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New To The Forum and Looking For A Broker
Started:November 7th, 2015 (01:11 PM) by Space Jam Views / Replies:277 / 3
Last Reply:November 9th, 2015 (01:59 PM) Attachments:0

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New To The Forum and Looking For A Broker

Old November 7th, 2015, 01:11 PM   #1 (permalink)
Trading Apprentice
Waterbury, CT
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: ES, NQ, YM
Posts: 1 since Nov 2015
Thanks: 0 given, 0 received

New To The Forum and Looking For A Broker

Hello Traders,

I began trading futures a few weeks ago and so far the results haven't been bad. I think its beginners luck though. I've been using TD Ameritrade/ThinkOrSwim but the commissions are too expensive at $2.25 (I called in and they lowered me to $2.10 which makes no difference lol)

I've been reading the forum insanely and finally decided to make an account. I read what other traders have been saying about different brokers but my main concern is what happens if or when the economy collapses? I heard horrible stories of firms walking off with people's money and I don't want the same to happen to me. I guess being sheltered at TD gave me some security but with smaller brokers I'm not sure. To make it short here are some questions I'm struggling with. Again being sheltered at TD I never had to worry about this since they are a full service broker

What is FCM and their purpose?
What is self-clearing and their purpose?
What is the best broker? I've noticed alot of trader on the forum use Ninjatrader, why?
How do I go about finding the best data feed, and how do I know if I need one? ThinkOrSwim data feed was actually reliable

And also does anyone know anything about AMP Futures? I like how they have no/minimal platform fees

Any advice would be great as I plan on taking trading very seriously!

Also, Big Mike if I end up choosing a sponsored broker, how do I set it up so the website gets the credit for the help


Space Jam

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Old November 7th, 2015, 01:11 PM   #2 (permalink)
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Old November 9th, 2015, 01:21 PM   #3 (permalink)
Site Administrator
Manta, Ecuador
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
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Posts: 45,447 since Jun 2009
Thanks: 28,847 given, 79,600 received

Take some time to read the Brokers and Data Feeds section

Do your research. Some brokers have terrible reputations and only prey on inexperienced users and should be avoided at all costs.

As for Elite Member discounts, after you become an Elite Member just click Elite Member top of any page for the list of discounts available.


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Old November 9th, 2015, 01:59 PM   #4 (permalink)
Elite Member
Fort Myers, Florida
Futures Experience: Master
Platform: TradeStation
Favorite Futures: Currency
Posts: 25 since May 2015
Thanks: 0 given, 6 received

Altertnative Broker Experience

I've used Ninjatrader. You program in c#, Microsoft C. It's easier than C++. I was at a west coast broker and using a west coast server and trading forex. This dealer wouldn't take or execute my automated trade. I don't know what was wrong with it. So, I started trading manually. I was playing chicken with the BOJ, Central Bank of Japan. They are a money manipulator. When Shinzo Abe came in, that's when you could have made a killing. It's all timing. I've never tried automated trading with IB which is out of Chicago. I had fun with futures on TradeStation. But, their "Easy Language" isn't so easy. It's possible to pay through the nose and buy an automated system. They say trade 2% of your account, so you won't blow your account. I've blown a couple accounts. In the 80's, I used to call in my commodities trades; but I would get a broker who would push me into trades I shouldn't have taken. There are some brokers that what you to use their already made up programs and auto trade on IB. I wouldn't trust those, possible scam. Some automate to get into a trade and get out manually. Some get in manually and get out with an auto trade system. I believe getting in is easy, but getting out is the hardest of all. It's the mental part of trading that's the hardest. If you somehow can take the mental part out and control your fear and greed, be detached, trade fast and furious; it may work. Some people have a simple trending system. If it's trading sideways, they don't trade. To not trade is a trading decision. They set profit targets, money limits, stops, etc. I think you already have a good system. If you've conquered think-or-swim, that's the best I heard. Just perfect what you got. Extreme Greed is a bottomless pits which will swallow all you money.

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