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Good broker for selling options on commodity futures
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Good broker for selling options on commodity futures

  #1 (permalink)
Trading Apprentice
Singapore + Singapore
 
Futures Experience: Beginner
Platform: Zaner360
Broker/Data: DeCarley/Gain
Favorite Futures: Selling options on commodities futures
 
Posts: 13 since Nov 2015
Thanks: 10 given, 2 received

Good broker for selling options on commodity futures

Hi,

I'm currently with IB writing options on commodity futures. Commissions are low but margins are terrible. They use the higher of SPAN or 1/3 projected losses in event of a 25% move. And no one but IB knows what these projected losses are. I've also noticed and read on the forum that fills take a little more time with some slippage, hence I'm thinking of moving to another broker.

I was considering TOS but they don't allow trading on a number of commodities, e.g. softs, soybean meal, soy oil, etc.

I looked at Phillips Capital but their all-in commissions are terrible and it's extremely confusing what the actual cost is. They make it difficult for anyone to figure out what the actual all-in cost is.

Can anyone recommend a good broker for trading options on commodity futures (energy, metals, grains, softs)?

Many thanks!

Cheers and have a nice day...

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,101 since Nov 2014
Thanks: 1,452 given, 1,305 received
Forum Reputation: Legendary



keong View Post

Can anyone recommend a good broker for trading options on commodity futures (energy, metals, grains, softs)?

I trade my option selling portfolio with DeCarley, and I am very happy there. Best service I ever received. (I also came from IB, but also traded with some other brokers.)

Best regards, Myrrdin

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  #4 (permalink)
Trading Apprentice
Singapore + Singapore
 
Futures Experience: Beginner
Platform: Zaner360
Broker/Data: DeCarley/Gain
Favorite Futures: Selling options on commodities futures
 
Posts: 13 since Nov 2015
Thanks: 10 given, 2 received


myrrdin View Post
I trade my option selling portfolio with DeCarley, and I am very happy there. Best service I ever received. (I also came from IB, but also traded with some other brokers.)

Best regards, Myrrdin

Thanks for the suggestion. I checked their website out and they seem decent (then again, most of them do). Their RT commissions for self-directed online are higher than IB's commission rate per contract but they seem to require only SPAN margin.

Am curious here. Why do you rate DeCarley so highly? I assume you must be on one of the self-directed online plans.

Cheers,
K

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  #5 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,101 since Nov 2014
Thanks: 1,452 given, 1,305 received
Forum Reputation: Legendary


keong View Post
Thanks for the suggestion. I checked their website out and they seem decent (then again, most of them do). Their RT commissions for self-directed online are higher than IB's commission rate per contract but they seem to require only SPAN margin.

Am curious here. Why do you rate DeCarley so highly? I assume you must be on one of the self-directed online plans.

Cheers,
K

Commissions on the internet site are standard values. Depending on the size of your account they will be lower. But they probably will be higher than at IB.

Yes, they require only SPAN margin. And they do not use forced liquidation in case of a margin call. You have at least a full day to get out of a trade.

I am on a self-directed plan, but in case I need it I will receive full service (eg. placing orders for my account without an extra charge, receiving Carleys opinion on a trade, quick responses at all times from Carley herself, ...). I remember waiting in the phone line for hours when trading with IB. Or waiting for days when asking a question via email.

Best regards, Myrrdin

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  #6 (permalink)
Trading Apprentice
Singapore + Singapore
 
Futures Experience: Beginner
Platform: Zaner360
Broker/Data: DeCarley/Gain
Favorite Futures: Selling options on commodities futures
 
Posts: 13 since Nov 2015
Thanks: 10 given, 2 received


myrrdin View Post
Commissions on the internet site are standard values. Depending on the size of your account they will be lower. But they probably will be higher than at IB.

Yes, they require only SPAN margin. And they do not use forced liquidation in case of a margin call. You have at least a full day to get out of a trade.

I am on a self-directed plan, but in case I need it I will receive full service (eg. placing orders for my account without an extra charge, receiving Carleys opinion on a trade, quick responses at all times from Carley herself, ...). I remember waiting in the phone line for hours when trading with IB. Or waiting for days when asking a question via email.

Best regards, Myrrdin

Thanks for the clarification, Myrrdin. Sounds like they're open to calls and providing advice even for the self-directed plans.

What about the fills? IB's fills could be better and there's lots of questionable feedback on the forum on this. The higher commission fees at DeCarleys would be justified if they are able to fill at better prices than IB. Do you have any thoughts or experience on this?

Thanks so much for the feedback and advice!

Cheers,
K

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  #7 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,101 since Nov 2014
Thanks: 1,452 given, 1,305 received
Forum Reputation: Legendary


keong View Post

What about the fills? IB's fills could be better and there's lots of questionable feedback on the forum on this. The higher commission fees at DeCarleys would be justified if they are able to fill at better prices than IB. Do you have any thoughts or experience on this?

Fills for options depend on the time of trading and on the exchange. But during day trading hours (former pit hours) limit orders get filled well somewhere between bid and ask - for grains and meats often close to the middle, for energies or softs closer to the "wrong" side.

During overnight hours it is hard to get an acceptable fill in the energies or the softs - it is better to avoid trading options at that time.

I usually hold options for several weeks, up to 6 months. Thus, commissions are not as important for me as for daytraders.

Best regards, Myrrdin


Last edited by myrrdin; February 16th, 2016 at 01:39 PM.
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  #8 (permalink)
Trading Apprentice
Singapore + Singapore
 
Futures Experience: Beginner
Platform: Zaner360
Broker/Data: DeCarley/Gain
Favorite Futures: Selling options on commodities futures
 
Posts: 13 since Nov 2015
Thanks: 10 given, 2 received

Hi Myrddin,

I've been emailing Carley and she's quite responsive. Commissions & fees are of course higher than at IB. Hence, Im a little on the fence whether to transfer my account from IB to Carleys.

I get the impression that Carley is quite helpful and open to giving advice on trading and also trades, even for the self-directed plans so long as you're not emailing her all the time on a daily basis, wouldn't you say so?

Also, how would you rate the quality of DeCarley's recommendations, newsletters and research access?

Looking forward to hearing from you.

Cheers,
K

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  #9 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,101 since Nov 2014
Thanks: 1,452 given, 1,305 received
Forum Reputation: Legendary


keong View Post
Hi Myrddin,

I've been emailing Carley and she's quite responsive. Commissions & fees are of course higher than at IB. Hence, Im a little on the fence whether to transfer my account from IB to Carleys.

I get the impression that Carley is quite helpful and open to giving advice on trading and also trades, even for the self-directed plans so long as you're not emailing her all the time on a daily basis, wouldn't you say so?

Also, how would you rate the quality of DeCarley's recommendations, newsletters and research access?

Looking forward to hearing from you.

Cheers,
K

Yes, Carley is very helpful to give advice, even for self-directed accounts. But you should not mis-use it, and email her every day.

Some of her trade suggestions are good, others are not so good. I take some of them, others I do not take. As with all trade recommendations: You should not blindly trade them. I prefer to have several opinions / information sources for a commodity, and make my own opinion.

I like her newsletter as one of several information sources. As a customer of Carley you will additionally receive the Hightower Report, which I like, and another report on grains, beans and meats, which I consider as not very helpful.

Best regards, Myrrdin

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