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I would recommend not basing your choice on lowest margin requirements. That can easily lead to oversizing, which just leads to a much greater chance of blowing out the account.
Although I agree with this statement, I also believe that once a trader has his emotions and discipline in check via a trading plan or whatnot, having a low margin account should not be a problem. It is a traders emotions that can lead to oversizing and a whole slew of problems there after. But, that's a whole other topic....
A random string of "bad luck" trades, or even one really bad luck trade, can easily wipe out small accounts. And that is regardless of emotions and discipline.
The Swiss Franc unpegging a few years ago was a good example. Thousands of traders wiped out, or worse yet ending up with a debit balance, in the blink of an eye.
Are you going to start with micro futures or jump right into the eminis? I googled the lowest commission brokers for micros and I think I might be going with Ninjatrader.
For NQ I'd suggest a minimum of $5k per contract if you want to use reasonable stops in this fast and volatile market.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
I'm afraid that lower margins are always a potential problem. There is less to fall back on, plus there is really no guarantee that the trader will always have his/her emotions in check, which is seriously dangerous with a small account, and you never know what is going to happen, entirely apart from your own actions.
Exactly.
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With all that said, just start out with more than you think you will need. You can quite easily find brokers who will offer day-trading margins of only $500 per contract. But dom't take them up on it. Use more.
You won't really need to search for them; just visit the web sites of a number of futures brokers and you will find them. But don't succumb to the temptation. Especially if you are trading NQ, which is a very sudden, quickly-moving account killer. About 10 times that $500/contract might not be enough. If you are under-funded, you will likely have an unwelcome surprise.
A better option, if cash is tight, is to use the micro contracts. MNQ has a tenth of the value per point of regular NQ and could be traded with smaller margin with a tenth of the risk. If you trade it well, you can build your account soon enough. If you don't trade it well, you will lose less, and less quickly, than with full NQ.
Good luck. Be careful.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote