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Is this really something one should be doing? The contracts are so big that I think this is like a surefire way to getting wiped out quickly. A part of me feels like one has to have at least $100k to be able to trade futures in an intelligent way. What do you think?
Knowing what I know now I would say $50k min to start trading futures.
$5k I would trade forex or something small enough that I could figure out how to trade. Also I wouldn't suggest futures to learn how to trade. (Unless you stick to M6E).
Micro forex. 10c USD per pip/micro lot. Risk 40 pips, you're just risking the price of a latte, learn to position yourself and not cut the trade without confirmation or being stopped out and you'll make enough to buy a few lattes. Makes it easy to think clearly and just trade, is what I'm getting at. You can get familiar with leverage, scaling in and out of positions, and not really thinking about the money. It's about risk and reward, not money, and even less about a need to make money.
I'll be one of the few to say that 5-10K is fine, if your expectations are very low. I wouldn't expect to trade 5 lots of ES and make 10t on every trade. One or two trades a week, with a very low r:r. Just don't expect to live the high life off profits.
I've seen clients take 10K and just kill it in the market, but I've also see 20K+ accounts turn to zero by months end. It's all about the trader and not about the account size.
It depends how much disposable income you make a month in your non-trading job. I've known people who trade small accounts, but they make a few thousand dollars a month they can just throw around and refund their account with. It's not a problem to them because they have the mindset and security of someone with an account that's 100k or more.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
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I started with $1,000.00 and set out to lose it in the slowest time possible. It was such a valuable learning experience and one I recommend before starting out with your full balance.
Imo $5k is too low. Personally I would feel most comfortable with at least $25k.
