Recommended discount brokers that don't eat your profits with all the fricken fees!!
I just went live on ES...saw my nightly statement and I couldnt believe all the fees??? I thought Mirus' commissions include exchange fees. So I had commission, clearing fees and exchange fees that was about 50% of my profit. I suppose I could write these off.
It costs me 50$ per month (fixed fee); and then I pay 2.01$ per contract for the E-mini S&P500 (ES @ GLOBEX)
I receive the unfiltered data feed for these exchanges in fact: GLOBEX, ECBOT, NYMEX, and COMEX; plus a bundle of other basic news, fundamentals, market metrics, and delayed equity quotes...
This is due to the fact that the CME group has a waiver program for anybody connecting an Interactive Broker account with a Kinetick feed. Otherwise, as you say... it could sum up real quick!
My initial investment was 995$ to buy a lifetime license for NT7, but you can lease the software as well if you prefer...
I see that you already trade through NT, so I guess you at least have this part sorted out
Successful people will do what unsuccessful people won't or can't do!
The following 3 users say Thank You to Fadi for this post:
If you are going live with your broker of choice and doesn't know the applied fees in advance you should stop trading immediately. You haven't made your homework - sounds hard, but this is the truth. Furthermore if you are surprised that your edge dissolved with the applied fees and commissions then you should backtest your strategy with fees, commissions and slippage again. Then you can decide if trading live is worth it.
The following 4 users say Thank You to Koepisch for this post:
I often get phone calls from prospects who shop around for rate, and that is 100% legit.
So when I quote the commissions, some respond by saying they pay half than that which floors me, at times they claim they pay even below exchange. Naturally, they don't know the reality of what they pay.
When you ask for commissions, you want ALL IN RATE: Buy, Sell, Exchange, Connectivity.
This is how I quote it.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
The following 5 users say Thank You to mattz for this post: