New Futures Account

[ballz]

heres my situation:

I'm fresh out of college and would like to get into futures trading. Currently no job, but I do have some cash and networth in the form of property in asia.

I've been market depth trading stocks / stock indices for the last few months but dont have the required 25k $ to qualify for pattern day trading. I feel like its been hindering me to constantly have to wait for settled cash, or just worrying about tying up my cash on break-even trades.


I believe I can day trade futures with much less than 25k? is this true?

If futures is the right choice for me, could anyone recommend a "beginner" futures platform? I will be attempting to move a little bit of volume, but probably wont be paying any crazy 1000$ monthly fees for a superb trading program (or should I?).

I took a look at IB and transact futures (suggestions while I was browsing).

THANKS! help me get started!!

 

[pboyles]

heres my situation:

I'm fresh out of college and would like to get into futures trading. Currently no job, but I do have some cash and networth in the form of property in asia.

I've been market depth trading stocks / stock indices for the last few months but dont have the required 25k $ to qualify for pattern day trading. I feel like its been hindering me to constantly have to wait for settled cash, or just worrying about tying up my cash on break-even trades.


I believe I can day trade futures with much less than 25k? is this true?

If futures is the right choice for me, could anyone recommend a "beginner" futures platform? I will be attempting to move a little bit of volume, but probably wont be paying any crazy 1000$ monthly fees for a superb trading program (or should I?).

I took a look at IB and transact futures (suggestions while I was browsing).

THANKS! help me get started!!

Yes trade futures, some brokers dont have a minimum account size at all but in any case there is no 25k rule. You should be able to get a sufficient trading platform for free or very little cost from your broker. Try Global and Velocity futures to start with, maybe get the Ninja Trader demo from them. Dont trade real money until you know what youre doing.

 

[ballz]

Im currently trading my equities on Etrade, which they also have a futures platform.

Is it worth it to just go with Etrade futures? I hear good things about TT.

 

[pboyles]

Im currently trading my equities on Etrade, which they also have a futures platform.

Is it worth it to just go with Etrade futures? I hear good things about TT.

What is their margin and commission rates and what platform will you get?

 

[ballz]

It says 25% day trading margins and 0.99 commissions (per side, per contract, plus exchange fee) for 90 days, then 2.99 .

How does this sound?

it says the platform is TT_Trader

 

[pboyles]

2.99 per side is very expensive, is there a fee for TT?

 

[ballz]

this is what it says

"with E*TRADE Securities and trade futures like the pros-with no platform fees of any kind."

 

[ballz]

A friend mentioned ninja trader + zenfire feed @ Mirus Futures.

Any opinions?

 

[pboyles]

Ninja Trader is fine, it all comes down to commission and margins in my opinion, all the platforms are sufficient. Paying something like $6 or $7 is crazy though, should be more like $4 or $4 max.