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**JUST OPENED MY FIRST ACCOUNT-- getting ready to ACH transfer money into it-advice!


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**JUST OPENED MY FIRST ACCOUNT-- getting ready to ACH transfer money into it-advice!

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  #1 (permalink)
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
 
Posts: 313 since Jun 2013

Hi!

I just opened my first account. Now they want me to fund it.......so I am going to open a US Bank account.

They haven't given me my account number yet.

What other steps do I have to go through once the ACH transfer is complete? (takes 5 days).

How much longer before I can buy an ES contract!!!???

YAY! lol

give me advice, I feel like a virgin!


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  #3 (permalink)
San Antonio, Tx
 
Experience: Beginner
Platform: Ninjatrader
Broker: Ninjatrader, CQG
Trading: ES
 
Posts: 42 since Jul 2012
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Here is a free pdf pamphlet written by Jeff Quinto and put out by the CME. Jeff has done a webinar here at futures.io (formerly BMT). I am not recommending you follow his setups exactly, that is for you to decide. Consider this like a template to start from. There is a blank trading plan at the end of the pamphlet. You should print it out and fill it out with your own plan so you know what you are going to do. All the best to you

https://www.cmegroup.com/education/files/education_team_booklet.pdf

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  #4 (permalink)
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
 
Posts: 313 since Jun 2013


AlexB View Post
Here is a free pdf pamphlet written by Jeff Quinto and put out by the CME. Jeff has done a webinar here at futures.io (formerly BMT). I am not recommending you follow his setups exactly, that is for you to decide. Consider this like a template to start from. There is a blank trading plan at the end of the pamphlet. You should print it out and fill it out with your own plan so you know what you are going to do. All the best to you

https://www.cmegroup.com/education/files/education_team_booklet.pdf

Thanks, I was looking more to administrative advice.... not trading strategy per se

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  #5 (permalink)
london
 
 
Posts: 166 since Jan 2012
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budfox View Post
Hi!

I just opened my first account. Now they want me to fund it.......so I am going to open a US Bank account.

They haven't given me my account number yet.

What other steps do I have to go through once the ACH transfer is complete? (takes 5 days).

How much longer before I can buy an ES contract!!!???

YAY! lol

give me advice, I feel like a virgin!


You dont need to open a US bank account as well (unless you have some other reason for doing this).

Your broker will give you wire instructions for their bank account. When your funds hit that account, you will get a segregated account under their umbrella account. You will be able to wire money in and out accordingly to your current bank account/s.

If you open a separate us BANK ACCOUNT, YOU WILL BE HIT WITH NEEDLESS WIRE FEES FROM YOUR CURRENT ACCOUNT, TO THE us ACCOUNT, THEN AGAIN TO YOUR BROKERAGE ACCOUNT.

Sorry for the caps - hit caps lock accidentally!!

Good luck....

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  #6 (permalink)
london
 
 
Posts: 166 since Jan 2012
Thanks: 43 given, 162 received

Out of interest, I see you are Canadian based. Why trade ES? Why dont you trade your domestic index future contract the TSX/S&P 60? I believe its traded on the Montreal Exchange.

I imagine you will have a better understanding of your domestic economy and its drivers than the US economy.

Given you should start trading 1 lots as it's your first account, liquidity will not be an issue.

Remember not to be a lemming. Just because everyone else trades ES, doesnt mean you have to. And it doesnt mean they are right either. The brightest minds in the world are trading ES in size, with very deep pockets. Fancy your chances as a newb?

TSX on the other hand moves a lot more and you'll get much more bang for your buck with a fatter tick.


At least take a look.

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  #7 (permalink)
 
 
mattz's Avatar
 
Posts: 2,487 since Sep 2010
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TheDude View Post
Why trade ES? Why dont you trade your domestic index future contract the TSX/S&P 60? I believe its traded on the Montreal Exchange.

I imagine you will have a better understanding of your domestic economy and its drivers than the US economy.

What is local economy or place of residence have to do with trading or choosing markes?
If you are in the UK you will trade the BP better? or the Aussie $ because you live in Sydney?
I can easily look at the local stats of the economy, interest rates and prime rates directly from
the US.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #8 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


budfox View Post


give me advice, I feel like a virgin!



Good analogy. It's probably going to hurt a little, and could get bloody.

But, keep at it, and 10 years from now you might be what they call a cougar.

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  #9 (permalink)
london
 
 
Posts: 166 since Jan 2012
Thanks: 43 given, 162 received


mattz View Post
What is local economy or place of residence have to do with trading or choosing markes?
If you are in the UK you will trade the BP better? or the Aussie $ because you live in Sydney?
I can easily look at the local stats of the economy, interest rates and prime rates directly from
the US.


Sentiment.

You cant get that from a number alone.

Why do you think larger trading firms set up local offices to trade local markets?

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  #10 (permalink)
 
 
mattz's Avatar
 
Posts: 2,487 since Sep 2010
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TheDude View Post
Sentiment.

You cant get that from a number alone.

Why do you think larger trading firms set up local offices to trade local markets?

There are people in the US who specialize in emerging markets, and on the other hand there are
those who abroad who follow the US economy, and their research is focused around numbers, not "sentiment" that in your case is a reference to some gut feel.

If you refer to "trading firms" as the big investment firms who have branches in every big city, this is why:
They act as a broker and a market maker to local and large corporations. For example, a UK based firm could approach a UK based business and offer its services via forward contracts, exotic options and/or any other vehicle to hedge exposure. This is easier when you staff in that country who knows the local laws, deposits are done in local jurisdictions, same time zone, and have the geographical proximity to meet people.

I have visited many trading desks, and saw expertise outside the geographical reign people are located.
Never have I seen a decision to build exposure world wide based on the things you claim.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #11 (permalink)
london
 
 
Posts: 166 since Jan 2012
Thanks: 43 given, 162 received


mattz View Post
There are people in the US who specialize in emerging markets, and on the other hand there are
those who abroad who follow the US economy, and their research is focused around numbers, not "sentiment" that in your case is a reference to some gut feel.

If you refer to "trading firms" as the big investment firms who have branches in every big city, this is why:
They act as a broker and a market maker to local and large corporations. For example, a UK based firm could approach a UK based business and offer its services via forward contracts, exotic options and/or any other vehicle to hedge exposure. This is easier when you staff in that country who knows the local laws, deposits are done in local jurisdictions, same time zone, and have the geographical proximity to meet people.

I have visited many trading desks, and saw expertise outside the geographical reign people are located.
Never have I seen a decision to build exposure world wide based on the things you claim.

Gee-wizz, you clearly have a lot of expertise in this area.

I feel this detracts greatly from the OP's initial post. (May I respectfully suggest you think a little deeper about the items you mention? You will hopefully get an understanding that all these items create a better understanding, or sentiment - to use a different word - of the local area.)

Either way, the aim of the post was simply to suggest he looks at other contracts from the main ones everyone else looks at. There is more edge in the less efficient contracts. You should know that given your undoubted deep knowledge of the industry.

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