Hi people, i was reading somewhere on internet that you can make a lot of money trading. I am total newbie in trading . I am thinking of starting trading futures on my phone while i am at work. I am in canada, which broker do you recommend and how much minimum to open account?
Hi people, i was reading somewhere on internet that you can make a lot of money trading. -----> Hi people, I was reading somewhere on the internet that you can lose tons and tons and tons of money trading. Some even lose their lives. My goodness! Anyway, you have chosen an appropriate nickname.
Wonderful, but the question still remains.In Canada , which broker do you recommend and how much minimum to open account?
You can try Interactive Brokers. Since you are a very special case, you should start with a minimum of $1 million to open an account. Then you can learn the lesson super fast. For others, I'd recommend no more than $5000 to open an account.
Doing quick research IB not recommended for futures due to high margings ,especially overnight.I can come up with 5000$ i think, but life in Canada is really tough at the moment and money is scarce,so 5000$ is probably upper limit i can lose
Another thing IB probably won’t approve me to trade futures,you need permission,wich is hard to get without experience and 5000$ deposit, so IB won’t work
Do you have a working profitable system? Do you know what you are doing? Have you spent months planning how and what to trade? Have you a written plan on strategy? Are you confident your system has been tested profitable?
No to all , i am to lazy for all this boring stuff. I heard futures is way to go, high leverage and not complicated i guess to buy. I want to get wealthy relatively fast. I am looking for 100% return per year. That way i can retire in 3 years, thats my plan
I am assuming you are referring to daytrading futures and not swing trading futures. I have heard good things about forum sponsor Amp Futures. Canada is not on their restricted country list, so you should be able to open an account with them. https://faq.ampfutures.com/hc/en-us/articles/10797726829463-Restricted-Countries-List $100 minimum deposit to get started, though there are monthly data fees of $3 per month to trade Nasdaq or S&P 500 futures. Obviously develop a strategy before trading and start with one micro. Welcome to the game of daytrading futures. See you on the other side of my trades.