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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

  #1 (permalink)
Membership Temporarily Revoked
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Can you open an account with $3000? and start trading the ES

Yes I know no one here will take me seriously, but I want to know if any brokers (deep discount) will allow me to open an account for $3000 (thats the question, not if its "sensible").

Oh, and I am thinking of trading the ES.

I just want to open an actual account and start trading....(tired of paper trading) .

Don't mind if they charge me slightly higher commissions.....just want to get into one contract and make small gains.

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
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Big Mike's Avatar
 
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Let me be blunt.

Since you are asking this question, we already have a sense of your experience level.

You will lose all your money. Stop now immediately and instead donate it to charity, or buy your mom a nice vacation.

Naturally, you will not listen to me. But I tried.

Anyone who searches for brokers with the lowest opening requirements or lowest margins are just gamblers. They are not traders. Traders do not search for such things. Instead of giving me your money in the market and making it a painful experience for you, I suggest instead you just quit now and come back after you have more of a clue what it means to be a trader.

Enjoy,
Mike

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
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A few more things.

Trading is not cheap. If you cannot afford a quality data feed, a quality platform, a quality computer, and have discretionary money that you don't mind losing, then trading is not for you.

Finding a "cheap broker" is the wrong path. It's the path that inexperienced traders take and they wind up losing everything.

What you want to do instead is find out:

1. Can you really afford to be a trader? What makes you think you can?
2. What makes you think you can beat all the experienced traders that are consistently profitable year in, year out?
3. How are you going to do it? What leverage do you have the others don't?

I am all for encouraging serious traders, with proper capital and trading plans, to start out slowly. I am also all for encouraging them to not paper trade for more than a few weeks, and instead risk $5 a day or something to start getting the real emotions involved.

Find a better way that makes more sense.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #5 (permalink)
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Ditto all dat!!!!

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  #6 (permalink)
Elite Member
Detroit, Michigan
 
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I wish somebody would have told me what these guys are telling you when I first got started. Instead, I listened to vendors/brokers who's vested interest was to either tell me the opposite or tell me (but not really mean it).

I could have gone to Harvard Law School for the money lost due to my blocked ears.

The problem is even if they did say that to me I probably would not have listened anyway.

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  #7 (permalink)
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Liverpool, UK
 
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Big Mike View Post
I am also all for encouraging them to not paper trade for more than a few weeks, and instead risk $5 a day or something to start getting the real emotions involved.

How can someone (me) that still not that confident on SIM, move to real money account?

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  #8 (permalink)
Site Administrator
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ghl123 View Post
How can someone (me) that still not that confident on SIM, move to real money account?

Are you not confident because you don't know how to operate the platform? Or are you not confident because you are losing money on SIM?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
Elite Member
Liverpool, UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Stocks, ES
 
Posts: 68 since May 2013
Thanks: 81 given, 39 received


Big Mike View Post
Are you not confident because you don't know how to operate the platform? Or are you not confident because you are losing money on SIM?

Mike

Both, maybe more, for me it's a new world if you see what I mean!

What I'm trying to say is the learning curve is different from a person to another, from a method to another, from a psychology to another.

So unless I feel confident in SIM, how am I supposed to go live after a few weeks?

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  #10 (permalink)
Elite Member
Colorado
 
Futures Experience: Advanced
Platform: MultiCharts
Broker/Data: IB & Iqfeed
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Posts: 525 since Apr 2010
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I have a little different point of view on sim trading...
Sim trading is easier than putting "Real" money at risk, since there are no emotions involved..(no threat of loss).
So I say, don't trade with real money, until you are "consistantly" profitable sim trading, even if it takes many months...
Then, when you are consistantly profitable sim trading, find a market that offers "mico" sizes or "mini" sizes.. If you keep your risk "tiny" in comparison to your acount size, then the stress of trading with real money, will not be an issue... The object at this point, is not to make a fortune, it is to stay in the game long enough, to get good at trading.
When sim trading, you must have the decipline to trade the way you plan to trade with real money... Don't take wild chances sim trading or the sim experience will not be realistic, when switching to a real money account..
Trade small , gain experience... be the tortoise, not the hare, in the money game..

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