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FCM/Broker Comparison


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FCM/Broker Comparison

  #11 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
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lolu View Post
I have a similar question, but on TransActFutures.

With a deposit capital of $6,000, what should be my DAILY LOSS LIMIT for 6E, GC, YM, and NQ on TransActFutures ?

Lolu

This is straying off-topic, you should really start a new thread since a daily loss limit is not broker dependent. The topic is a very important one and deserves it's own thread.

Recommended amounts are 1-3%. So with $6,000 a 3% risk is $180. I went into a lot of detail about this in my advice thread in this post (#347):


In trading, the only thing you can know for sure is your risk. You can control risk, and it is crucial to do so. If you find 3% is not enough to comfortably trade the instruments you've named (I would say for sure you can't on 6E and GC) then you might look for other instruments in the meantime until your account is built up some. In the beginning, you should focus on just positive expectancy, forget the amount of dollars in winnings.

Mike

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  #12 (permalink)
 
lolu's Avatar
 lolu 
Lagos, Nigeria
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader, SierraChart
Trading: Euro Currency & Oil
Frequency: Daily
Duration: Hours
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MoreYummy View Post
So you have 1 similar question to which one?

And to your second question, it is up to your style and tolerance to lose, as well as your strategy as a whole.

Only 1 question; if my DAILY LOSS LIMIT is the same as your DAY TRADING MARGIN.

So, are they the same ? If NO, please, what is the difference ?

Lolu

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  #13 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,534



lolu View Post
Only 1 question; if my DAILY LOSS LIMIT is the same as your DAY TRADING MARGIN.

So, are they the same ? If NO, please, what is the difference ?

Lolu

I hope MoreYummy will answer naturally, but in my opinion no they are not at all the same. Daily Loss Limit is a risk amount that the trader is willing to lose before they walk away and are done trading for the day. You can also have a loss limit per trade in the same fashion, a percentage of your capital you are willing to risk per trade as a stop loss.

Day Trading Margin is how much intraday and overnight margin your broker requires in order for you to trade a specific instrument. For instance, Mirus Futures requires a $2,500 initial deposit, and then $1000 per contract intraday margin for CL (I am unsure of the overnight margin, but it is set by the Exchange itself, not your broker).

Mike

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  #14 (permalink)
MoreYummy
Toronto/Ontario
 
Posts: 33 since Mar 2010
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day trading margin has nothing to do with daily loss limit. As big mike has mentioned.

daily loss limit is set by you, your plan, your tolerance etc.
day trading margin is set by your broker, or regulator depends on your holding time.

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  #15 (permalink)
 cw30000 
new york
 
Experience: Beginner
Platform: SC, NT
Trading: CL, GC
Posts: 206 since Sep 2009
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MoreYummy View Post
What is the day trading margin for /ES, /CL, 6B on IB?

It's 50% of whatever the require margin.

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  #16 (permalink)
MoreYummy
Toronto/Ontario
 
Posts: 33 since Mar 2010
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The margin 50% that set by exchange ?

Do you know the spy's intraday margin in IB?

Which one is better SPY or /ES?

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  #17 (permalink)
 sysot1t 
 
Posts: 1,173 since Nov 2009


cw30000 View Post
sysot1t

Thanks for the comparision chart. I just want to point out 1 thing for IB. The rate you posted for IB is bundle rate, and I doubt it anyone who did the math between bundle and unbundle rate will ever use bundle rate.

For ES, which I trade, the unbundle rate is $4.70 RT for the first 300 contracts (150 RT), then dropped to $4.30 RT for the next 700 contracts. Then from 1001 to 10k contracts on, it's $3.8 RT.

yes, I used the bundled pricing for IB, personally I use the unbundle as well since it is to my advantage and due to volume.

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Last Updated on March 26, 2010


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