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Broker for order execution using MC auto+manual trading
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Broker for order execution using MC auto+manual trading

  #1 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: MC, TS, NT
Broker/Data: TradeStation
Favorite Futures: ES
 
Posts: 41 since Oct 2009
Thanks: 12 given, 19 received

Broker for order execution using MC auto+manual trading

Please could I have some recommendation for a broker for trading ES futures via Multicharts?

**** But, I am not concerned about the data feed ****

"Only" all the other issues, like:

- commission rates
- quality of service
- works well with Multicharts
- are OCO orders held on your PC or on a server
- a good DOM

In terms of Multicharts I am not planning on using the MC DOM until it is more proven, so there has to be a recommended DOM either provided by the broker or available separately.

I want to be able to have MC submit the orders automatically from a strategy and then I need to be able to manually manage the trade depending on circumstances.

Thank you

Paul

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  #2 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 269 since Jan 2011
Thanks: 326 given, 179 received

From my personal experience - Optimus Futures would be the way to go.

Suggest doing your own home work about Optimus - in case if you would like to consider this route though.




SPTrading View Post
Please could I have some recommendation for a broker for trading ES futures via Multicharts?

**** But, I am not concerned about the data feed ****

"Only" all the other issues, like:

- commission rates
- quality of service
- works well with Multicharts
- are OCO orders held on your PC or on a server
- a good DOM

In terms of Multicharts I am not planning on using the MC DOM until it is more proven, so there has to be a recommended DOM either provided by the broker or available separately.

I want to be able to have MC submit the orders automatically from a strategy and then I need to be able to manually manage the trade depending on circumstances.

Thank you

Paul


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  #3 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: MC, TS, NT
Broker/Data: TradeStation
Favorite Futures: ES
 
Posts: 41 since Oct 2009
Thanks: 12 given, 19 received


Dear ejtrader,

Thanks for the suggestion, had not thought about Optimus. So many brokers to consider, but it's hard to get a feel for the practical issues.

Can you effectively manage trades that have been submitted via auto-trading in MC and if so, can that be with any of the compatible order-execution platforms? (In other words, will they monitor the account for trades placed into the account by other sources?)

Thanks again,

Paul


Last edited by SPTrading; May 27th, 2011 at 09:44 AM.
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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Answer
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The broker will use an execution system that is based on Zen Fire, Rithmic, TradingTechnologies, etc etc etc.

For example, if you select Optimus then they use Rithmic for the backend. This means you can use any platform that is compatible with Rithmic. MultiCharts is compatible with Rithmic.

If you select Velocity Futures for example, they use TradingTechnologies for their backend. This means you can use any platform that is compatible with TTFIX. MultiCharts is compatible with TTFIX.

As for server side native OCO, you won't find it with MultiCharts and Zen Fire, Rithmic, or TT combination. I believe that if you use R-Trader via Rithmic (you could still use MultiCharts for charting), then maybe the OCO's are native at that point (sorry, I can't say for certain). I also believe that if you use X_Trader with Velocity Futures for instance, and still use MultiCharts for charting, then the OCO's are once again server side/native.

Best bet on selecting a broker is to find one that you like. Optimus, Velocity, and others are good choices for different reasons for different people. Email them, call them, judge their website, their commissions, their margins, and see how you interact with them. Read reviews, plenty are posted here on futures.io (formerly BMT).

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  #5 (permalink)
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SPTrading - As Mike described - You can see the orders from MC in r-trader(free) or NinjaTrader (if you already own) or Even in MC itself - you should be able to see them in DOM. How practically you can manage the automated systems with manual intervention is up to you.

Having said that - with MC7 Beta 4 - with newly introduced keywords - it gives lot of flexibility to combine automated+manual orders:

More info here from MC site:

--------------------
http://www.multicharts.com/traders-blog/?p=292

A new signal was added to the standard signal set – “!From Broker To Strategy MP Synchronizer!”. This signal allows the user to synchronize an automatic strategy with the position at the broker – effectively allowing placing manual trades and then applying a strategy to take care of the exits. More info here – MultiCharts: Trading Software for Automated Trading and Backtesting • View topic - exit strategy with manual trading.

And this gives lot of flexibility to combine Manual+automated trading.
-------------------

Good luck with your quest!!

Thanks


SPTrading View Post
Can you effectively manage trades that have been submitted via auto-trading in MC and if so, can that be with any of the compatible order-execution platforms? (In other words, will they monitor the account for trades placed into the account by other sources?)

Thanks again,

Paul


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  #6 (permalink)
Elite Member
London, England
 
Futures Experience: Intermediate
Platform: MC, TS, NT
Broker/Data: TradeStation
Favorite Futures: ES
 
Posts: 41 since Oct 2009
Thanks: 12 given, 19 received

Well, after reading and re-reading all the futures.io (formerly BMT) threads, I am ready to go with Velocity and Trading Technologies (TT).

My logic: I am using TradeStation as the data feed, so it doesn't matter that TT data is filtered, I am not using it. I presume the DOM would be fed by TT, and so it could be better that my PC doesn't have to handle 2 tick-level feeds at once. I thought about using Rithmic - to have a backup data feed, but then, in nearly 3 years I have never had a data feed problem.

I will use the DOM in Multicharts and forego server side OCO, it is not too much of a loss for me as most positions are strategy managed and that's not server side anyway.

I don't read anything negative about TT for order execution, I understand there were some MC issues with it but they were resolved. So, I may as well go for $3.62 RT for ES.

Thanks again - ejttader and Mike.

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  #7 (permalink)
Elite Member
Germantown, TN, USA
 
Futures Experience: Intermediate
Platform: Esignal, Multicharts, MarketDelta, Stockfinder
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I believe IB is server side OCO. Booktrader is full featured DOM for manual entry and exit. No auto exit strategies that I can find.

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  #8 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: MC, TS, NT
Broker/Data: TradeStation
Favorite Futures: ES
 
Posts: 41 since Oct 2009
Thanks: 12 given, 19 received

horton,

From the IB website I mainly see references to stock trading, do you know if they have a good platform for trading futures? At the moment I am still using TradeStation, at least it has server side OCO, although sometimes when the market moves very quickly it doesn't send the stop order, which is pretty bad really.

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  #9 (permalink)
Elite Member
Germantown, TN, USA
 
Futures Experience: Intermediate
Platform: Esignal, Multicharts, MarketDelta, Stockfinder
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Posts: 29 since Sep 2010
Thanks: 0 given, 8 received

Answer
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IB has a universal account in which you can trade equities, options, futures, currencies, bonds, etc. They are high tech and low touch for the retail trader and small institution. Most if not all of the retail trading platforms integrate with IB. I have seen a few complaints about their currency trading setup. If you trade currency futures you need to verify they have the right setup for your needs.

My impression from various threads is that Multicharts with IB and IQFeed/Esignal is the closest match to Tradestation that you will find. But I have not used Tradestation...

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  #10 (permalink)
 Vendor: www.multicharts.com 
Columbus, Ohio, US
 
Futures Experience: Intermediate
Platform: MultiCharts
Broker/Data: Multiple/Multiple
Favorite Futures: ES, EUR/USD
 
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From this chart you can see that IB supports server side OCO - Supported Brokers

MultiCharts - Raising the Trading Standard.
Please send me a private message if you have any further questions about MultiCharts
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