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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
Can you help answer these questions from other members on NexusFi?
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?)
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).
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:
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.
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.
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...
