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Australian futures day traders - who do you use?
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Australian futures day traders - who do you use?

  #1 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: Mirus
Favorite Futures: FDAX
 
Posts: 139 since May 2010
Thanks: 150 given, 94 received

Australian futures day traders - who do you use?

Hi guys,

After 1.5 years of sim trading and trading a small CFD account, the time has come for me to open a futures trading account.

I am wondering if there are any Aussies here who trade futures and have any advice on brokers which would be suitable. So far I am thinking of Mirus, AMP, Velocity, or maybe IB.

I will be trading FDAX and 6E primarily.

The other thing is; Australia being a long way from the U.S and Europe, how badly does the latency to the brokers servers affect trading in your experience?

Any help would be greatly appreciated.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Sydney / Australia
 
Futures Experience: Intermediate
Platform: NT
Broker/Data: AMP
Favorite Futures: Oil
 
Posts: 116 since Jun 2009
Thanks: 125 given, 103 received


Hey Twiddle,

Good to see a fellow aussie. I trade 6E during early morning hours (EST.) Its hard to find a good broker this side of the world with decent latency access to the CME. I use PFG, but it has very bad latency. Anyone else know a closer exchange?

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  #4 (permalink)
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Aurora, Il USA
 
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kbit's Avatar
 
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Good question..don't know but maybe you could ask one of my brokers...globalfutures

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  #5 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: Mirus
Favorite Futures: FDAX
 
Posts: 139 since May 2010
Thanks: 150 given, 94 received


jthom View Post
Hey Twiddle,

Good to see a fellow aussie. I trade 6E during early morning hours (EST.) Its hard to find a good broker this side of the world with decent latency access to the CME. I use PFG, but it has very bad latency. Anyone else know a closer exchange?


When you say "very bad latency" how does this manifest itself and affect your trading?

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  #6 (permalink)
Elite Member
Sydney / Australia
 
Futures Experience: Intermediate
Platform: NT
Broker/Data: AMP
Favorite Futures: Oil
 
Posts: 116 since Jun 2009
Thanks: 125 given, 103 received

Well, ill put a market order in. By the time it reached the exchange in the USA, price has moved. Now im waiting in line as a limit order. This does not happen often. Depends. If you trade breakouts etc, this will happen more. Im sure there are brokers out there with closer nodes.

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  #7 (permalink)
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Working on my LCD tan
 
Futures Experience: Advanced
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Posts: 127 since Jun 2009
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I use NT7/Zenfire/Mirus/RCG and I'm happy. I have a ping of 250ms to US exchanges and I mainly use limit orders to enter and both limit and market orders to exit depending on the exchange. Last I checked you can't trade the footsie using Dorman for clearing but I haven't checked since I opened my account. I trade a bit of everything. Whatever is moving during EU/early US hours. Australian market is a waste of time in comparison to OS markets and I'm more of a night owl so the timing suits me.

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  #8 (permalink)
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Trade the SPI during the day using IB. However always have to be careful around 2:18pm Sydney time as something seems to happen with the data coming through the server from IB. After a few minutes it is fine again.

In the evening sometimes trade the Swiss SMI which is for some reason a favourite of mine. During the evenings have not had any problems with the data feed from IB... touch wood!

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  #9 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: Mirus
Favorite Futures: FDAX
 
Posts: 139 since May 2010
Thanks: 150 given, 94 received

It looks as though Velocity have good commission rates, I am thinking about going with Either them or Mirus.

Quite a few people on this forum use Velocity right? Are those that use them happy?

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  #10 (permalink)
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Twiddle View Post
Quite a few people on this forum use Velocity right? Are those that use them happy?

Can speak only for myself, but I am very happy. I've dealt with Bob as well as Dale, both very knowledgeable and always took care of me. When I first opened my account I did not disclose who I was or that I ran the forum, etc etc, just as a test for customer service, commission pricing, margin negotiation, etc etc...

Anyway, more reviews here:
https://futures.io/brokers-data-feeds/4641-experience-velocity-futures.html

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