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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.
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.
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....
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.
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
in the tag's i am seeing "girlfriend" "love" "life" 'baby" "no money" "margin" and it's starting to make me a little dizzy just thinking about it all ...
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.
