Dear Traders, I am a newbe, learning to day trade. I would appreciate your opinion on the following. I wanted to open an account with Trade Station, but the requirements for the new futures account is "50K $" in net liquid worth. Does this mean a newbe cannot open an account with them if he/she does not have that much dough from the start? I didn't see that from other brokers. The reason I want to open an accoutn with TS is because of all the handy features my book (J. Carter) claims they have for day trade (TIKI, TICK, put/call ratio TRIN, TRINQ in real time). I know that other brokers claim to have some of those features too, but I, for instance, couldn't get those vlaues as charts from from my OptionXpress, only as a number. Best regards, A.
Tradestation will ask you for bank acct info proving that you have that 50K liquid net worth. If you dont have any bank statements that prove it, they will most likely reject your application. Requiring 50k net worth for a futures acct is not a surpise. Some of these brokers dont want clients trading high leverage instruments like futures if they can't afford the potential losses. If you're not happy with that, then you should take your business to another broker. I trade futures full time(Im a licensed CTA) and I can tell you first hand, you dont need trin, put call ratios data to trade futures. Don't believe too much of what that book says you need(trin, put/call ratios, etc)...its clouding your mind.
i setup a small tradestation futures account for my bro about 6 months ago and I guarantee they don't require you to show any bank statements or such. Same process as all the others pretty much.