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Need help finding a trade platform
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Need help finding a trade platform

  #1 (permalink)
Trading Apprentice
Providence Rhode island/ United States
 
Futures Experience: Beginner
Platform: n/a atm
Favorite Futures: Stocks, ETFs
 
Posts: 1 since Dec 2014
Thanks: 0 given, 0 received

Need help finding a trade platform

Hey everyone, i'm sure you can already guess by the title of the post but i'm trying to find a trading platform that would work best for me. I am a relatively new trader, with a modest $15,000 to invest. I hope to try and invest 75% of the funds into several ETFs and let them be for around a month before changing them up as need be. The remaining 25% however i wanted to invest in a bit more speculatively. I trying to look into trading platforms that contained automated trading methods, such as Tradestation, and NinjaTrade, but i do know that there are more that do i just am unsure of which are relaible and affordable. As i will have under the required $25,000 to day trade i will only be able to do a limited amount of trades a month which would be fine, but tradestation as well as ninjatrader(to the best of my knowledge), require a certain amount of trades a month to waive a monthly fee, $50 for tradestation and i think $40 for ninjatrader. I know that this isnt too much in the scheme of things but due to the fact i have such a restrained amount to invest, that money over the course of a year will eat away at around 3.5% return on $15,000. I was wondering if anyone could steer me towards some lower cost platforms that are still quite good, or tell me if any of the information i said in here was false and if so please let me know what i am wrong about. Or in general if you have any suggestions or any questions for me please ask. Thanks all in advance.

Edit:
If i were to find a platform that would allow automated trading i plan on automating both strategies, the 75% ETF weight of the portfolio and the 25% speculative. I have a basic understanding of coding and am comfortable with learning new languages if need be.


Last edited by timml; December 13th, 2014 at 09:56 PM.
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  #2 (permalink)
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  #3 (permalink)
Elite Member
Manchester, NH
 
Futures Experience: Beginner
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: Stocks
 
Posts: 902 since Jul 2012
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timml View Post
Hey everyone, i'm sure you can already guess by the title of the post but i'm trying to find a trading platform that would work best for me. I am a relatively new trader, with a modest $15,000 to invest. I hope to try and invest 75% of the funds into several ETFs and let them be for around a month before changing them up as need be. The remaining 25% however i wanted to invest in a bit more speculatively. I trying to look into trading platforms that contained automated trading methods, such as Tradestation, and NinjaTrade, but i do know that there are more that do i just am unsure of which are relaible and affordable. As i will have under the required $25,000 to day trade i will only be able to do a limited amount of trades a month which would be fine, but tradestation as well as ninjatrader(to the best of my knowledge), require a certain amount of trades a month to waive a monthly fee, $50 for tradestation and i think $40 for ninjatrader. I know that this isnt too much in the scheme of things but due to the fact i have such a restrained amount to invest, that money over the course of a year will eat away at around 3.5% return on $15,000. I was wondering if anyone could steer me towards some lower cost platforms that are still quite good, or tell me if any of the information i said in here was false and if so please let me know what i am wrong about. Or in general if you have any suggestions or any questions for me please ask. Thanks all in advance.

Edit:
If i were to find a platform that would allow automated trading i plan on automating both strategies, the 75% ETF weight of the portfolio and the 25% speculative. I have a basic understanding of coding and am comfortable with learning new languages if need be.

Based on your description, you plan to put $11,250 into ETFs and $3,750 into something like NT Brokerage to trade aggressively?

Have you maxed out your annual contributions to your retirement plan(s)?

If no, you should, because tax exemption/deduction/exclusion/deferral is more rewarding than most forms of investment strategies in my experience.

If yes, I recommend that you should be putting all the remaining amount into a mutual fund/ETF account with a more speculative allocation. Vanguard is a good choice.

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  #4 (permalink)
Elite Member
Louisville, Kentucky
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRT
Broker/Data: Various
Favorite Futures: Futures
 
empty's Avatar
 
Posts: 92 since Oct 2012
Thanks: 1,906 given, 177 received

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timml View Post
If i were to find a platform that would allow automated trading i plan on automating both strategies, the 75% ETF weight of the portfolio and the 25% speculative. I have a basic understanding of coding and am comfortable with learning new languages if need be.

You mention a platform but really you're asking two questions: which broker and which platform. Those can be one in the same but it's an important distinction. For instance if you go to Ninjatrader as a broker and platform then you can't trade ETFs (as far as I know). If you're looking for a broker that gives you the greatest asset classes to trade and competitive commissions then I'd consider Interactive Brokers or TDAmeritrade (ThinkorSwim). There's others you can choose as well, such as TradeStation, but with TradeStation you're a bit locked in on platform.

In terms of platform for order placement almost anything will work. For automated strategies that's another issue. You could use Interactive Broker's API to implement a strategy but that's a bit of a higher bar than something like NinjaTrader or Sierra Charts. If I was choosing IB and wanted automation then I'd probably go with Sierra Charts as a platform. If I was choosing TradeStation then I'd just use their platform for automation. Do be aware though that TradeStation requires separate accounts for Stocks / ETFs, Options, Futures, Forex, etc... So things get a bit messy when you need capital moved around. It's not impossible to move things around but it's not immediate. With interactive Brokers or TD you don't have that issue.

Finally, feel free to PM me. I have done tons of research on platforms and brokers and I'm more than willing to share what I know.

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