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Can you open an account with $3000? and start trading the ES


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Can you open an account with $3000? and start trading the ES

  #51 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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AlexB View Post
Why would they care? They want to make commissions off you. You can day trade the ES with a one lot as long as you have $500 or more in the account, $2500 to open. Like Mike Patek from TST says about brokers, "a client is a customer until proven broke". As soon as your account is $499.99 or below you are done until they get more money. It is not their job to make sure you know what you are doing and you can afford to lose the money, that is your responsibility. Maybe check out Stage Five. All the best to you, I hope you make a ton of money.

That is a narrow view of a brokerage firm. A customer is an ASSETT to the brokerage, therefore one MUST help the customer and not encourage him/her to overleverage or open small accounts when you know there is no chance.
If I have the chance to talk to those who establish accounts with us, I give them the 5 minute "pitch" of who survives the game and I feel it is my responsibility to be as such.

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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  #52 (permalink)
 AlexB 
San Antonio, Tx
 
Experience: Beginner
Platform: Ninjatrader
Broker: Ninjatrader, CQG
Trading: ES
Posts: 41 since Jul 2012
Thanks Given: 62
Thanks Received: 25

It's great that you do what you can to make sure new clients don't get in over their heads MattZ. I wouldn't say that all brokers are the same. I don't think Mirus is a bad broker, they are great. Don't you think the ultimate responsibility for making the decisions that will keep them trading lies with the individual trader though? There is only so much a broker could do.

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  #53 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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AlexB View Post
It's great that you do what you can to make sure new clients don't get in over their heads MattZ. I wouldn't say that all brokers are the same. I don't think Mirus is a bad broker, they are great. Don't you think the ultimate responsibility for making the decisions that will keep them trading lies with the individual trader though? There is only so much a broker could do.

I always respect those who are professional in my field.

The ultimate responsibility is naturally with the customers, but there is another aspect to being a broker.
Being a good broker today must extend being nice, customer service friendly and knowing the platforms that are carried.
A broker, if has a chance, should also give guidance to customers as far as the right use of leverage, the frequency of trading, and/or anything else that is within the comprehension of the customer at that stage. Customers could be nurtured into the right behavior as traders, so one day they would hopefully have a chance in this hard game of trading.

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.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #54 (permalink)
 
noyss's Avatar
 noyss 
Ibiza. Spain
 
Experience: Intermediate
Platform: MT4
Broker: Darwinex
Trading: EminiSP, Crude, Euro/Dolar, Bitcoin.
Posts: 76 since Jul 2012
Thanks Given: 121
Thanks Received: 32

1. Did you cut your losses quick? Sometimes not
2. What were the reasons for your bad trades? Your discipline on real is worst than sim...
3. Did you have a trading journal? Yes, I do
4. What will you do differently next time? Try to training my emotions and anxiety...
5. Did you rush into trades? Yes...


But, in SIM was not like that... this is the difference losing real money...




budfox View Post
I see people here are complaining "lost my whole entire account":

To all those that were successful trading on sim, and then blew their live accounts please answer these questions:


1. Did you cut your losses quick?
2. What were the reasons for your bad trades?
3. Did you have a trading journal?
4. What will you do differently next time?
5. Did you rush into trades?

Thanks.


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  #55 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
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Thanks Received: 1,748


budfox View Post
Woudl you let anyone fly a plane that has not have sim practice before? I would rather crash a plane in sim, than in real life anyday.


Obviosly there are some differences between sim vs live trading, but sim is absolutely vital to get half a clue to what you doing.

probably common knowledge airlines require a pilot to train in a "level-D" simulator before flying a heavy. If they kept crashing or making mistakes in the simulator they probably wouldn't be allowed to be co-pilot at all. flight sims, both the game (Lockheed has now taking over Microsoft FSX as Prepar3D. https://www.prepar3d.com/news/2013/08/4355/) and the industry ones have come a long way. however, trading sim will probably never be able to simulate the psychological effects of risking real money especially increasing contracts risked. (unless one day, they can fool the simmer into believing real money is on the line by some wacky brainwashing and probably unethical technology).

so, the original question about starting $3k on the ES? If you are new probably not.

A suggestion is to trade $5k on a mini or micro future. such as M6J or M6E. Then work on bringing it up to $12.5k
Then, and not including big outlier winners , and only then should you go on to 1 ES contract at $12.5k

Also, at $5k, if you lose $2.5k then stop trading live for 3 months to sim or research.
Then every $2.5k after until $12.5k same thing if one loses $2.5k, 3 months off live.

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Last Updated on August 21, 2013


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