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