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Recommendation for broker/platform/data for scalp/trading stocks

  #35 (permalink)

Burlington, Vermont
 
Trading Experience: Beginner
Platform: StockTwits
Broker/Data: Robinhood
Favorite Futures: ES, GC, ZB
 
nathanologist's Avatar
 
Posts: 706 since Jun 2015
Thanks: 877 given, 776 received


Grantx View Post
Am I correct in saying that in order to trade futures I need the following:
1. Pay for a platform such as ninja trader. $900
2. Pay for a data feed. $50 to register and then $78 per month.
3. Pay IB a monthly fee (How do they fit into this picture? Im paying for a platform and datafeed already)
4. Buy a 'proper' VSA indicator because the standard ones are pointless. Dont know how much I imagine about $500?
5. $100 subscription to this site

What other costs are involved to get properly setup?

I traded futures when I got started out using the free version of NT7 Direct Edition(I think), starting a NT brokerage account for $1000 deposit, data was through NT Brokerage for $5/month (I think it's just for ES, NQ, and a couple other instruments) and pestering A LOT of the regulars on this forum for advice and explanations of context, not to mention a lot of chart posts in the public (at the time) spoonalysis threads. Also free is the Adam Grimes trading course, which I discovered after viewing the Adam Grimes random lines webinar on this site.

What I mean to say is, you can trade futures for a $1000 deposit, $5/month, and $4.48 per contract all-in round turn commissions. this was my set up for about a year while I explored trading futures. To avoid inactivity fees ($25 I think) I made 1 live trade of one contract per month. I used a 2 tick stop so that the losing trade was about the same as inactivity fees, and traded in the direction of a strong move so that much of the time the stop wasn't hit. By the end of year 1 my account balance was just over $2000, my max draw down was about $250. Was it smart or safe? Most would say not really, but I feel that it was suitably low risk and affordable way to learn.

I know guys who literally have spent thousands if not tens of thousands of dollars on systems and data and newsletters and all manner of "education" and have barely made 50 live trades in the last 5 years. But none of that is necessary IMO.

@Blash recommendations in the first reply is about as good as it gets. Another set-up that I think many would recommend is the sierra chart, IB, IQfeed.

The best money I've spent in getting started is the money I've lost. The second best is the $100 elite membership to this forum after suffering my biggest daily draw down. The gomi scripts/indicators/infrastructure for NT7 alone were worth that. But the advice from very experienced traders on this forum is invaluable, and much of that can be had without being an elite member.

Nate
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