and $500 day trading ES margins. I got rejected by RCG probably because I'm under 23, only have 3000, no hard asset savings, and just graduated college. Also in the employment section I told them I have an interview at jam ba juice next week. So they denied me which means I can't use a futures firm that clears through RCG. Also, open e cry requires $5000 min deposit so thats off. I basically just want to make 10 day trades on the E mini when the timing and position is right. This could take days or weeks. 5 will be 1 pt stops, 5 will be 3/4 pt stops, plus about $60 in commissions. Add in $120 for slippage. Thats $250, $187.5, $60, $120 which comes out to $618. 3000<500> <618> still $1900 left over. I'm not sure whats so risky, at $55,000 e mini index and $3000 I have around 20:1 leverage. Bear Sterns and LTCM were using more and as you can see I have much better risk measures then them. So if anyone can recommend me a broker with good software, charting, order execution, less than $6 RTs, and accepting $3000 deposits, please post. thank you!
Global Futures. GL. edit regarding the net worth requirement etc it's just basic insurance that they can come after you if shit hits the fan in the markets and you owe them more than your initial 3K. When you are long enough in this game you know anything can happen, especially the worse and most unexpected. Brokers now that.
Just a word of advice from someone that was in your position at one time. Start with more capital, have a good base under yourself first. I'm telling you brother, after you lose your first five or six trades you are going to start to "press". I don't expect you will take my advice, good luck either way.
Please take my advice. Save your 3000, and work/save until you have doubled it. Now, take your six thousand and open an account at IB. Trade only one contract until you have doubled your money via trading. Repeat and live happily ever-after. Your way will lead to failure. Certain failure. Tough to hear, even tougher to believe. Best of luck. gov
What I am about to say may seem harsh. However, it is only said with the best intent. I am the same age as you and have been in this situation. You are in no position to start trading. $3000 is no where near enough to turn a profit in this business with the proper risk control. If anyone tells you different, they don't know how to trade. They'll tell you they make money, but they're neglecting to mention that they lose more. Trading is about risk management. You don't have enough capital to handle the risk properly. To trade the ES with $3000 is the same thing as saying "I don't ever expect to lose", and that mentality guarantees loss. My advice, study more. There's a good chance you'll disregard everything I am saying. Please don't.
Stick to one lots until you've hit $6k. Global is probably the only shop that will take you. Don't attempt to scalp. Don't worry about microstructure; treat it as though you're trading cash (SPX).
Global clears RCG and Penson I think. Be sure to specify. Also, maybe velocity with that x-trader deal? Don't know, you will need to research.
1) Keep working til you have 5k 2) Then Open your account. You will be amazed how fast you lose 5k when you feel the psychological stress of trading real money. 3) IF you can handle that pressure you will learn why trading is so hard and why so few people bother with it after they are flushed. This is priceless. 4) Keep working. 5) Read everything you can. Apply it. And watch how 99% of it fails 60% of the time. Then ask yourself how you can make $ trading someone else methodology. Trust yourself. Develop your own methodology 6) Keep working. 2+ jobs if you have to. This means less sex, drugs and rock n roll til you get 10k. Sound like fun at age 22? 7) Blow the 10k out. 8) Get 25-30k 9) Now you have a chance. 10) Good luck.
its not the 3000, dont listen to these clowns. et is full of posers. its that you have zero clue, and you would lose 30k if you had it. suggest you paper trade fake $$$ and build up a bankroll