estrader

I am not fully proficient with C# programming and was hoping to get some help. Is there a way of getting TOTALVOLUME for a contract without having to subscribe to the OnPriceChanged event? I'd like to be able to get a value like TotalVolume whenever I request it, rather than waiting for the event. I would appreciate any help with this in a "C# for dummies kind of way"

Just to add to Richards post, when you say "currently traded" I think you mean "Front Month".

An inexperienced trader (less than 5 years) should only use hard stops without question and never, ever move them in a direction that increases risk. It will take years (5+) before you are proficient enough to use mental stops.

I wasn't confusing anything................. I called I.B and got the answer Moderated Message: Removed some text - prior poster was trying to help and spent a lot of time trying

Ok. Imagine you work in IB Customer service; I call you up and ask the following: I would like to trade the ES contract but I’m a little confused by your Initial Margins. The CME specifies $5625- but you have two different initial margins, an intraday initial margin of $2813 and an overnight initial margin of $5625. How can your initial intraday margin be lower than the one mandated by the CME? Does this mean I can open 1 position with only $3000 in my account? If so, what hours of trading does the ‘Intraday margin’ apply to and how low will you allow the balance of my account go before closing out my position? Now, answer these questions in a way that a new trader would understand....please

Explain how this works in practical terms, from the perspective of a trader who wants to open a position. CME does not specifiy two different Initial Margins. Actually forget answering my question. After reading what you wrote again it's clear you must be confused. Why would IB flip this value over to the "Intraday Initial' under certain volatile conditions? Margins go UP under volatile conditions not down.

Exactly, this says it all. You know the risks but I'm expected to believe that futures brokers would completely ignore the risks and arbitrarily set their own margins that are below the ones set by the exchange..c'mon!!

I will contact CME group myself and find out if this is fact or opinion because it is something I've never heard before. I can't find anything in the contract specs which specify two different initial margins. Do you trade more than one contract intra-day and do you have less than $10K in your account?

OK, so basically we are none the wiser after half a dozen posts. Brokers set their own day trading margins and the exchange sets the initial margin that ALL brokers must abide by. Therefore, it is impossible to open more than one contract with only $10K in the account.

Before anyone else posts their opinion, make sure you know the difference between a Day Trading margin an Initial Margin and Maintenance Margin.

I repeat: My broker gives me a $500 DAY TRADING MARGIN. This is different to the initial margin set by the exchange.

There is a big difference between taking a loss and putting up potentially hundreds of thousands of dollars or even $Millions of your own capital every single day as margin for your clients. I can understand a $500 day trading margin because that gives approx $5100 headroom from the initial margin for unexpected volatility. What I can't understand is an Intraday Initial Margin of $2813. Why have two different 'Initial Margins' anyway? This means that if you are a swing trader you can be more aggressive/risky if you open your trades during the day even if you intend holding for more than one day? Doesn't make sense to me.

You could be right, but I find it too hard to believe that any broker would take on the risk of initial margin requirements on behalf of their client. If my broker did that I would trade with another broker because they will become insolvent in no time. My broker has a $500 day trading margin but I cannot open a contract unless I have the minimum initial margin set by the exchange- $5650. From the I.B Website: Performance Bond/Margin Rates The CME which is the exchange that the ES is listed on quotes an initial margin of $5,625 The CME may have an 'Intra-day' margin of $2813 but I can't find it on their site even though I.B lists it. However, it is clear even from I.B that it is the Exchange which sets the Initial Margin.

I would doubt that anyone who claims that their broker 'lets' them trade more than 1 contract with only $10K is actually a real trader. The margins are set by the exchange and for very good reasons. The exchange increased the initial margin around 2007-08 when the markets became extremely volatile and this would have been a pointless exercise if brokers could arbitrarily determine the margin requirements for their clients. Before we get to discussing whether or not it is insane we should first consider if it is even possible to trade more than 1 contract with only $10k. I say that it is impossible. If anyone says it is possible then please provide the name and contact number of your broker so that I can confirm it for myself.

It is strange that you say this because now you contradict yourself. Nothing should be considered useless when it comes to time and sales data. Do you think that 1000+ contracts traded outside/inside the spread isn't worth considering even if it happens <1% of the time?