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True....what ever the Maintenance is with Rithmic for a Full Day....no intraday margins is what is charged to the Acct...I trade NQ...I think its around 6380 with Rithmic...According to Earn2Trade...When using NT...the Margins are doubled...
I'm using Sierra and it's the same problem. I can't put a Stop and TP (take profit). If I trade 2 contracts its like I'm trading 6. I have had some big losses since I can not put a Stop.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,384
Thanks Received: 10,206
I assume we can agree that if you send a bracket order to YOUR SOFTWARE PROVIDER, that your are sending two orders, one above the market and one below the market. Many of you will argue that this is only one order because only one can get executed. The important issue is, how does YOUR SOFTWARE PROVIDER handle this, If YOUR SOFTWARE PROVIDER actually sends two orders to the exchange, then it makes sense that you get charged margin for having two open orders. If YOUR SOFTWARE PROVIDER instead manages these orders and only sends one order to the exchange, it's a very different margin scenario. From the conversation it sounds like the reason that when using NT you get charged double margin when sending a bracket order is because NT sends BOTH orders to the exchange. SC on the other hand probably only sends one order to the exchange. Having a (sporadically used) Tradestation account, I know that if you send a bracket order to Tradestation, they in turn only send to the exhange the order nearest to the current market price.
I am still at a loss...intraday margin on an NQ contract is $500....now if I add a Stop (Long contract with Stop) is that now $1000 in margin....and if there is a target is that another $500 so $1500 in Margin???
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,384
Thanks Received: 10,206
Exchange margins are the MINIMUM OVERNIGHT MARGINS. These are the margins that brokers are required by the exchange to collect from customers for positions HELD AT THE END OF THE DAY. From an exchange perspective there is no such thing as "intraday margin" they only care about end of day positions*. As such "intraday margin" is something 100% FCM dependent. Hence what Broker A charges you to have an intra-day position may be completely different than Broker B. But what Broker A charges you to have an overnight position while it may be different than Broker B both of them will be equal to or greater than exchange minimums. Having experience of dealing with many FCMs I can confidently state that in most cases "intraday margin" is as much 'know your customer' as it is a formula.
For what its worth if your using a broker that charges more than exchange margins for overnight positions in my opinion your using the wrong broker!
* There are rare times in extremely high volatility periods where the exchange can and does margin FCMs "intra-day" at the overnight margin rate but these are a) very rare and b) not defined as normal margin rates
If would enter a trade, 2 contracts with a 2 contract target and a 2 contract stop, i would need to provide the margin for 6 contracts?
I was also planning on doing the Gauntlet, however if this is the case and i need to provide the overnight margin for 6 contracts each trade it seems to make it impossible for my strategy to work there.
Ps; For everyone reading this: A like/thanks to my original post in the link below would be very much appreciated since i can win a price with it!
And i have never been more profitable!
Once i started trading i thought the more information i could see the better a trader i would become.
There were some other setups in the time in between then and now and it took some …
