Patak Trading

[operator]

Quote from Lucias:

you thus need only 2.5k to have what they offer.

Most brokers require that you have 5k to open a futures account.

 

[Lucias]

I think MBTRADING has a low/no minimum.. you can take a look at amp, open-e-cry, mirus, global, etc. You will find several without any minimum or a low minimum. Many do require 5k.

 

[rosy2]

Quote from bengalitiger:

Ok,ok, I think some of you guys are getting returns on futures mixed up with stocks....Futures are extremely leveraged financial instruments and you never actually buy them but put up a margin to trade them and gain the profits or losses on those instruments. Take for example ES(emini S&P), and lets take it day by day...

For every contract of ES, you make or lose $50 per point...
So if you can make 4 points on the S&P everyday, that's $200 profit(-Commison) every single day, n thats just for one contract folks!

you are exactly the type they want

 

[volente_00]

Quote from operator:

Most brokers require that you have 5k to open a futures account.

I think jinxu on here trades with less than $1000 in his account using $300 margin at global futures.

 

[volente_00]

Quote from sailtheworld:

Never mind. Two weeks ago when I was looking at that website the set up was this:

Training: 50k, 1k daily loss limit, 5 contracts at a time maximum
Combine: 50k, 1k daily loss limit, 5 contracts at a time
Live: 10k, don't remember daily loss, 5 contracts at a time

I think that is what Dobbs and previous posters were referring to.

They must have changed this within the last week because it is now:

Training: 50k, no daily loss limit, 5 contracts at a time maximum
Combine: 50k, 1k daily loss limit, 5 contracts at a time
Live: 50-60k, 500$ daily loss limit, 5 contracts at a time

My question to the veterans is, do you guys think this change makes it more worthwhile now with this increase in live account size?

Sounds like a great deal.
They want you to make $104,000 in a year trading 5 lots intraday only using a max 2 point stop with a max 4% drawdown on the account while charging $200 a month for charting. Average 8 points a week consistently and all of the above and you will be rewarded with 60% of the profits that you get 1099 'd for and get stuck paying normal tax rate instead of 60/40 break plus an additional 15.3% self employment tax. And the icing on the cake is you can't even take a draw until you have made $5000 in profits.

Or you can scrape up $3500, and keep 100% of the profits at a lower tax rate without having to kiss ass to anyone.


Isn't that the most important benefit of being a trader ?

 

[operator]

Quote from volente_00:

Or you can scrape up $3500, and keep 100% of the profits at a lower tax rate without having to kiss ass to anyone.

Most likely you will lose it.

What deal would you like to see if something is giving you money to trade with? 50k lost limited and 1MM in capital and 99% payout?

 

[volente_00]

Quote from operator:

Most likely you will lose it.

What deal would you like to see if something is giving you money to trade with? 50k lost limited and 1MM in capital and 99% payout?

First off they are only backing you with $2500 total with $2000 at risk not 1 mil.

They are asking you to trade up to $312,000 worth of ES risking only $2000. Even just using 1 lot, they are risking roughly 3% on the full value of the contract.


If you can do what they require to be backed than why not do it on your own?



Hell just trade 1 lot with $300 margin and $500 of cushion on a $800 total account and grow it making 8 points per week. That is the same thing they are asking you to do to get backed.

 

[nkhoi]

Quote from volente_00:

...
If you can do what they require to be backed than why not do it on your own?



Hell just trade 1 lot with $300 margin and $500 of cushion on a $800 total account and grow it making 8 points per week. That is the same thing they are asking you to do to get backed.

if you are talent but broke this is way to go.

 

[operator]

Quote from nkhoi:

if you are talent but broke this is way to go.

I agree, broke is the key word. Loss limit is a little tight and really no room for error, but the upside can be much greater than trading 1 lot with 800 bucks.

 

[nkhoi]

Quote from operator:

I agree, broke is the key word. Loss limit is a little tight and really no room for error, but the upside can be much greater than trading 1 lot with 800 bucks.

in sim you never lose because your money is not on the line, same here.