It's possible that TD Ameritrade require futures trading in a margin account, though I can trade futures in my thinkorswim (owned by TD Ameritrade) IRA, which doesn't allow and leverage/margin. You might want to check again with TDA about margin requirements for futures trading.
Or, use a different broker. TDA's commissions for futures trading are higher than many other brokers.
And I want to reiterate other's cautions about SIM, being undercapitalized, etc. But I don't want to burst your bubble so move forward but very cautiously and be careful.
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the $92,000 figure seems rather arbitrary, however, given your current situation, and your inexperience, you would need a a rather substantial amount of capital, to get started - especially if you are planning on supporting yourself and your family from your trading income. to say that the odds are stacked against you, would be a very grand understatement and if i or anyone else tells you differently, they are doing you a great disservice.
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Thank you Zondor, I have found NobleTrading.com ... I will try and find out and if there are more brokers like this. All my research on the "top" brokers led me to believe it was a 2.5k minimum. I think trading in general for most people is not a good idea for many reasons, although I seem to find myself exempt from this mode of thought. My plan is to make small non-loosing trades until my account grows, then it will just be la matter of ess and less risk with each trade
I would trade FOREX if I only had $500 to trade. In US it is 50:1 leverage on pairs that are traded the most and you can open an account for something stupid like $50. So, lets say you traded 10k (0.01M, mini lots) on a $500 account and made 10 pips three days a week, on most pairs that would be between 4%-6% return per week. (lots of assumptions, blah blah, etc, etc.).....you won't be a millionaire but percentage wise it is an amazing return. Other personal choices would be vegas or savings....
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Search the forums for the above organisation. There are thousands of posts on here.
I don't use them, but from what I understand is that they set you up with a SIM account and you prove to them your ability to trade and make a certain amount of money following their strict risk management rules.
If you pass, the may fund you for a real Live account where they provide the capital and you share in the winnings.
Other than some small entry fee - no capital required.
Volia, problem solved.
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I have been treating my sim account as if it only has 1k in it. I heard that TDA *used* to allow people to trade within IRA's and still allow the old timers to do so, but not anyone new. And thank you for your advice I am not sure if any type of scaled down futures contract would/could have as low as fifty cents per tick I wouldn't want to loose more than $2 dollars on any one trade, that is why I was trying to find other markets. I was trading wheat or corn or coco it was only $5 per tick, but after TDA's commisions I'm not sure how that would pan out in real life
With 500 bucks and a dream, I would recommend an elite membership to futures.io (formerly BMT). The return for dollars spent may make it your greatest trade. Also, I recommend watching Mike's "Where to start as a trader" webinar, and then once you feel ready to go maybe a TST combine in conjunction with a journal. Don't bog yourself down reading trading books or endlessly sim trading, it will not be helpful to you.
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