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Northeast Iowa | Hello everyone,
I have gotten set up with a marketing group based out of Cedar Rapids - the idea being if I can't be the biggest and best farmer, I might be able to be the best marketer. I must've skipped classes in college when we talked about futures markets because I have some questions I'll be bringing to my agency next week.
1) I set up the account to hedge. Not to speculate. This was an actual question on my account application and gave a disclaimer that if I wish to speculate, those contracts would have to be addressed in a certain way. Is there a legal reason as to why? Is there a real difference between a hedge account and a speculative account besides the action in which the trader makes? I'd like to have the option to buy a futures position and sell it as a speculator would if the opportunity arises.
2) What is a realistic minimum amount to deposit into the account? Is the daily limit swing for each contract the amount to maintain in the account? I wouldn't be trading much until I get a little more familiar.
I'll talk with the group more next week once everything is finalized, but I'm open to any more of that free advice I love reading here. I'm paying for a marketing advice from the brokerage until I get enough exposure to make my own best decisions. | |
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Started my brokerage account. naive Qs
