Why cant I open a futures account ? WTF ?

Discussion in 'Retail Brokers' started by neveral0ne, Apr 22, 2010.

  1. BSAM

    BSAM

    Everything if your firm requires it.

    Brokers and the whole trading world does lots of things I don't understand or agree with. But, it is what it is.
     
    #11     Apr 22, 2010
  2. financialmarket

    financialmarket Guest

    only thing that futures have over stock is the LEVERAGE but the leverage is double edge sword.


    These brokers know the stats on new traders trading futures...stocks is way easier than futures.


    unless you have paper test and disciplined about your futures trading..don't bother with futures until you do. you make fast money with futures, but you can lose fast on futures...it's a zeros sume game with futures.


    futures have a high risk of total account wiped out just from the brokerage statistics of new accounts so they don't want anyone in the street or in debt with loan sharks if they blow up their account.


    another thing is new financial regulation on leverage and futures like tax,,,if that goes through,,futures isn't feasible anymore

     
    #12     Apr 22, 2010
  3. Surdo

    Surdo

    Do you read what you type?

    A Broker Dealer could give a rat's ass what happens to you or your money bro!
     
    #13     Apr 22, 2010
  4. Catoosa

    Catoosa

    Maybe being turned down on that credit card application resulted in a negative on your credit rating?

    Maybe you could opened a stock trading account with a broker that offers a universal account and add futures trading to your account after trading stocks for a few weeks? MB Trading and Interactive Brokers are two brokers with universal accounts.
     
    #14     Apr 22, 2010
  5. financialmarket

    financialmarket Guest

    the financial regulators do care and that is why his account application denied...the compliance dept won't approve the account.

    if he lies in his application about his income or net worth, than the broker isn't liable have problems with regulators.

    also, your broker has your trader profile on file. and know exactly how much profit or loss you have with them


     
    #15     Apr 22, 2010
  6. Make sue you dont lie with IB Cause they will ask you for prrog like you pay check 1099 or K1
    For you to trade future with IB you have to make atleast $40 K a month
     
    #16     Apr 22, 2010

  7. lol :D Yeah you have to make half a million dollars a year to go long 1 ES contract. Where do you guys get this stuff?
     
    #17     Apr 22, 2010
  8. Catoosa

    Catoosa

    I have opened many accounts since 1972 and I have never had a broker ask for anything beyond what I put on the applications I filled out to open the accounts.
     
    #18     Apr 22, 2010
  9. Im not a total noobie, I understand risk vs reward, I trade with stop losses, I learned alot from my previous mistakes.

    THe only reason I applied for a CREDIT CARD was to "build credit" instead of using my debit card all the time and getting nowhere. UNfortunately I was denied a credit card 7 months ago, and I tried about 2 weeks ago too, and was denied ( it was even from the same bank as my debit card) - so idk how the fuck to build a credit history if nobody wants to give me a card. its not like I need the credit card - just the history to develop.

    2 years ago I opened a ameritrade account with no knowledge whatsoever of the market, or any other compliance issues without a problem , now I cant even open anything this is soo lame.
     
    #19     Apr 22, 2010
  10. Sorry i meant $40 K a year
    They told me i cant trade future if my income is not more then $40K a year
    My apologize!!!!!
     
    #20     Apr 22, 2010