Question on over-night margin requirements
- Thread starter Teleologist
- Start date
So let me get this straight.....not only do you HAVE TO HAVE the absolute lowest margins available so that you can leverage yourself to the max.....but then you want to use that leverage to enter positions outside normal market hours. Thats just brilliant.
And by the way, if you want to execute through global (or any other FCM) and clear through IB (or any other clearing firm) it can be done via a "give-up". Thats when the executing firm "gives up" the trade to a different clearing firm. Although, if you're making this big of a deal about margin I doubt you'll find a clearing firm willing to take those trades on a give up basis because they'll be scared to death of what you might actually stick them with.
If you don't have something constructive to say why don't you get off this thread. Anyone with an ounce of brains can see that I'm asking for help in finding a broker that's not going to hit me with an extra $2,000 in margin when I enter a futures order 3 minutes before the market opens.
Dude, no one is "hitting" you for an "extra" $2000 of margin. Each broker has their own rules and they are what they are.
Your search should be over by now - go with Global. They are most certainly the most generous with margin requirements - especially for someone in your position. The trading platform is fine.
Jachyra wrote:
You need to improve your reading comprehension skills. I never said I was looking for the lowest margin available. I just want lower margin than I currently have. I just happen to think that requiring an extra $2,000 in margin for 3 minutes is unreasonable and am looking for alternatives. As for entering positions outside normal market hours we are talking about a mere 3 minutes here. Nothing high risk about that.
You need to improve your reading comprehension skills. I never said I was looking for the lowest margin available. I just want lower margin than I currently have. I just happen to think that requiring an extra $2,000 in margin for 3 minutes is unreasonable and am looking for alternatives. As for entering positions outside normal market hours we are talking about a mere 3 minutes here. Nothing high risk about that.
tele, to recap i would recommend: signing up at global, using a low cost platform (not xtrader). use them for your 'overnight' orders. any other trades, execute through IB. if you decide that entering orders before the bell is not useful, stick to IB and leave global inactive.
good luck!
50
good luck!
50
50 - yes, it should work that way. At least at most brokers but apparently not all of them. Now if you enter that same order at 4:14pm EST and get filled and hold till 4:16pm EST you will incur overnight margins.
My point being that my initial post, which you cited as completely inaccurate, is indeed accurate. If you hold during the 'overnight' session, you will incur overnight margins set by the exchanges. So far, noone has found a broker that will front the money during an overnight hold.