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CME rithmic brokers


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CME rithmic brokers

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  #1 (permalink)
BurnOutTrader
Gold Coast QLD Australia
 
 
Posts: 6 since Jan 2022
Thanks: 6 given, 2 received

Hi all,

I have been trading CME products mainly NQ

I was curious on rithmic brokerage options for Australian citizens, and a few other things as far as brokers and platforms for Aussies; if someone has time to help me it would be great.

I had a few questions while trying to choose a broker but my first requirement unfortunately is that I can register with them as an Aussie.

The next would be risk management tools, I would really like a broker that offers risk management like daily loss limits etc from their end similar to lightspeed (who I can't trade futures with due to being Aussie)

I know I can set risk rules in rithmic rtrader which is another reason I am leaning that way.
I would also like to know if ninjtrader brokerage will set risk limits on their side, I could ask them but I think the answer is already no so I will kill 2 birds with one stone here.

I would really like to be trading on either ninjatrader or pro real time as I am extremely familiar with the platforms, I primarily trade price action, Tape reading and orderflow, some volume by price but not full profile; i don't need much besides hotkeys and drawing lines and a call out tool for marking up my charts before and after trading, so I am open to other platforms.

I am not opposed to trading cfds but my current CFD broker IG markets has 2 point spreads on NQ which really isn't great if I am trading a setup that requires scalping because I end up paying $40 entry and exit to trade the equivalent of 1 NQ emini.

I do have an IB account also and I am curious what their spreads are like on CFDs and if they offer risk management like a daily hard stop?, I would prefer to trade futures but I am just wanting to start from a small account and practice building it.

I have been trading for about 15 months fulltime, I had an injury so I have been off work with alot of time on my hands, I have developed my own trading system with setups from a few courses and all the free resources that i can muster and in the last 2 months I have only had a few bad days; I have made my trading as mechanical as I can for now and I can repeat my green days with reasonable consitency, but like all beginners I let those bad days get a bit out of hand, I am working on it, and generally have been making alot of personal progress.

I would really like a broker that can enforce some limitations on me but I am fully aware in the long term I need to do this myself, I have seen it is a common theme here.

Any experienced Aussies that can offer me advice on brokerage for ninjatrader would be greatly appreciated.

I am not a massive fan of MT5 platform as I trade with hotkeys etc and the platform is very limited in that regard, this further limits my access to broker with good spreads on CFDs.

Obviously the answer is futures but I just don't feel having a 25 to 50k account with no daily hard stop is a good idea, Plus having a daily hard stop set really allows me to get aggressive and trade without fear and I find I perform better, the hard part of being an aggressive trader is there is a fine line between pushing trades to the limit and going full tilt.

I have been trading on Apex trader funding account and I would like to copy trade from my own cash account but it is not crucial to me to do both simultaneously.

I am currently going through every broker and every platform but I know somebody here has already done this already so I was hoping they could present me with the best options they found.

I do use level 2 data and order flow on futures and I have found order flow on CFDs to be correlated/arbitraged enough that my trading works on either product, I have slowly started leaning into grind to ignition type trades so while I do scalp and trade around a core I am looking to hold for measured moves etc where paying CFD spreads isn't as crippling, on the flip side 2 or 3 points per trade can make the difference between making or loosing considerable money some days.

I am just really trying to figure out which paths to walk down now; I am having my traders equivalent of an existential crisis

I am sure many people before me have walked down this path so I am just looking for any advice really on brokerage, platforms and anything else you can throw at me.

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  #2 (permalink)
 4tison 
PhuKet Island / Thailand
 
Experience: Beginner
Platform: Sierra Chart NT
Trading: ES
 
Posts: 132 since Jul 2018
Thanks: 136 given, 51 received

Just a suggestion, for whatever it is worth, K?

Delimit whatever you want to trade or whatever
indi you think would be profitable for you,
to beat other traders or brokers, in particular;

to only two or three entities,
so you can really excel in
your thoughts and your skills
in those particular chosen areas
of you chosen items, K?

You only need to be proficient
in only ONE commo to make
a reasonable lifiving, alright?

For the past several years, Rithmic,
has been my datafeed provider.
She is as reliable as any
live-data provider could get
nowadays.

As for broker handing your
trade, ninjabroker is quite
exellent, even though I often
have issues with the functionalities
with the chief of the tech dept.

Problems are often posted in
YouTube.

Everything aside, focus and hone
your own skills, no one really can
help you earn, most can only help
to transferring your assets to their
acct.

You get what I mean, right?

Good luck, my trading friend.

I do not understand why you encountered
problems in employing any broker in the
US to handle trades for you. I am overseas
as well, and using only US brokers, and
there are more than one. If you can
verify identity to their backoffice and
that your funds are legit, verifiable,
to each brokers fed requirements,
you should be able to, really.


BurnOutTrader View Post
Hi all,

I have been trading CME products mainly NQ

I was curious on rithmic brokerage options for Australian citizens, and a few other things as far as brokers and platforms for Aussies; if someone has time to help me it would be great.

I had a few questions while trying to choose a broker but my first requirement unfortunately is that I can register with them as an Aussie.

The next would be risk management tools, I would really like a broker that offers risk management like daily loss limits etc from their end similar to lightspeed (who I can't trade futures with due to being Aussie)

I know I can set risk rules in rithmic rtrader which is another reason I am leaning that way.
I would also like to know if ninjtrader brokerage will set risk limits on their side, I could ask them but I think the answer is already no so I will kill 2 birds with one stone here.

I would really like to be trading on either ninjatrader or pro real time as I am extremely familiar with the platforms, I primarily trade price action, Tape reading and orderflow, some volume by price but not full profile; i don't need much besides hotkeys and drawing lines and a call out tool for marking up my charts before and after trading, so I am open to other platforms.

I am not opposed to trading cfds but my current CFD broker IG markets has 2 point spreads on NQ which really isn't great if I am trading a setup that requires scalping because I end up paying $40 entry and exit to trade the equivalent of 1 NQ emini.

I do have an IB account also and I am curious what their spreads are like on CFDs and if they offer risk management like a daily hard stop?, I would prefer to trade futures but I am just wanting to start from a small account and practice building it.

I have been trading for about 15 months fulltime, I had an injury so I have been off work with alot of time on my hands, I have developed my own trading system with setups from a few courses and all the free resources that i can muster and in the last 2 months I have only had a few bad days; I have made my trading as mechanical as I can for now and I can repeat my green days with reasonable consitency, but like all beginners I let those bad days get a bit out of hand, I am working on it, and generally have been making alot of personal progress.

I would really like a broker that can enforce some limitations on me but I am fully aware in the long term I need to do this myself, I have seen it is a common theme here.

Any experienced Aussies that can offer me advice on brokerage for ninjatrader would be greatly appreciated.

I am not a massive fan of MT5 platform as I trade with hotkeys etc and the platform is very limited in that regard, this further limits my access to broker with good spreads on CFDs.

Obviously the answer is futures but I just don't feel having a 25 to 50k account with no daily hard stop is a good idea, Plus having a daily hard stop set really allows me to get aggressive and trade without fear and I find I perform better, the hard part of being an aggressive trader is there is a fine line between pushing trades to the limit and going full tilt.

I have been trading on Apex trader funding account and I would like to copy trade from my own cash account but it is not crucial to me to do both simultaneously.

I am currently going through every broker and every platform but I know somebody here has already done this already so I was hoping they could present me with the best options they found.

I do use level 2 data and order flow on futures and I have found order flow on CFDs to be correlated/arbitraged enough that my trading works on either product, I have slowly started leaning into grind to ignition type trades so while I do scalp and trade around a core I am looking to hold for measured moves etc where paying CFD spreads isn't as crippling, on the flip side 2 or 3 points per trade can make the difference between making or loosing considerable money some days.

I am just really trying to figure out which paths to walk down now; I am having my traders equivalent of an existential crisis

I am sure many people before me have walked down this path so I am just looking for any advice really on brokerage, platforms and anything else you can throw at me.


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  #3 (permalink)
BurnOutTrader
Gold Coast QLD Australia
 
 
Posts: 6 since Jan 2022
Thanks: 6 given, 2 received



4tison View Post

Everything aside, focus and hone
your own skills, no one really can
help you earn, most can only help
to transferring your assets to their
acct.

You get what I mean, right?

I appreciate a reply, thankyou, after researching every possible broker and data feed I have actually spent the last half of the day updating my playbook and trading system with things I have learned in the last few months, there are a bunch of things I have learned in that time that I hadn't quite structured into my trading systematically and I tested out a few of those things again today and it really convinced me to restructure my playbook or guide that I use in my trading into something slightly more reliable than it was; I have updated all my plays to include order flow setups that compliment them and I will probably scratch a few of the setups that are vague in favour of being bigger on the very definable A+ ones that have worked very well.

Most of the rant about brokers really comes from the fact that these funding programs while very helpful in most respects are a bit of a mental drain, trailing drawdowns etc, My trading system i called SUI: survival until ignition, meaning that when I have a good trade I can be in pretty big and I am having to cut winners far to early in case of the trailing drawdowns etc, I am actually not trading huge size, only up to 4 minis or usually 20 micros but I am catching the start of some big ignition moments.

I have had a few struggle days in the past month where I blew up my assessment account stops and then i buckled down and got funded and had two more accounts close to funding and I just had a really dumb day where i traded without the structure of my trading system or plan and i lost it all, now I am feeling like i want to go back to using small accounts and building it up over a few days and withdrawing profits above a certain equity target; I have done this before and it makes me respect the money more, and it also keeps me limited to the amount of losses I can actually sustain in a day, I did find AMP brokerage claimed to be able to enforce risk triggers (daily stop loss) so i am pursuing that option also.

When ever I have these weeks they end up becoming my most productive and i tend to come out of them having made exponential progress on my system and thinking.

What I mean is; hell yeah man, i get what you mean.

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  #4 (permalink)
 glennts 
Corpus Christi, TX / Westcliffe, CO
 
Experience: Advanced
Platform: NinjaTrader
Broker: DDT / Rithmic / Kinetick / IQ
Trading: 6E, ES
 
glennts's Avatar
 
Posts: 329 since Oct 2010
Thanks: 20 given, 827 received

Fund your trading account to whatever the required margin is for your instrument plus your (daily loss limit * however many days you can stand to be wrong). Hit your loss limit and you will margin out. Replenish your account by check using the same formula and use those days until you are re-loaded to figure out what you need to do to improve your performance. Better to do it this way and slow down the burn rate while accelerating the "learn from screwing up" process than to dump $25K into the account with the assumption that surely you will master the game before you go broke.

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  #5 (permalink)
 4tison 
PhuKet Island / Thailand
 
Experience: Beginner
Platform: Sierra Chart NT
Trading: ES
 
Posts: 132 since Jul 2018
Thanks: 136 given, 51 received

Are you advising newbies another way of giving away their hard earned dollars?

By putting up what they can stand to give away, rather than
learn how to trade profitably on paper first, before
even thinking about setting up a live acct with any broker?

Just like to have a clarification without malice, K?

Profitably trading everyone.


glennts View Post
Fund your trading account to whatever the required margin is for your instrument plus your (daily loss limit * however many days you can stand to be wrong). Hit your loss limit and you will margin out. Replenish your account by check using the same formula and use those days until you are re-loaded to figure out what you need to do to improve your performance. Better to do it this way and slow down the burn rate while accelerating the "learn from screwing up" process than to dump $25K into the account with the assumption that surely you will master the game before you go broke.


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  #6 (permalink)
 glennts 
Corpus Christi, TX / Westcliffe, CO
 
Experience: Advanced
Platform: NinjaTrader
Broker: DDT / Rithmic / Kinetick / IQ
Trading: 6E, ES
 
glennts's Avatar
 
Posts: 329 since Oct 2010
Thanks: 20 given, 827 received

4tilson >>Are you advising newbies another way of giving away their hard earned dollars?<<

It is pretty clear in the original post that BurnOutTrader was looking for some assistance in limiting his daily draw down and searching for a broker who would take on this responsibility. All newbies are going to give away their hard earned dollars as the price they pay for learning. My suggestion would put a hard limit on the daily loss and dramatically reduce the rate of ongoing loss while buying additional time to figure out how to improve their performance.

>> Better to do it this way and slow down the burn rate while accelerating the "learn from screwing up" process than to dump $25K into the account with the assumption that surely you will master the game before you go broke.<<

It worked for me.

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  #7 (permalink)
BurnOutTrader
Gold Coast QLD Australia
 
 
Posts: 6 since Jan 2022
Thanks: 6 given, 2 received

The idea of only depositing small amounts and withdrawing profits is actually something I done in the past, it is a good idea.

The only downside is that I think it pays to practice building an account, many people these days struggle to build a simple savings account and I think that essential skill is what most traders are missing.

My reasoning for wanting a broker that enforces a daily loss limit is that even professional prop traders have risk managers, my trading benefits greatly from having a daily loss limit as it allows me to trade without fear of myself, knowing that my loss is limited to a daily stop, this let's me push trades harder and risk open profits to really push winners harder, it seems to me that winning trades which go badly are the biggest tilt trigger so i just want some peace of mind that no matter how many ups and downs i might have on a day i can push myself hard and there will be a safteynet..

I am not totally new to trading, only the forum, my trading system is solid, I am using a mix of manual setups and also building algorithmic systems,
What I hear from many experienced traders is that the fear of going full tilt never truly leaves their minds, they just don't actually do it anymore.

I would like to protect myself as much as possible, I think it is a shame that lightspeed seems to be the only broker offering risk management to retail, I think more brokers should follow suit and I think anyone who does might find they have a significant boost in signing up new customers judging by the amount of threads on this topic, it really shocks me that brokers could be so complacent on this issue when there is a clear edge for their business.

Thanks for the input. I appreciate people taking the time to share their opinions.

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  #8 (permalink)
 SBtrader82 
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
SBtrader82's Avatar
 
Posts: 526 since Feb 2018
Thanks: 206 given, 1,210 received

Hi,
Any broker can offer the service of.stopping you once you reach a certain max daily loss. Just email anyone and they will send you a document to sign.
Normally they are not very eager to do it, just more paperwork.... at the end you will blow your account in 6 month like we all did.

Anyway a good alternative to Rithmic is Sierrachart with teton order routing.

If you have been trading for only 15 month and you feel like you're mentally overwhelmed by ideas about how to manage risk etx... trust me: stick with any funding program you will save a fortune.

Take 3.or 4 years and then go live again.

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  #9 (permalink)
 4tison 
PhuKet Island / Thailand
 
Experience: Beginner
Platform: Sierra Chart NT
Trading: ES
 
Posts: 132 since Jul 2018
Thanks: 136 given, 51 received

Since it worked for you,
more power to you.
Profitable trading.

As for other newbies,
keep your cash tightly in your own pocket,
while trading on paper coupled with
whoever is willing to help you out,
without having to pay for any services.

Trading profitably is not easy,
factually, it is very difficult.

No matter what you do, or
how proficient your setups are,

you can never be profitable all the time,

you can only be profitable as long as
you take profit while it is in your favor,
according to your trading plans.

This is the axiom that explains
why so many traders have to quit,
disheartened because he/she
can not come up with

a set up

a theory in his/her frame of imagination,

a profitable backtesting theory LOL

a consistently profitable
mechanically setup

More importantly,
failing to personally
learn how to trade with
only ONE PRODUCT first,

and one product only,

until you can show
profits on paper.

If you can not show
profit on paper,
why give you money away,
to the market,
to the guru or
to many advertised trading
systems and setups.

That is my personal experiences.

Profitable trading, my trading friends.


glennts View Post
4tilson >>Are you advising newbies another way of giving away their hard earned dollars?<<

It is pretty clear in the original post that BurnOutTrader was looking for some assistance in limiting his daily draw down and searching for a broker who would take on this responsibility. All newbies are going to give away their hard earned dollars as the price they pay for learning. My suggestion would put a hard limit on the daily loss and dramatically reduce the rate of ongoing loss while buying additional time to figure out how to improve their performance.

>> Better to do it this way and slow down the burn rate while accelerating the "learn from screwing up" process than to dump $25K into the account with the assumption that surely you will master the game before you go broke.<<

It worked for me.


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  #10 (permalink)
BurnOutTrader
Gold Coast QLD Australia
 
 
Posts: 6 since Jan 2022
Thanks: 6 given, 2 received



SBtrader82 View Post
Hi,
Any broker can offer the service of.stopping you once you reach a certain max daily loss. Just email anyone and they will send you a document to sign.
Normally they are not very eager to do it, just more paperwork.... at the end you will blow your account in 6 month like we all did.

Anyway a good alternative to Rithmic is Sierrachart with teton order routing.

If you have been trading for only 15 month and you feel like you're mentally overwhelmed by ideas about how to manage risk etx... trust me: stick with any funding program you will save a fortune.

Take 3.or 4 years and then go live again.


I appreciate the advice, at the moment I am sticking to funding with apex, I will not be rushing into leaving, I limit my size to 20 micros scaling in 4x5 contracts, i have passed 2 evals now, not by getting lucky just making a few trades per day, i have a few more accounts almost passed so i will have a saftey net of multiple accounts soon and i am not copy trading them, 2 i will use algorithmically, I guess I am just always wanting to plan everything for the future, a mindset I gained from trading
The ideas etc don't really overwhelm me I just can't help but think that maybe I am a personality that might always need a safe guard and I see that prop traders always have a risk management team etc in place.
Overall my risk management has improved in leaps and bounds in the last few months, I find I only really trade my setup and shutdown, if something disappointing happens I tend to just grunt and shutdown as opposed to trying to get back in, nothing really upsets or triggers me now, a string of losses really doesnt take a toll to much and i can now just keep olacing my trades regardless.
I have really made it a habit to preserve mental capital by avoiding the screen and just monitoring a bit on my phone until the market tells me to power up my PC again, I have been spending most of my time coding and backtetsing lately, in the back of my mind I guess I just worry that what if I get 6 months or years into building my account and have 1 day where I lose myself, I guess it is good I am thinking this way though.

Do u find you still worry about this?

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