I'm just starting out in trading and have been interested in trading futures by solely watching the DOM. I understand that Velocity Futures provides X_Trader for free and was hoping to use them so I can stare at the price action through X_Trader and occasionally do 1 Lot trades. However, Velocity Futures are not accepting Australian customers anymore.
Is there other brokers that also provide X_Trader for free? If not, what is the next best thing or my situation as an Aussie?
I'm in Adelaide and I use Mirus and RCG as brokers and I purchased Ninja trader for approx. $1000 lifetime license. I'm not sure about getting x Trader for free but you can download and use NT in sim mode for free. Setup a demo account with Mirus and you can sim trade the live market, otherwise you're trading on canned data.
If you are looking for a bundled "free" quality dom Infinity Futures accept Australian account holders. The Infinity dom is one of the best around imo. A funded account will include a sim option as well.
I do not think they ever did
Looking at your trading requirements you need to have a reliable and fast connection
I have tried many, and having ping of 200ms and above the CQG was the only solution.
I did not go with them directly but through AMP. I had some issues with the their responses initially but the CQG network is superior to any other(even Esignal).
They offer now NT and MC ver8 with CQG connection. The DT version of MC may be be suitable for you if you do not use any PowerLanguage facility(ability to crate new/modified indicators or strategies) as it is free from AMP. If you use DOM only it should be ok. I have tried in the past but it was hopeless but the new MC64 version is a totally new ball game and much more reliable than NT(I use currently).
With their connection Aussie SPI is for 'free'. They have good commission structure as well.
Last edited by dlatbm; July 13th, 2012 at 09:56 PM.
I have a question about funding my account. Say I'm trading the US Markets, would I require funding in USD? Or can I just wire them AUD and they'll convert it (at a good rate) for me? If I'm funding in USD, I'll have to first convert my AUD to USD with my bank, which I believe will take a good 4-5% spread from it.
Ninja Trader, mirus/RCG, Zen fire. thats all you need. Oh ya you might want to consider collocating your system to chicago when you get really serious. But mirus are a disaster for providing collocation. It just seems to drag on forever with them and still they dont get you hooked up. There are others. When i have tried them i will post more on this.
This would be up to your broker, their setup for non-usa clients.
Decide on your broker first and then follow instructions how to transfer the money. You account should be smaller initially so you can always top up. Do not move big amounts of money yet. If you are a successful trader then you may not need to top up. Evaluate the situation in a few months time.
Do NOT trust any of the brokers to do it for you and give you a "good rate"
I think to keep it simple you should keep your trading account transfers all in the same curr.
There are plenty of currency outfits out there who will always give you better than the rack rate. If you get on the blower to a couple of them then ytou can get the game of ping pong going between them and see if you can hammer any more out of them.
Heres a couple of them that I have used and they always served me well. Currency solutions; Smart currencies. Both in London. There must be similar over there where you are.
All the best.
BTW, did you say you intend on trading futures in Chicago?