DeepDiscountTrading

propwarrior said:
Yes i learnt the hard way with MF Global. I now only keep enough cash in my accounts top cover the margin for my trades.
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Are you in US?

DDT requireres full margin for daytrading for non-us. Might be an issue if you only want to keep enough money for trades and ur daytrading.
 
CBC said:
Are you in US?

DDT requireres full margin for daytrading for non-us. Might be an issue if you only want to keep enough money for trades and ur daytrading.
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no I am outside US. Margins are the least of my concerns. Margins are so low for futures its unreal.
 
propwarrior said:
Good to know. My understanding is that Deep Discount Trading clears through Dorman, they have 9.8m net capital according to your link. Their account minimum is $4000. You can trade spreads on any of the platforms that allow it.

What is great for the retail trader and for the pros who a side retail account is that there are plenty of low cost options now for brokers and execution software. Access to markets at low cost has never been better. This is the way it should be.
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DDT, with whom I had an account, recently moved from Wedbush to Ironbeam.... and did so without any explanation at all. I asked DDT about clearing, and they said Wedbush no longer in the picture. I thought Howard inferred Ironbeam would clear its own trades. If they're clearing through Dorman now, that statement isn't correct either. When I asked Wedbush about the "why", they hemmed and hawed and said they didn't have an explanation for me. They also said Ironbeam would "continue to be a customer of Wedbush".

All of these statements don't mesh. ?? Something went on they don't want to tell everybody about. Maybe it was just something personal??
 
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Scataphagos said:
DDT, with whom I had an account, recently moved from Wedbush to Ironbeam.... and did so without any explanation at all. I asked DDT about clearing, and they said Wedbush no longer in the picture. I thought Howard inferred Ironbeam would clear its own trades. If they're clearing through Dorman now, that statement isn't correct either. When I asked Wedbush about the "why", they hemmed and hawed and said they didn't have an explanation for me. They also said Ironbeam would "continue to be a customer of Wedbush".

All of these statements don't mesh. ?? Something went on they don't want to tell everybody about. Maybe it was just something personal??
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all i know is they used Dornam a few years ago. Your info sounds more up to date.
 
comagnum said:
"I would be cautious - they don't have much excess cash"
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Just to be clear on this - this comment was directed at FCM - Ironbeam which was being discussed. A quick look at Ironbeams financials on the CFTC site showed they do not have very much excess capital over what is required, you can do your own DD on Ironbeams financial and compliance/regulatory track record on the CTFT cite. http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm
 
The smaller FCMs can't handle much in overnight positions, because the CFTC require all FCMs to put up 8% of your margin with their own capital. Eg, your margin requirement is $100,000, you must put up $100,000 and the FCM must put up $8000. That is why many smaller FCM focus on day-traders.
 
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