AMPFutures, and Low Networth

[oatman 10]

So recently I have been very interested in taking up futures trading. I have taken tons of classes and have been paper trading with Ninja Trader using Zenfire data. Now my question is the brokerage ampfutures allows me to make trades for $500/contract @ 4/contract round trip

 

Now the main reason I am interested in using AMPFutures is that you can use NinjaTrader to trade your futures. Its an amazing tool!

 

Now the problem comes into play with the fact that I am 18 and have no networth. I want to take about 4,000 dollars and put it into a futures account trading maybe 1 or 2 contracts of the 6E market at a time.

 

Any suggestions on brokerages, or what I should do?

[pbylina 10]

You will need to make a joint account with someone like your parents.

[shooly76 10]

after u fill out app, some firms will send u something similar to a risk disclosure statement explaining that futures trading is not a good idea w a low net worth/ annual income (under $50,000). u agrre to it and sign it, then send (fax) it back and some firms will likely open an account for u. but u will not b able to open a futures trading acct for anything less than $2000.

[oatman 10]

after u fill out app, some firms will send u something similar to a risk disclosure statement explaining that futures trading is not a good idea w a low net worth/ annual income (under $50,000). u agrre to it and sign it, then send (fax) it back and some firms will likely open an account for u. but u will not b able to open a futures trading acct for anything less than $2000.

 

I have 5K to actually put into an account, do you know of any broker that you have actually used that will allow me to trade and to sign an agreement stating that I understand the risks w/out judging my application based on networth?

[JEHs 10]

I have 5K to actually put into an account, do you know of any broker that you have actually used that will allow me to trade and to sign an agreement stating that I understand the risks w/out judging my application based on networth?

 

AMP trading will do it I think, though I haven't been a customer there for a while now.. If you want to use NInja, that is probably the way to go, but I'm sure there are plenty others...

 

Open ecry is what I use. If you maintain a 5k balance, you can use their demo platform indefinitely. It is very similar to ninja, (without all the crashes and other issues that I remember with Ninja).

[JEHs 10]

So recently I have been very interested in taking up futures trading. I have taken tons of classes and have been paper trading with Ninja Trader using Zenfire data. Now my question is the brokerage ampfutures allows me to make trades for $500/contract @ 4/contract round trip

 

Now the main reason I am interested in using AMPFutures is that you can use NinjaTrader to trade your futures. Its an amazing tool!

 

Now the problem comes into play with the fact that I am 18 and have no networth. I want to take about 4,000 dollars and put it into a futures account trading maybe 1 or 2 contracts of the 6E market at a time.

 

Any suggestions on brokerages, or what I should do?

 

I re-read your initial question and it seems that you have answered it yourself. AMP will do it for you. And you like Ninja so, that's your answer.

[oatman 10]

I re-read your initial question and it seems that you have answered it yourself. AMP will do it for you. And you like Ninja so, that's your answer.

 

No AMP will not, they require at least 50 thousand dollars of NETWorth and I do not have anybody to be a joint tenant with me so that won't work. I really don't want to have to fake asset information to get an account, because I believe thats illegal... <.<

[JEHs 10]

No AMP will not, they require at least 50 thousand dollars of NETWorth and I do not have anybody to be a joint tenant with me so that won't work. I really don't want to have to fake asset information to get an account, because I believe thats illegal... <.<

 

I guess things have changed since I was with AMP a year ago or so. I had an account opened with $2500.00. OEC will open an account with 3k.They do not have Ninja, but, like I mentioned, they have a chart platform that is just as good. I'm sure there are plenty of others, but I have been happy with OEC.

[thalestrader 14]

Have you tried being a little creative with your application? That's what 90% of the folks holding trading accounts do. Or at least that's what they did when I was a broker. I can't imagine that anything has changed other than that maybe now you need to sign 27 risk disclosures instead of just the one you had to sign 17 years ago.

 

Best Wishes,

 

Thales

[oatman 10]

Have you tried being a little creative with your application? That's what 90% of the folks holding trading accounts do. Or at least that's what they did when I was a broker. I can't imagine that anything has changed other than that maybe now you need to sign 27 risk disclosures instead of just the one you had to sign 17 years ago.

 

Best Wishes,

 

Thales

 

I just know that filling it out invalid is considered fraud, and it would suck to get sued. What is the liability for "getting creative" when filling out applications anyway?

[JEHs 10]

I just know that filling it out invalid is considered fraud, and it would suck to get sued. What is the liability for "getting creative" when filling out applications anyway?

 

You are probably right. Fraud is something to be avoided. I was not reading your posts right. I was just thinking of 5k to start an account. The part on the application for net worth, i don't even remember because I breezed over it. I am an older guy with home, land, 4 cars, wife, 4 grown kids... I am not wealthy but 50k net worth is pretty easy for me.

 

If that is really what they want, you will probably just have to work and save till you get there... I'm not trying to be flip about this, I just never really thought about it before...

 

Keep trading sim and keep working at it, it is probably not as far off as you think...