←Stage 58 · Premium
Futures

Margin and the Daily Bill

Futures margin isn't a loan. It's a deposit the exchange sets, and every day your position is settled against it. This stage carries you through that daily bill. You'll learn what a margin call is, when it lands, and why there's no liquidation price to hide behind. Eleven lessons, and the last one is a week where the margin goes up.

Stage 58 of the TradeWize futures track: margin and the daily settlement. Margin calls and hikes, day-trade margin, price limits, fees and your money.

0 / 11 done
StartLesson 1 · Margin Is a Bond, Not a Loan
What you’ll leave with11 lessons · 7-line playbook
  • Futures margin is a deposit the exchange sets, not money I borrowed.
  • Every day my position is settled, and the money moves whether or not I close.
  • A margin call is a bill with a deadline. There is no liquidation price to hide behind.
  • The exchange can raise my margin overnight, and I keep cash for the day it does.
  • Day-trade margin is my broker's loan of convenience, and it ends at the close.
  • There is no floor under a futures loss, and my account can go below zero.
  • At the limit there is no trade, and my stop is a wish.

All lessons

  1. 01Margin Is a Bond, Not a Loan
  2. 02The Settlement Price
  3. 03Marked to Market Every Day
  4. 04The Margin Call Is a Cash Call
  5. 05When the Margin Goes Up
  6. 06Day-Trade Margin vs Overnight
  7. 07Below Zero
  8. 08Price Limits and Circuit Breakers
  9. 09Fees and the Round Turn
  10. 10Where Your Margin Sits
  11. 11The Week the Margin Went Up