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Optimus Futures trading broker review

  #531 (permalink)
 
mattz's Avatar
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cclarke View Post
I wanted to report on my initial experience with Optimus Futures. After trading with a different firm for a number of years, I recently opened an account with Optimus. Matt was very helpful in providing suggestions for the best FCM, routing, and trading platform after reviewing my needs and trading style. The entire team was very responsive and helpful. They were able to help me from initial conversation on Monday evening to fully funded and tradable account by Thursday evening - a turnaround time of less than 3 days from initial contact! In particular, Cassie was very helpful with the account opening process. So far, my experience with Optimus Futures has been excellent. They have been knowledgeable, professional and friendly. They have helped me set up each of the trading components to my preferences and I've been able to get them on the phone whenever needed.

You are a great guy to deal with. Thank you for choosing us! Much appreciated.

Matt Z
Optimus Futures

There is a risk of loss in futures trading. past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #532 (permalink)
 jokertrader 
NYC, NY
 
Experience: Intermediate
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I have to say Matt has personally been nothing but great helping me out with getting setup consolidating my IRA working out technical glitches with CQG

I wish I had found Optimus before then i would not have all these accounts and would have been more focussed on trading and not searching for new ways/tools/brokers/feeds/commissions etc

Wasted a lot of time doing that. If you have a broker who cares, then you can focus on trading and strategies

thanks to Optimus and Matt again

J

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  #533 (permalink)
 
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jokertrader View Post
I have to say Matt has personally been nothing but great helping me out with getting setup consolidating my IRA working out technical glitches with CQG

I wish I had found Optimus before then i would not have all these accounts and would have been more focussed on trading and not searching for new ways/tools/brokers/feeds/commissions etc

Wasted a lot of time doing that. If you have a broker who cares, then you can focus on trading and strategies

thanks to Optimus and Matt again

J

Thank you very much for your kind words!
But, also have to say BIG thanks to Mike G and Becky G from CQG who tolerate me on a daily basis :-) Great people who give outstanding support!

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #534 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
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Hi Matt -

I curious on what the Exchange rules are for offsetting positions in multiple accounts are. Here is an example:

Both Accounts held at same broker...

Account A: I am long 10 ESU16, and hold overnight
Account B: I am short 10 ESU16, and hold overnight

Is this allowed?

One major brokerage appears to have recently changed their interpretation/enforcement of this rule, and now they state:

"Futures Exchange Rules prohibit the holding of offsetting open futures positions in accounts under the same ownership. A review of your accounts held on the books of BROKER XXXXX. indicates that recently, at the end of day, two or more of your accounts, held both long and short positions in the same futures and/or futures options contract.

Please liquidate any positions you hold which meet this criteria in order to eliminate the offset. In the future please review your end of day positions to ensure that your accounts do not hold offsetting futures positions in the same futures contract open at the end of the trading day. "


I'm curious as to your take on this...

THANKS

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  #535 (permalink)
 HoopyTrading 
Boston, MA
 
Posts: 264 since Apr 2014


kevinkdog View Post
Hi Matt -

I curious on what the Exchange rules are for offsetting positions in multiple accounts are. Here is an example:

Both Accounts held at same broker...

Account A: I am long 10 ESU16, and hold overnight
Account B: I am short 10 ESU16, and hold overnight

Is this allowed?

One major brokerage appears to have recently changed their interpretation/enforcement of this rule, and now they state:

"Futures Exchange Rules prohibit the holding of offsetting open futures positions in accounts under the same ownership. A review of your accounts held on the books of BROKER XXXXX. indicates that recently, at the end of day, two or more of your accounts, held both long and short positions in the same futures and/or futures options contract.

Please liquidate any positions you hold which meet this criteria in order to eliminate the offset. In the future please review your end of day positions to ensure that your accounts do not hold offsetting futures positions in the same futures contract open at the end of the trading day. "


I'm curious as to your take on this...

THANKS

I look forward to the response, as this is an excellent question!

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  #536 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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kevinkdog View Post
Hi Matt -

I curious on what the Exchange rules are for offsetting positions in multiple accounts are. Here is an example:

Both Accounts held at same broker...

Account A: I am long 10 ESU16, and hold overnight
Account B: I am short 10 ESU16, and hold overnight

Is this allowed?

One major brokerage appears to have recently changed their interpretation/enforcement of this rule, and now they state:

"Futures Exchange Rules prohibit the holding of offsetting open futures positions in accounts under the same ownership. A review of your accounts held on the books of BROKER XXXXX. indicates that recently, at the end of day, two or more of your accounts, held both long and short positions in the same futures and/or futures options contract.

Please liquidate any positions you hold which meet this criteria in order to eliminate the offset. In the future please review your end of day positions to ensure that your accounts do not hold offsetting futures positions in the same futures contract open at the end of the trading day. "


I'm curious as to your take on this...

THANKS

Using my intuition, it does not make sense because you may use different strategies in different accounts and/or different time frames for your executions. Also, what if you were long 2 ES in one accounts and 5 short in another on the same month, would you need now to make your positions net short 3? Need to think of all implications.

However, if the compliance of your brokerage went to the extent of writing this is the exchange law then I need to check cross our FCMs compliance and see what is the exact rule. I will do so Monday AM.
Thanks,

Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #537 (permalink)
 HoopyTrading 
Boston, MA
 
Posts: 264 since Apr 2014


mattz View Post
Using my intuition, it does not make sense because you may use different strategies in different accounts and/or different time frames for your executions. Also, what if you were long 2 ES in one accounts and 5 short in another on the same month, would you need now to make your positions net short 3? Need to think of all implications.

However, if the compliance of your brokerage went to the extent of writing this is the exchange law then I need to check cross our FCMs compliance and see what is the exact rule. I will do so Monday AM.
Thanks,

Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
.

Any update on your research mattz?

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  #538 (permalink)
 
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HoopyTrading View Post
Any update on your research mattz?

I am trying....and spoke to a few compliance people who are checking into it.
Been a very busy morning for me because over the weekend we get account requests that we are trying to get back to soonest.

Thank you for your patience.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future result

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Reply With Quote
  #539 (permalink)
 
mattz's Avatar
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Posts: 2,493 since Sep 2010
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@kevindog (or anyone else) I have spoken to a number of people about this, however since this is more of an FCM/Exchange issue , I do not feel comfortable putting out my answers in the public domain because your FCM and compliance may have a different perspective. If you call me, I can share my findings.


Thank you
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #540 (permalink)
UpsideDown
Utrecht, Netherlands
 
Posts: 26 since Jun 2016
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kevinkdog View Post
Hi Matt -

I curious on what the Exchange rules are for offsetting positions in multiple accounts are. Here is an example:

Both Accounts held at same broker...

Account A: I am long 10 ESU16, and hold overnight
Account B: I am short 10 ESU16, and hold overnight

Is this allowed?

One major brokerage appears to have recently changed their interpretation/enforcement of this rule, and now they state:

"Futures Exchange Rules prohibit the holding of offsetting open futures positions in accounts under the same ownership. A review of your accounts held on the books of BROKER XXXXX. indicates that recently, at the end of day, two or more of your accounts, held both long and short positions in the same futures and/or futures options contract.

Please liquidate any positions you hold which meet this criteria in order to eliminate the offset. In the future please review your end of day positions to ensure that your accounts do not hold offsetting futures positions in the same futures contract open at the end of the trading day. "


I'm curious as to your take on this...

THANKS

Long ES, Short SPY - problem solved....

Until you want to unwind out of hours...

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