I can trade the emini russell and emini s&p pretty well. I have been using thinkorswim, but their margin for each emini vehicle is around $5k-$6k each. I like to trade 5 contracts. I understand Mirus lets you trade with $500 margin. Are they worth it? I just don't like tying up so much money to trade. If you would like to respond, please do so to let me know if it is a reputable futures brokers. I checked out Mirus on the NFA and CFTC websites, they have some kind of reparation pending as I called NFA to check out the reparation. The reparation in question involved $79k. Yet, it is only one reparation compared to other futures brokers who have more than that. All I want to know is if Mirus is a good futures broker to go with. I see that their broker rating is decent on elitetrader. Just want some more feedback on the broker if you haven't figured that out already. Also, I don't like downloading software, I would rather trade via web browser. I have downloaded thinkorswim's software, I like it and the broker overall, but just want to trade with lesser margin and no software download. Thanks.
After reading your post I'm wondering if you understand the way margin on futures works. If Mirus wants $500 for margin, I can assure you they are referring to day trade margin, not overnight margin. If Thinkorswim wants $6K margin, the chances are it is overnight margin, not day trade margin. The chances are high their day trade margin is significantly less. Mirus by the way, and every other broker charges at least $6K for overnight margin. OldTrader
No overnight margin, all in a day's margin.....I do not like carrying overnight positions. I pretty much trade throughout the day, that's it.
OT I can see that what you say has experience, logic and good common sense behind it. EXCEPT ... ThinkorSwim makes no distinction between day trading and holding contracts overnight -- none. Clearly they are not seeking to corner the day trading community. Whether their ultra-conservative margin stance is their idea or has something to do with their clearing arrangment -- they clear through Penson -- I don't know. They are set up to service stock options traders and I am told they do a good job at that. Their front end is also not built for intraday futures trading.
Here you go ------MB Trading I can't get the picture to upload here is the link. https://www.mbtrading.com/commissions.aspx?page=Futures#
I have not been paying attention when I place a trade at thinkorswim. The margin for the emini russell is $4k now. Used to be around $5k-$6k. ES margin is $5625 per contract. I just checked think or swim's emini margins.
I have been using Mirus for a year now and am very pleased with them. I pretty much only trade the ES and the $500 margin is great, I do not hold overnight either. I have never had a problem with them. If I email my broker to remove money in the am it is in my bank account by the pm.
http://www.openecry.com I've been using OEC for awhile and happy w/ service and platform. Platform and data is free which is nice.
Anybody else have any other input about Mirus or any other futures brokers? I have been researching extensively to see who I want to go with thru the cftc, nfa, bbb, etc. I just want to make sure whichever futures broker I choose has the credentials like thinkorswim. Thinkorswim is solid, but I prefer lesser margin requirement and no software download with a solid futures broker. Thanks.