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Ninja Trader Brokers and Electronic Funds Transfers


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Ninja Trader Brokers and Electronic Funds Transfers

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  #1 (permalink)
Frederick, MD
 
 
Posts: 3 since Mar 2020
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Hi,

First time poster, long time lurker. Not really but this is the only chance i get to say that. I have been sim trading for a little over 5 months and i still don't feel like technical analysis and day trading is anything more than gambling. But hey, i lost $1,000 at the blackjack table in less than 3 minutes once so not anything i'm unfamiliar with or even too terribly afraid of.
I had zero exposure to stock trading until i jumped into Ninja Trader 5/6 months ago so this is all brand spank'n to me. Honestly the goal was the learn how i'm supposed to grow a retirement account but day trading became the obsession. I have used a few demo accounts to sim trade in real time with the market but those only lasted 2 weeks. I have since then been testing a theory i guess you could say by trading the same 2 weeks worth of playback data and you would think that by this time i would have every tick memorized and that i would be killing it (not to say that would be a good thing). That is not the case however and either i am not learning technical analysis, there is nothing to learn or i have varied my charts and indicators to such degrees (lots to learn) that the same data hardly resembles itself in each format. Almost certainly it is a little of column A, B & C but non of this is really the crux of my rambling. All this i throw out because i am now believing that if it is even possible to "learn" technical analysis and day trading one needs a mentor. So without a mentor the next best thing would seem to be an internet forum, right?

Anyway, i am on the fence about funding a brokerage account with Phillips Capital for the sole purpose of getting the live data feed for Ninja Trader to continue "practicing" and "learning" with live data. In a business where lightning speed executions of orders is required, this broker requires a paper check be snail mailed to fund an account. I dare not even ask how one would go about receiving a withdraw/payment; clearly they don't expect one would actually make money day trading.

Does anybody receive payments from Phillip Capital regularly, is there any reason not to use another broker with Ninja Trader? Sorry for the rambling.
not really.
Thanks in advance.

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  #2 (permalink)
Los Angeles
 
Experience: Advanced
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I haven't set up an account with Philip, but, looking at the following page, it looks like there are more options.

https://www.phillipcapital.com/Documents

Also, it looks as though they have ach withdrawals according to their fee page.
FlynntMaverick View Post
Hi,

First time poster, long time lurker. Not really but this is the only chance i get to say that. I have been sim trading for a little over 5 months and i still don't feel like technical analysis and day trading is anything more than gambling. But hey, i lost $1,000 at the blackjack table in less than 3 minutes once so not anything i'm unfamiliar with or even too terribly afraid of.
I had zero exposure to stock trading until i jumped into Ninja Trader 5/6 months ago so this is all brand spank'n to me. Honestly the goal was the learn how i'm supposed to grow a retirement account but day trading became the obsession. I have used a few demo accounts to sim trade in real time with the market but those only lasted 2 weeks. I have since then been testing a theory i guess you could say by trading the same 2 weeks worth of playback data and you would think that by this time i would have every tick memorized and that i would be killing it (not to say that would be a good thing). That is not the case however and either i am not learning technical analysis, there is nothing to learn or i have varied my charts and indicators to such degrees (lots to learn) that the same data hardly resembles itself in each format. Almost certainly it is a little of column A, B & C but non of this is really the crux of my rambling. All this i throw out because i am now believing that if it is even possible to "learn" technical analysis and day trading one needs a mentor. So without a mentor the next best thing would seem to be an internet forum, right?

Anyway, i am on the fence about funding a brokerage account with Phillips Capital for the sole purpose of getting the live data feed for Ninja Trader to continue "practicing" and "learning" with live data. In a business where lightning speed executions of orders is required, this broker requires a paper check be snail mailed to fund an account. I dare not even ask how one would go about receiving a withdraw/payment; clearly they don't expect one would actually make money day trading.

Does anybody receive payments from Phillip Capital regularly, is there any reason not to use another broker with Ninja Trader? Sorry for the rambling.
not really.
Thanks in advance.

Sent using the futures.io mobile app

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  #3 (permalink)
Christchurch
 
 
Posts: 37 since May 2020
Thanks: 27 given, 16 received



FlynntMaverick View Post
Hi,

First time poster, long time lurker. Not really but this is the only chance i get to say that. I have been sim trading for a little over 5 months and i still don't feel like technical analysis and day trading is anything more than gambling. But hey, i lost $1,000 at the blackjack table in less than 3 minutes once so not anything i'm unfamiliar with or even too terribly afraid of.
I had zero exposure to stock trading until i jumped into Ninja Trader 5/6 months ago so this is all brand spank'n to me. Honestly the goal was the learn how i'm supposed to grow a retirement account but day trading became the obsession. I have used a few demo accounts to sim trade in real time with the market but those only lasted 2 weeks. I have since then been testing a theory i guess you could say by trading the same 2 weeks worth of playback data and you would think that by this time i would have every tick memorized and that i would be killing it (not to say that would be a good thing). That is not the case however and either i am not learning technical analysis, there is nothing to learn or i have varied my charts and indicators to such degrees (lots to learn) that the same data hardly resembles itself in each format. Almost certainly it is a little of column A, B & C but non of this is really the crux of my rambling. All this i throw out because i am now believing that if it is even possible to "learn" technical analysis and day trading one needs a mentor. So without a mentor the next best thing would seem to be an internet forum, right?

Anyway, i am on the fence about funding a brokerage account with Phillips Capital for the sole purpose of getting the live data feed for Ninja Trader to continue "practicing" and "learning" with live data. In a business where lightning speed executions of orders is required, this broker requires a paper check be snail mailed to fund an account. I dare not even ask how one would go about receiving a withdraw/payment; clearly they don't expect one would actually make money day trading.

Does anybody receive payments from Phillip Capital regularly, is there any reason not to use another broker with Ninja Trader? Sorry for the rambling.
not really.
Thanks in advance.

Hi Flyntt,

I've been asking NT about whether Phillip Capital accepts ACH transfers via Transferwise (apparently AMP does, FWIW. Info here). I was told by NT that Phillip is looking at setting up ACH in the next couple of weeks, but I'm not yet sure whether this means they will accept ACH to/from Transferwise. Like you, I can't believe there isn't more info and guidance around this.

Cheers

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
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For reference, here is the main NT Brokerage thread:



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  #5 (permalink)
Christchurch
 
 
Posts: 37 since May 2020
Thanks: 27 given, 16 received

Okay, so I just read the following on Phillip Capital's website:

Please note Phillip Capital will not accept transfers from borderless banks such as: DiPocket Glint LeuPay Revolut Qonto TransferWise

So there you have it. At least it's good to know AMP accepts transfers to/from Transferwise.

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  #6 (permalink)
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emmett View Post
Okay, so I just read the following on Phillip Capital's website:

Please note Phillip Capital will not accept transfers from borderless banks such as: DiPocket Glint LeuPay Revolut Qonto TransferWise

So there you have it. At least it's good to know AMP accepts transfers to/from Transferwise.

That seems like a violation of rules under the KYC requirements, they should not be accepting borderless bank transactions.

Mike

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  #7 (permalink)
Christchurch
 
 
Posts: 37 since May 2020
Thanks: 27 given, 16 received

Well, below is the transcript from my enquiry with AMP.

Cheers




May 17, 2020, 5:47:20 PM CDT

Hello,

I live in New Zealand and have applied for a US (not global) account with AMP.

If I fund my account with USD, can I withdraw via ACH to a Transferwise account set up in USD?

Info about Transferwise's USD accounts:

https://transferwise.com/help/17/borderless-account/2827506/how-do-i-use-my-usd-bank-details

Thank you


AMP | Funds | Victor (AMP Global (USA))

May 17, 2020, 6:24:28 PM CDT


Yes- we accept funds from and to Transferwise.


vb

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  #8 (permalink)
Site Administrator
Manta, Ecuador
 
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Big Mike's Avatar
 
Posts: 49,094 since Jun 2009
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So when it comes to suspicious and/or illegal activity such as accepting borderless bank transfers, you can file an NFA complaint here:

https://www.nfa.futures.org/complaintnet/complaint.aspx

I honestly recommend people do take the time to complain to the NFA whenever they are not treated fairly by any broker. It actually carries very significant weight in helping you get the issue resolved.

In this case, if it is a violation for to accept borderless transactions (I think it violates the KYC/AML requirements but not sure) then what happens is the entire firm/FCM is in jeopardy due to miss-management, putting everyone's money at risk!

All of this is of course in my opinion, and if someone knows better please speak up. I just hate to see people's money in jeopardy like this and want to make sure I've done what I can to educate or help people.

BTW, KYC= Know your customer, and AML= Anti-money laundering. Typical banking terms.

Mike

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  #9 (permalink)
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See this post:



It's just happened too many times, so I finally took time to create a sticky post about the importance of NFA complaints.

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  #10 (permalink)
Christchurch
 
 
Posts: 37 since May 2020
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Big Mike View Post
So when it comes to suspicious and/or illegal activity such as AMP accepting borderless bank transfers, you can file an NFA complaint here:

https://www.nfa.futures.org/complaintnet/complaint.aspx

I honestly recommend people do take the time to complain to the NFA whenever they are not treated fairly by any broker. It actually carries very significant weight in helping you get the issue resolved.

In this case, if it is a violation for AMP to accept borderless transactions (I think it violates the KYC/AML requirements but not sure) then what happens is the entire firm/FCM is in jeopardy due to miss-management, putting everyone's money at risk!

All of this is of course in my opinion (to avoid AMP suing me a second time, although we won the first one). I just hate to see people's money in jeopardy like this and want to make sure I've done what I can to educate or help people.

BTW, KYC= Know your customer, and AML= Anti-money laundering. Typical banking terms.

Mike

Thanks Mike, you obviously know a lot about this.

What are the risks with Transferwise? I'm keen to understand a bit more.

Cheers

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