of all, there are not that many future's whose performance bonds are less than $3000. Sure, intraday margins tend to be at the 50% level with the occasional exception of a broker like Open-E-Cry who will let you day trade with $500 intraday. But that's only if you have $5k in the account. Or so I believe.

    Anyway, it's not that you'll lose $2500. It's that just a few series of loses takes you out of the game because you won't be able to afford the performance bond.

    And the name of the game when you're a noob is survival. Most noobs don't get this and it's the reason why most noobs fail.

    For example... ES: init $3500, maint $2800 - intraday(50%): 1750 init, 1400 maint.

    With a $2500 account, you can only lose 15 pts before you're out of the game. And we're going to assume you'll lose this engaging hard stops and not mental stops.

    If you had a $5000 account, you could lose 65 pts before you're out of the game. The probability of you losing 65 pts is obviously lower than the probs you'll lose 15 pts.

    I can give you game theory and statistically probabilities but keeping it simple seems best.

    Be serious about trading and give yourself a winning chance.
     
    #21     Mar 6, 2007
  2. Drew07

    Drew07

    Makes sense, but I'm assuming I wont lose 15 points right off the bat and be forced out of the market. Maybe I'm overconfident that I can stay within the range of breaking even for a while. I guess I'll find out sooner or later. Thanks for the advice.
     
    #22     Mar 6, 2007
  3. If you're a complete newbie don't trade at all for at least 6 months!

    You can do free live demos that offer charting w/ most brokers. This will give you an idea if your interested.

    A couple points.

    OEC isn't so hot in a fast market, and just average under normal conditions.
    Transact and Dorman are pretty solid, maybe Mirus too.
    Transact/Sierra is solid.

    No monthly fee's w/strategy runner would also be cost effective until you learn.
     
    #23     Mar 6, 2007
  4. ddunbar

    ddunbar Guest

    You're welcome. Last tidbit:

    Always assume the worst in trading. It helps you properly prepare and hone your skills. Unless you've discovered the holy grail of trading, you will suffer loss. The easiest way to plan for break even is to plan not trade at all.

    :)
     
    #24     Mar 6, 2007
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    #25     Mar 7, 2007
  6. For $2500 you can open an account with Pro Active Futures. Ask Truff here, we works for them. I have a backup account with them. It's using the TransAct Dome which is nice. Not all the features of Ninja Trader, but it doesn't cost $$$ and isn't .net based.
     
    #26     Mar 7, 2007
  7. ddunbar

    ddunbar Guest

     
    #27     Mar 7, 2007
  8. volente_00

    volente_00

    $500 margin, on a $2500 account trading 1 contract using 2 point stops will give 19 losses before your account is down to $500. If you were to have 19 losers in a row, perhaps trading is not for you. The problem is most don't listen and start trading maxed margin from the start.
     
    #28     Mar 7, 2007
  9. The above was supposed to read he works for them.
     
    #29     Mar 7, 2007
  10. I may be wrong, but i always thought in the US a margin account must have a minimum balance of 2000$, due to regulation?
     
    #30     Mar 7, 2007