NinjaTrader states the minimum to trade during regular market hours is the intraday margin. They also state that theres no account minimums. Yet when trading BIT which requires $25 intraday they liquidate your account when the balance goes below $50. Then take the remaining money in your account. Then they state that your balance was below the minimum requirement. When you read their policies and fees theres no mention of it. Anyone else have this problem? If so where is this policy located so i can review it?
Things like this are going to happen throughout your trading career. Donât get bent out of shape, and let problems like this ruin your day.
Become an expert on margin, and turn the bad experience and confusion into fuel to go into deep research mode, and figure it out so it never happens to you again.
People have lost 10, 20, $60k on trades. They have experienced margin calls, lost their houses, etc⌠on market spike events. That is why people beat it into your head to never risk more than 2% of your account on a trade.
https://ninjatrader.com/pricing/margins-position-management/
From the link EgoNoBueno posted:
Is the intraday margin requirement the minimum amount I need to open a futures position?
While true that having an account balance equal to the intraday margin requirement will allow you to open a position, we strongly encourage traders to view this as the minimum required to maintain a futures position.
Please note: Your account will be liquidated if the balance goes below $50 if trading a $25 margin contract.
Thats not a policy. The $50 penalty is declared as a 'Margin Violation" and it results in a liquidation. Its not disclosed in the margin policy, the liquidation policy or the fees. Why not properly disclose it if all is on the up and up? Why declare âNo Account Minimumsâ and then slip a little footnote in anywhere other than with the margin or liquidation policy? Its less than honest if you ask me.
Its not so much about me than it is about hoping your broker isnt so petty as to mislead new clients so they can cash in on $50.
I donât disagree with you on it being dishonest. If someone has $51 in their account, NinjaTrader will let them open up a trade. But you and I know damn well exactly what will happen: the trade will be immediately closed, and NinjaTrader will be $50 richer.
The platform is ok. Slow as crud when compared to something properly programmed, like with C++, and also with real multi-threaded support instead of their one-core-per-instrument nonsense. But the overall business is deteriorating. Maybe Kraken will change things up, maybe they wonât. But I wouldnât get married to NinjaTrader if I had a choice.
oh they 100% took advantage of me being new and not really understanding everything. Im looking back on everything now and seeing a lot of dishonest things. Im not married to them at all. Charged me $250 in margin violations in october, only one margin call and nothing else. Dont even know what instrument I was trading. No emails, no messages. Just a charge of $250 for margin violations not even itemized lol. I never even noticed.
Maybe they were legitimate maybe not⌠no way to really know lol.
If someone were to dispute the penalty for violating an account minimum requirement⌠theres not even a policy to use for guidance in determining if you were in violation or not and theres not even a fee listed for the violationâŚ
That ânoteâ is new by the way
I think the account minimum and margin requirements are separate things altogether. You donât need a minimum, perhaps, to open an account. But you still need enough funds to meet margin requirements and place trades.
However, last time I checked, if you withdraw all your money, the account gets closed. And youâre supposed to keep at least $50 in there anyway. Because if you go below $50, any withdrawal will be forced as a full withdrawal, and account gets closed.
So, yeah. NinjaTrader definitely has some used-car salesman vibes going on.
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Yeah thats being nice. They added the ânoteâ after i said something about it. That states No Account Minimums⌠im not sure how it can be interpreted any other way than âno account minimumsâ
