What I've Learned From Searching for a Broker - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


What I've Learned From Searching for a Broker
Updated: Views / Replies:2,824 / 7
Created: by adamcollins Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

What I've Learned From Searching for a Broker

  #1 (permalink)
Trading Apprentice
Mississippi
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: SI
 
Posts: 2 since May 2011
Thanks: 0 given, 1 received

What I've Learned From Searching for a Broker

Hi all, this board has helped me a ton in choosing my first broker for trading futures. I've traded stocks and options before but realized there was a lot to learn about brokers, data feeds, and platforms. I've been trading silver and crude for the past four months through the NT/Zen simulation and have found that scalping via the static DOM is my favorite/most profitable way to trade. Attached is an image of what I stare at from 7-11 central Monday through Friday. I know it's strange that I use ToS for my charting but I like how the volume profile looks and I don't trade off of it, so it's fine with me. A few days ago I began searching for the best combo of broker/feed/platform for when I go live, and here are my results.

BROKER

I began by looking at these...
  • Advantage
  • AMP
  • Apex
  • Cannon
  • Deep Discount Trading
  • Global Futures
  • Infinity
  • Interactive Brokers
  • MB Trading
  • Mirus
  • Open E Cry
  • Optimus
  • TD Ameritrade
  • Velocity
  • Vision Financial Markets
...and have narrowed it down to Velocity, Mirus, Optimus, and Deep Discount Trading. Courtesy, commissions, intraday margins, platform selection, data feed selection, and tech support details all played a role. Velocity and Mirus were both pretty equal in how nice they seemed on the phone, while Optimus and DDT seemed a bit more personal and accommodating to someone new to futures trading.

DATA FEED

This is probably what I spent the most time learning about. I talked to a number of people about various data feeds and their intricacies, and here's what I've discovered. A few years back Rithmic decided to provide data for futures since they considered the amount of data small in comparison to what they were currently providing (equity options), and soon Mirus approached them and asked if they could offer their feed. Apparently at the time the feed didn't have a name and Mirus wanted to label it so they eventually decided to name it Zen-Fire. It's cloudy to me what happened after that but basically Zen-Fire branched off, became its own white label entity, and uses their own hardware with Rithmic's software (Definitely could have been confused about this point, let me know if I'm off). Another data feed I'm entertaining is TT from the guys who make X-Trader. A couple of forum posts I read said that the feed was filtered into "bursts" of 150ms, or 250ms, I forget the number. I asked someone at Rithmic and at Crossland, the FCM DDT introduces for, and they both said it's up to whoever hosts the TT FIX adapter whether or not they will coalesce, or filter, the TT feed. I asked Howard at DDT if they filtered the TT feed and he said no. After talking more and more to Rithmic and explaining how I plan to trade, manual order entry via the DOM, they basically said it won't matter if one feed is 100ms faster than another since a human can't possibly act fast enough to make a difference. I also looked at Kinetick and IQ Feed but I decided they'd only be worth the cost if I decided I needed more historical data or needed a good feed for cumulative delta charting. My conclusion is that Zen-Fire, Rithmic, and TT are all great for how I intend to trade and I doubt I'll notice a difference between the three. It was sort of disappointing to come to the conclusion that I probably won't notice a difference, but oh well.

PLATFORM

I've been using NT like I said for a couple of months and haven't had a problem with it, so I didn't see a reason to switch from it. I considered R Trader but once I figured out the DOM was dynamic it was no longer a possibility. The only thing that sort of turned me off from NT is the fact that I'd have to buy credits to use the static DOM which would amount to ten cents a side. I've been told that Sierra Charts offers a static DOM at an additional five cents a side, saving me ten cents over NT per roundtrip. Later this week I'll be trying out Sierra's static DOM with TT. I honestly would like to have X-Trader but I'd only buy that if I could pay for it with live trading profits. The one feature that I wish NT's static DOM had is the total number of contracts traded at a price like X-Trader displays. A full live NT license with the ATM functionality and all the other goodies is $60/month and a live license for Sierra is $18/month. If I were to go with NT I'd probably go with the free live license without the extras.

COMMISSIONS

Not much to say here other than provide a list. Each price includes the TT credits so it's the final, all-in, roundtrip commissions for trading one contract via the static DOM.

COMEX Silver Commissions

Velocity
Free X-Trader with TT: $5.14
NinjaTrader with TT: $4.64
Sierra Chart with TT: $4.34

Mirus
NinjaTrader with Zen-Fire: $5.24

Optimus
NinjaTrader with Rithmic: $4.95
Sierra Chart with Rithmic: $4.85

Deep Discount Trading
NinjaTrader with TT: $4.24
Sierra Chart with TT: $4.14
NinjaTrader with Rithmic: $4.84
Sierra Chart with Rithmic: $4.74

10-Year Treasury Note Commissions

Velocity
Free X-Trader with TT: $3.36
NinjaTrader with TT: $2.86
Sierra Chart with TT: $2.56

Mirus
NinjaTrader with Zen-Fire: $3.46

Optimus
NinjaTrader with Rithmic: $3.20
Sierra Chart with Rithmic: $3.10

Deep Discount Trading
NinjaTrader with TT: $2.36
Sierra Chart with TT: $2.26
NinjaTrader with Rithmic: $2.96
Sierra Chart with Rithmic: $2.86

INTRADAY MARGINS

This is the least important topic to me since I've been more focused on actually becoming profitable, and because I'm flexible in regards to how much I can open an account with.

Velocity
SI: $10,000
GC: $2000
CL: $3000
ZN: $500
ZB: $500
6E: $500

Mirus
SI: $2500
GC: $1000
CL: $1000
ZN: $500
ZB: $500
6E: $500

Optimus
SI: $4000
GC: $1600
CL: $1350
ZN: $430
ZB: $740
6E: $1100

Deep Discount Trading
SI: $4700
GC: $1700
CL: $2100
ZN: $540
ZB: $930
6E: $1350

CONCLUSION

I'm going to grab a demo of NT with Rithmic and Sierra with TT later this week just so I can make sure all three feeds are comparable, and to see if Sierra's static DOM is worth switching over to for an additional ten cents in my pocket per roundturn. I usually do 25 roundtrips each day with one lot of SI which would amount to saving $550 a month if I were to go with say, Sierra w/ TT on DDT vs. NT w/ Zen on Mirus. That's quite a bit and the savings would add up if I become fortunate enough to increase the amount of contracts I trade with (Not that you can trade with much size in silver...). Moral of the story is, Optimus and DDT are friendly, offer good commissions, margins, and platform/data options while Velocity offers free X-Trader with good commissions on other platforms and Mirus has the most competitive intraday margins. I'll report back later on who I decide to go with. Again, thanks to this board for letting me even know of my options to begin with.

EDIT: I wanted to clarify that the margins I quoted were intraday and that I'm aware of NT with TT acting wonky when you hold positions overnight. While that does slightly concern me, it shouldn't actually affect me since I plan to be done by 11 AM.

Attached Thumbnails
What I've Learned From Searching for a Broker-snapshot.png  

Last edited by adamcollins; May 23rd, 2011 at 03:10 AM.
Reply With Quote
The following 16 users say Thank You to adamcollins for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


Good post,

I would double check those silver margins by email, they were recently raised and websites may be out of date.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #4 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received

Seems like you've done your homework. I am kind of curious as to why Advantage didn't make your shortlist, though?
And it seems you never even considered CQG Trader?

Reply With Quote
 
  #5 (permalink)
Trading for Fun
Windsor, ON, Canada
 
Futures Experience: Advanced
Platform: SierraCharts
Broker/Data: IB
Favorite Futures: Movement
 
Trader Y's Avatar
 
Posts: 58 since Dec 2010
Thanks: 14 given, 22 received

Great post for those those looking into their various options.

Reply With Quote
 
  #6 (permalink)
Trading Apprentice
Mississippi
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: SI
 
Posts: 2 since May 2011
Thanks: 0 given, 1 received


Lornz View Post
Seems like you've done your homework. I am kind of curious as to why Advantage didn't make your shortlist, though?
And it seems you never even considered CQG Trader?

Definitely considered Advantage, they were really nice and seemed like they attracted a number of "professional" traders. Their commissions ($3.34 RT for ZN) and intraday margins (50% initial) just weren't competitive enough. They do seem like an attractive choice for high volume traders, though.

Regarding CQG, I think it was purely a personal preference thing. I don't really like how it looks (lame reason, I know) and I couldn't discover any advantage it would offer me over NT or Sierra. I'd be really interested to hear why someone has chosen CQG over the other platforms because I honestly don't know that much about it.

Reply With Quote
 
  #7 (permalink)
Elite Member
Prague, Czech Republic
 
Futures Experience: Advanced
Platform: AgenaTrader, Track'nTrade
Broker/Data: DeCarley/OEC, IBKR, IQFeed
Favorite Futures: futures, options
 
Posts: 180 since Sep 2010
Thanks: 66 given, 83 received


adamcollins View Post
Definitely considered Advantage, they were really nice and seemed like they attracted a number of "professional" traders. Their commissions ($3.34 RT for ZN) and intraday margins (50% initial) just weren't competitive enough. They do seem like an attractive choice for high volume traders, though.

Regarding CQG, I think it was purely a personal preference thing. I don't really like how it looks (lame reason, I know) and I couldn't discover any advantage it would offer me over NT or Sierra. I'd be really interested to hear why someone has chosen CQG over the other platforms because I honestly don't know that much about it.

Hi,

one reason for choosing CQG might be the serverside OCO. Second would be the datafeed / execution.

Regards

Rani

Reply With Quote
 
  #8 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received


adamcollins View Post
Definitely considered Advantage, they were really nice and seemed like they attracted a number of "professional" traders. Their commissions ($3.34 RT for ZN) and intraday margins (50% initial) just weren't competitive enough. They do seem like an attractive choice for high volume traders, though.

Regarding CQG, I think it was purely a personal preference thing. I don't really like how it looks (lame reason, I know) and I couldn't discover any advantage it would offer me over NT or Sierra. I'd be really interested to hear why someone has chosen CQG over the other platforms because I honestly don't know that much about it.

Yes, Advantage is geared towards volume costumers. Both commissions and margins are negotiable...

Rani already mentioned that orders are server-side, not to mention the "smart orders"-types etc. The datafeed and order routing is nearly flawless. The IC is really good for spreads too.

I will say that TT and CQG is in another league than NT and similar programs. But you have to pay for it...

Reply With Quote
The following 4 users say Thank You to Lornz for this post:

Reply



futures io > > > > What I've Learned From Searching for a Broker

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Everything You Needed To Know About Trading You Learned In Kindergarten shodson Psychology and Money Management 2 April 28th, 2012 04:54 PM
Searching for an Indicator - how does it work steve2222 Beginners and Introductions 9 January 21st, 2011 11:02 PM
COURSE should I take since I've........ mdsvtr EasyLanguage Programming 2 November 4th, 2010 11:00 PM
Searching a daytrader for an interview sunflowerh Beginners and Introductions 2 May 14th, 2010 04:05 PM


All times are GMT -4. The time now is 08:47 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-16 in 0.13 seconds with 20 queries on phoenix via your IP 54.160.245.121