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I've used google quite a bit, and searched on here and can't find the answer to the following. I've been trading futures in demo for a couple of months now. Im getting ready to go live, but I had the following hour and margin questions.
With ES what are the hours for Intraday Margin? When they say you need to close the trade prior to the end of the session or overnight margin is in play are they talking be out of it prior to close of NY trading session? Or is it the trading hours noted on the contract spec?
Some brokers have different ways of considering this.
Most say close at the end of the exchange session but you can reopen it at the evening hours and start another 'intraday' margin.
But still best to Ask Your Broker.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
I trade using AMP Futures. Currently, they freeze $400 per contract until you have exited the trade, at which point your money is no longer tied up. The amount frozen depends on volatility. If I recall correctly they were freezing $700 per contract for a bit after the flash crash due to higher volatility. The amount frozen doesn't change all that often. The last I heard, if your account size is below $5k (verify with whomever you trade through) you can't go overnight. If below that amount I believe AMP takes you out of any open trades at about 16:07 ET and charge more than if you exited the trade on your own. The US market for ES (differs on holidays) opens at 9:30 ET to 16:15 ET and then re-opens at 16:30 ET. Staying in past 16:15 is considered going "overnight". You can enter after 16:30 but if you are in a trade between 16:15 and 16:30 you are considered overnight. I hope this helps!
I was told the following scenarios, to explain it. But I was also told it differs from broker to broker. All times are EST. These were all in reference to the CME Index's as well(NQ,YM,ES,NKD..etc). Other futures have a different set of rules.
If its Monday at 4AM and I enter a trade I have to exit that trade Prior to 3:15PM. Or I would require Intial Margin/Maint. Margin.
At 6PM Monday I can now re-enter a trade and hold that trade until 3:15PM Tuesday if I wanted to and not require Intial Margin/Maint. Margin.
I was told I only need Intial/Maint. Margin if I carry through 3:15PM-6PM. Hopefully that helps.
Our FCM dicatates that 5PM is the cut off for day trading.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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