Hello, I'm new to the ES futures trading. I've been simulating for some time. I want to know all the costs to trading live (ie. fees, commissions, exchange fees, data feed costs, broker fees)
I understand you need the following to get started live:
1) Open an account with a Broker
2) Choose a platform
3) Data Feeder (is this necessary? Don't brokers provide this for free?)
Sample 1 Monthly Cost
-Assuming you’ve paid the Ninja Trader platform one-time payment of $600/yr lease
-Broker using NT platform charges $3.95/round trip
-Broker monthly Maintenance - $30/month
-Kinetick Data Feed - $80 /month <--is this necessary or can I use free data feeders from Brokers?
-Total $110 + $189.60 (assuming 48 round trip trades per month)
-Total $299.60/month in commissions and fees
-Any other fees missing above?
Don't forget about slippage. It is not a direct cost that someone bills you for, but it will definitely impact your bottom line, probably much more so than all those other items combined (depending on your trade frequency).
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If you are confident enough that NT is what you want to use, consider a lifetime license for a little more. Wish I could sell you mine, but unfortunately it is non-transferable.
Pretty reasonable, a bit on the high side, but depends on which broker and data feed you will be using.
Some brokers will charge a maintenance fee if you trade less than 30 (or so) round turns a month. But if you are actively trading, averaging about a trade a day, then you should not have to pay a maintenance fee.
This depends on 2 things: what data feed would you be getting through your broker? And, do you use any bid/ask studies in your trading (like delta)?
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The following 4 users say Thank You to josh for this post:
I'm working thru the same drill right now. Been looking at alot of different platforms, feed providers and brokers. Looks like i've decided on sierra charts, it looks so crude on the outside but once i started working with it, has everything i want and feels sooo solid (doesn't look like i'll need any add ons for now..) I also saw a thread (but can't find it) on a do over, what platform to start with... and saw good comments.
Now, my other reason for choosing Sierra is because it comes with historical data.. So i figure for about US$35 a month (1 year advance top plan) i'm paying for backfill data and get to use the platform for free.
I know this is not a thread about platforms, but when i went back and forth on my search, my platform became the first priority, as the others items followed. Of course, this could change once my trading journey continues and i can justify more cost. I can not comment on the accuracy of the data (or where it comes from) hopefully someone else can chime in with more experience.
As for live data, well your broker should provide that for free/ hence that's where the sierra historical data comes into play. Most broker live data only goes back so far unless you pay for it.
(as mentioned above, some brokers do charge a fee if your not making the round trips); which is another thing i've been looking at when choosing a broker.
Again, sorry to go into the platform itself, but like i mentioned.. For me (a starter), my research concluded that it is the first piece of the puzzle, as a way to control cost.
The following 3 users say Thank You to marts01 for this post: