Discussion in 'Retail Brokers' started by recession2016, Sep 20, 2016.
Why did you choose them? What did you like?
I can't believe DeepDiscount haven't got a proper website together yet. It doesn't take a lot of money. They have lost so much business through people looking at their site and thinking its some amateur operation.
Someone should buy that brokerage. Spend a thousand dollars on a web designer and could probably sell it for twice as much a week later
I applied to three other futures brokers: AMP, MBT, and Ninjatrader's partner brokerage (Dorman Trading). AMP and Dorman wouldn't process the application until I provided documentation, which was a hassle. Originally I planned to go with MBT, but they took 3 weeks (!) to process the application and approve the account. Deepdiscount's application took just 24 hours to process; their customer service is top notch. And the platform they offer, CQG, is great for order fills.
It is interesting that you choose the broker to do business with that asked for the least amount of work. Once you account is open, the work is done.
Personally, I like the site. It is simple and clear... as was intended. No Frills. If you know what you are doing, you don't need anything more. Problem NOW is they have raised DT margins on the ES from 462 (last time I looked) to 1268. Not a good sign.
the margins on their site aren't accurate; it says 900 for crude but it's actually a little less than 800
That sound like 25% of SPAN. We can do that too for day-traders that get approved by our risk guys.
Problem is, Bob, EVERYONE will do the 25%. Losing the 462 was the point.
Do you use it? Seems like even 4x can bring some big P/L swings. I have a CTA I've allocated toward that day trades ES at 4 contracts per $100k. That can have .25% to 1% per day. That seems like a lot to me. I can't imagine trading 85 contracts per $100k at any one time.
I also plan to contact them after obtaining a certified FCM (ironbeam). I think that their experience would be very useful to me at the start of my training in trading.
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