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Profits And Commision?
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Profits And Commision?

  #1 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

Profits And Commision?

Hey,

I can have good days in the market when the market is in play.
I can do up to 80 contracts a day at $4.40rt
This amounts to about $350 which is a lot of money.
This could add up to half of my profits maybe more or less pending on how well Ive traded.

50% of profits on commsion is A LOT especially when you have to factor in the scratch days.

Im jus wondering if there is a way to limit this and what kind of % you pay in commission of your profits.

Leasing a seat is not yet something I have looked into as it sounds a bit big boy for me but Im happy to hear all suggestions.

Cheers

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,059 since Sep 2010
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xylem View Post
Hey,

I can have good days in the market when the market is in play.
I can do up to 80 contracts a day at $4.40rt
This amounts to about $350 which is a lot of money.
This could add up to half of my profits maybe more or less pending on how well Ive traded.

50% of profits on commsion is A LOT especially when you have to factor in the scratch days.

Im jus wondering if there is a way to limit this and what kind of % you pay in commission of your profits.

Leasing a seat is not yet something I have looked into as it sounds a bit big boy for me but Im happy to hear all suggestions.

Cheers

Then negotiate with your broker. If you show him that you are profitable and it affects your bottom line, he should be accommodating. Most reasonable brokers would. If he will not, call us. Would be glad to help.
There are many ways to reduce fees, you just have to be a bit creative with feed, platforms, or the bottom line price.

Matt

There is a risk of loss in futures trading.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #4 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,123 since Dec 2013
Thanks: 1,749 given, 3,359 received
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xylem View Post
Hey,

I can have good days in the market when the market is in play.
I can do up to 80 contracts a day at $4.40rt
This amounts to about $350 which is a lot of money.
This could add up to half of my profits maybe more or less pending on how well Ive traded.

50% of profits on commsion is A LOT especially when you have to factor in the scratch days.

Im jus wondering if there is a way to limit this and what kind of % you pay in commission of your profits.

Leasing a seat is not yet something I have looked into as it sounds a bit big boy for me but Im happy to hear all suggestions.

Cheers

You don't specify what you are trading.
I trade mostly NG & CL. On NYMEX the member day trade rate for these contracts are 55c/side while the non-member rates are $1.45/side.
NYMEX seat leases are currently running at about $750/month. At a saving of $0.90 a side you only need to be trading 833 sides or 417 round turns/month which is about 19 round turns a day for a lease to be cost effective. Seats are so cheap now people often under estimate what their volume needs to be in order to make a seat lease pay.
NOTE: I'm a trader not an accountant, but I understand that leasing a seat could make you subject to SE Tax. Talk to your accountant.

I clear through Advantage Futures. Their online commission estimate calculator estimates that somebody trading 80 contracts/day 21 days/month gives an estimated clearing price of $0.48/side. Assuming member exchange fees that equates to $2.06/RT and for non-member fees $3.86/RT.

I'm not trying to be an Advantage advertiser, just trying to highlight that you have options. As @mattz said talk to your clearer they may match this, or talk to @mattz himself, he may match it as well. Or talk to Advantage, they may even beat that themselves.

On a different note there are many on this forum that will tell you that 50% in brokerage fees isn't sustainable. Personally I think that depends upon what your strategy is, and that they are some stratergies that can support that. Just saying.

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  #5 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,059 since Sep 2010
Thanks: 1,933 given, 2,786 received
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SMCJB View Post
You don't specify what you are trading.
I trade mostly NG & CL. On NYMEX the member day trade rate for these contracts are 55c/side while the non-member rates are $1.45/side.
NYMEX seat leases are currently running at about $750/month. At a saving of $0.90 a side you only need to be trading 833 sides or 417 round turns/month which is about 19 round turns a day for a lease to be cost effective. Seats are so cheap now people often under estimate what their volume needs to be in order to make a seat lease pay.
NOTE: I'm a trader not an accountant, but I understand that leasing a seat could make you subject to SE Tax. Talk to your accountant.

I clear through Advantage Futures. Their online commission estimate calculator estimates that somebody trading 80 contracts/day 21 days/month gives an estimated clearing price of $0.48/side. Assuming member exchange fees that equates to $2.06/RT and for non-member fees $3.86/RT.

I'm not trying to be an Advantage advertiser, just trying to highlight that you have options. As @mattz said talk to your clearer they may match this, or talk to @mattz himself, he may match it as well. Or talk to Advantage, they may even beat that themselves.

On a different note there are many on this forum that will tell you that 50% in brokerage fees isn't sustainable. Personally I think that depends upon what your strategy is, and that they are some stratergies that can support that. Just saying.

I Agree with that you are saying, and those who have been trading profitably for a while have other consideration besides commissions such as support and technology. The calculator your pointed to does not show technology rates, and/or cost of platform that could be of substantial impact as well.

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #6 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,123 since Dec 2013
Thanks: 1,749 given, 3,359 received
Forum Reputation: Legendary

They are technology agnostic although I believe they are a very large (the largest?) TT XTrader client.
Front-End Flexibility | Advantage Futures (click on software to see pricing)
Futures Trading Software | Advantage Futures

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  #7 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,059 since Sep 2010
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SMCJB View Post
They are technology agnostic although I believe they are a very large (the largest?) TT XTrader client.
Front-End Flexibility | Advantage Futures (click on software to see pricing)
Futures Trading Software | Advantage Futures

I think they are of significant size, but like I mentioned when you look at commissions, you need to look at cost of routing and platforms separately. you have to put the components together.
Consider also the cost of the platform vs your RTs which adds to cost.

(Cost of platform per month/number of RTs per month) + RT cost as quoted by broker = Total RT cost


Thanks,
Matt

There is a risk of loss in futures trading.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #8 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

I use jigsaw platform with S5trader at the moment.

I pay no monthly fees for the platform and trade CL at $4.40 Rt.

I like my software.

On average I think about 30 contracts a day is what I trade and I dont think this would work with the seat leasing.

Commissions can do up to 50% of my profits.

How does this compare with you guys?

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  #9 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,059 since Sep 2010
Thanks: 1,933 given, 2,786 received
Forum Reputation: Legendary


xylem View Post
I use jigsaw platform with S5trader at the moment.

I pay no monthly fees for the platform and trade CL at $4.40 Rt.

I like my software.

On average I think about 30 contracts a day is what I trade and I dont think this would work with the seat leasing.

Commissions can do up to 50% of my profits.

How does this compare with you guys?

I have a lot of respect for stage5 and think they run a very decent operation, so I don't want to make futures.io (formerly BMT) a "war turf" over commissions.
I prefer to discuss this over PMs or email me directly.
Thanks,
Matt

There is a risk of loss in futures trading.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #10 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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xylem View Post
How does this compare with you guys?

Commissions are around 2-5% of my profits. I am an active trader and made over 60k last month, you can see all my stats in my journal.

Lesson here: don't scalp.

Mike

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