I have a question concerning the bracket orders in CQG Trader. I remember the webinar from Virgil from CQG. If Iīm right he told that bracket orders are free and only smart orders would cost money. Is that right?
If so, was this only for Velocity or for every FCM?
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you can have access to all the CQGTrader order types (Advanced Trading) by going with an FCM that will let you pay the $125 per month, while doing a transaction cap at $395 still... all you have to do is ask... and if I recall, @Dale Box had said they would honor such requests...
thanks so far for your answer!
The question is if I have to pay for it or not. Virgil tolds that brackets are free of charge though they are part of smart orders which cost 125,-.
So I donīt know if this is only possible with Velocity or with ervery FCM (if his statement is right).
@ Dale, I donīt mean OCO but brackets, OCO always are available.
hehehe... brackets are only in advanced... OCO are standard... but with advanced you also get the dom based stops... and it is possible with any FCM that is willing to support it... I only tried Crossland and Advantage, but as per Dale, he will support it which means velocity as well.. but @Dale Box will give you a true and final answer as the rep for velocity, I dont want to speak for him..
Dale, do you include the 'smart orders' feature with the $395 maximum? I'm just trying to be clear on the combined cost. Would it be a monthly minimum of $125 ($100 for the smart orders, $25 for data) with a monthly maximum of $395, or $395 + $125 totaling $520/mo? Thanks.
what I was getting from Crossland was, $395 max... period... after that no more platform transaction fees, so the transaction fees would drop by .50c RT.. so the $125 is included on the $395... which is also what I was told by the CQG rep directly...
keep in mind the $25 or $125 are basically the minimun charged by CQG for their order routing (which includes their market data) passed on by the FCM for the transaction... the maximun from CQG for the trader is $395 per month.... at which point in time, transactions fees would stop... (this might be passed on or not by the FCM)..
now, by default Velocity and a few others include the minimun costs o the transaction fees and you dont see the $25 a month min by being built-in, please note they are not the only ones.. everyone else pretty much does it that way as it helps them manage their overall costs and revenue streams.. (meaning, some customers will only trade 10 cars a month, while others will trade 1000's a month, there is usually an imbalance and a non-consistency from all traders, so the 1000 a month might be 10 a month every so often)... it is up to the individual trader to educate himself about the business and ask, or be educated by being charged..
PS. I say was getting charged because I switched to CQGIC and I pay directly to CQG now.
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learning curve: steep...formula language docs suck and there are very few examples to learn from that can be of use.. I mean how meaninful is "((ATR(@,Sim,ATRPeriod),ADC)[-1] WHEN (B1 XABOVE 0))*(PercentoOfATR/100)"? it still taking me time to understand syntax and what can be done, what is allowed, etc.... at least their prod specialists are willing to spend time with you... so that is how I converted some of my systems from MD to it.. by them doing it for me..
other than that, I love the fact I can have my accounts at crossland and velocity under the same platform and can trade both at the same time. I also love the Trade System Optimizer (TSO) and Signal Evaluator(SigE)... easy to test ideas and then fine tune them.. I found out my profit targets were a joke... e.g. DA6 was 200PT/20SL per contract.. TSO showed me it could be 800PT/26SL.. a 6 tick increase in risk for a 4 fold increase in profit possibility... just awesome.
I increased the overall profitability of one of my portfolio trading systems by eliminating the instruments that generated the least amount of profitability while generating the most number of trades (e.g. TFE, DSX, DD).. for example.. DD had a 1.9 ProfitLossRatio, 85% Winner with 387 transactions over the past 52 days... but USA had 1.86 ProfitLossRatio, 42% Winners with 185 Transactions.. their net $$$ was $17K in favor of USA... guess where I am putting more weight on that portfolio now.. it even helped me find other candidates to add.. things I would normally not touch... so I am loving the whole TSO/SigE thing... even with its own drawbacks (server has 16 cores and 32GB.. it wont use them all and it complaints about CPU resources not available... one eval took 16 hours ...)
I havent use the spreader yet, that is this coming week or next... need to continue to get familiar with the interface and then determine what I really need to reduce the costs... right now I am paying ~$3500 this month and more than likely next month as well. I budgetted for 3 months of practice and getting used to it and I wanted to continue with everything that I had for the month trial period.. but I dont think I need all the stuff in there, planning to get rid of a few (API RT and Historical, Pre-Trade Analytics, Order Ticker, Market Scan, Adv Options, and maybe even TFlow)...
luckily, I signed the contract for Base+Advanced trading and then I asked the rep to please add the rest and bill me for use.. I am even considering if I need the spreader or not.. but we will see what happens when I trade it live in a few weeks.. thus far, while nice to have a single DOM for it to execute the legs, since I am not scalping the spreads, not sure if it makes that much of a difference to me to give up a tick.. not sure yet.. is it worth $1K a month? tbd... pre-trade analytics is promising, but I have to get more used to writing system on the language, and that will take time.. so TFLow and Pre-Trade are TBD as well.. maybe in the future once I am proficient at the platform..
if I keep it all, that means the first $300 of any day go to CQG, if I keep only what I need .. it becomes $200... dont know yet... not that much difference really... anyhow, I fed the API RT and Historical to MD and that was nice to have coming in, and it all worked over cell (huge latency ~300ms, but it worked, which doesnt happen with IQFeed).. I use the hoadley tools for my options, so not really sure what their adv options get me yet, I havent compared the two...
in any event, great tool, glad that I decided on using it full time for the retirement accounts where I just need to make $$$ consistenly and not play around.. sorry about the ranting, I needed to kind of speak to myself as well to see what I have to decide about the feature configuration..
PS. Apologies to the OP, not trying to hijack the thread.
Last edited by sysot1t; September 24th, 2011 at 02:10 PM.
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