A person at Scottrade told me that you must have 1 million dollars in a margin account to trade commodities. Was he blowing smoke somewhere, or is this correct?
What would be a good contact point to check this out for real? Who would you call?
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4 Responses
Do not know your answer but I will keep tuned in for the answerer’s. Peace!
Posted on August 12th, 2010 at 12:22 pm
Oanda allows trading of silver(XAG) and gold(XAU) with a regular forex account, i started with only $1000. Not sure about other commodities.
Posted on August 12th, 2010 at 12:49 pm
He’s blowing smoke big time.
Most traders start with $10,000.
Margin is determined by the contract you want to trade.
Oil margin currently is around $10,000 per contract.
Corn is around 3,000.
If you really want to learn how to trade commodities from a 35 year veteran I suggest you go to http://www.ChartingYourFutures.com
The guy know what he’s talking about and trades commodities the way they should be traded. (so you can sleep at night)
Posted on August 12th, 2010 at 1:32 pm
A few years ago it was a government law that you had to have $5,000 to open up an account. I am not sure if they increased that or not but if they did it would only be to $10,000. Although some brokers want more money to open up an account.
Posted on August 12th, 2010 at 1:40 pm