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VanKar (previously FT71 but no longer)
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VanKar (previously FT71 but no longer)

  #1 (permalink)
Trading Apprentice
Buffalo, NY
 
Futures Experience: Beginner
Platform: ToS
Favorite Futures: Index Futures
 
Posts: 5 since Apr 2012
Thanks: 8 given, 1 received

VanKar (previously FT71 but no longer)

After watching the FT71 webinars I'm interested in his brokerage.

Has anyone here tried VanKar?
What has your experience been like?
What are their requirements/margin/commissions/etc?

Thanks.

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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I have talked to FT71 many times, and he seems genuinely interested in being as different as possible from what is considered "the norm". He told me (I am paraphrasing here) he started the brokerage primarily because he found people were not being truthful with him when he was trying to help them with their trades. They would say they did one thing, when in fact they did something completely different. So FT71 was basically wasting his time because people were just flat lying to him. He wanted to be able to look directly at their actual trades, and for the client to give that permission, and if they didn't - he didn't take them seriously.

I don't think that is any kind of top secret info, which is why I share it. He's mentioned virtually the same wording before in other webinars.

I don't expect his brokerage to be the lowest commission or lowest margins. That right there means most beginners won't take another look, because they think commissions and margins are all that matters when really they are one of the least important things in a brokerage. Really I would expect the opposite of VanKar. Some of the highest margins, because that is what is safest for the client, and that is what this brokerage is supposed to be all about. Good luck convincing new traders. And I would expect some of the highest commissions, because I know if I was spending the kind of one-on-one time FT71 is proposing, that I would want to be compensated for that, which means much higher commissions.

I think that is totally fair, and let's say he charges an extra $1.00 per turn on average over some other guys (I have no idea if this is true, I don't think he lists rates anywhere on the website - I am just randomly picking a number for sake of argument). If an average retail trader is taking 5 trades a day (1 lots), that is roughly 100 trades a month. So they are roughly paying $100 month over what they might pay with a less expensive broker elsewhere. If the average trader starts with $10,000 that is basically 1% of the account per month. If they survive one year, they will have spent 12% of their money for the privilege of being with VanKar. And to be honest, if FT71 can prevent them from blowing up (huge if), then it would obviously be worth it.

I think they clear thru AMP Global. I certainly have plenty of reasons to dislike that, and you can find all the reasons why in other threads. I believe they also can clear thru OEC. This would be a welcome alternative

Their platform is OEM'd from Open E Cry. It looks nice and sharp in terms of execution, which is probably the extent that most people following FT71 would use it. I imagine most will want a more feature rich platform in the area of Volume Profile, to have charts like FT71. This would mean using Investor/RT, MarketDelta, Sierra Chart, or NinjaTrader.

But I think all of that is really not the reason to join VanKar. The reason is because you are a "student" of FT71, you like him and what he stands for, and you want his help to improve your trading. That is what he is offering, and it is a big item. I think people would join VanKar for this reason alone, and pretty much disregard almost everything else. FT71 says he wants to hold you accountable. He says he will call you up if you are making stupid decisions with risk loss limits on your account, and he will try to convince you to go to sim. This is the kind of stuff that separates him.

I have no idea if he actually can do all that. Seems like a huge investment in time. And I am sure other brokers could do that too -- but other brokers don't promote that as their "reason for being", where FT71 does. It's certainly different. And I think it is good for the industry, and good for the average retail trader, if he can pull it off.

Time will tell. I want to see how other brokers respond to him as well. It seems like it would be easy for other brokers to add these types of client "features" (like automatic risk phone calls, daily soft and hard risk limits, and more).

So much for being a short post.

Mike

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  #4 (permalink)
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I believe if you use their own front end you clear through OEC. Otherwise you can use Dorman/Zenfire, and possibly others as well.
AFAIK, they no longer work with AMP.

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  #5 (permalink)
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Not looking for the lowest margin/commissions.

Was just curious if anyone here has done business with them and what their experience had been.

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  #6 (permalink)
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Tulsa, OK
 
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futuretrader View Post
I believe if you use their own front end you clear through OEC. Otherwise you can use Dorman/Zenfire, and possibly others as well.
AFAIK, they no longer work with AMP.

If you go here: VK Trader & Trade Analyzer - Sharpen Your Edge

and click on 'Open An Account' you will be taken here:
Open E Cry - Direct Access Futures Trading

where you will see the following:


Quoting 
Please fill out the form below to open your live account with Open E Cry, LLC d/b/a OEC - a subsidiary of optionsXpress Holdings, Inc.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Hope that helps

Luck is what happens when preparation meets opportunity. ~ Seneca
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  #7 (permalink)
Site Administrator
Manta, Ecuador
 
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Posts: 46,237 since Jun 2009
Thanks: 29,349 given, 83,135 received

Interesting, didn't know OEC was a subsidiary of optionsXpress. I have an IRA there, and they are a subsidiary of Charles Schwab.

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.

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  #8 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
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Posts: 176 since Oct 2010
Thanks: 114 given, 114 received

Vankar sounds suspiciously like 'wanker' , phonetically speaking that this. Hard to take seriously a broker named as pun on the act of self gratification. Kinda like giving the oscar to "Good Will Humping"

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  #9 (permalink)
Elite Member
Milan Italy
 
Futures Experience: Intermediate
Platform: Ninjatrader, Sierra Chart
Favorite Futures: ES
 
Posts: 523 since Feb 2010
Thanks: 470 given, 629 received


omni72 View Post
If you go here: VK Trader & Trade Analyzer - Sharpen Your Edge

and click on 'Open An Account' you will be taken here:
Open E Cry - Direct Access Futures Trading

where you will see the following:



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Hope that helps

Yes, and if you talk to them you will find out there are other possibilities.

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  #10 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received


Any VanKar clients here? If so, I'd appreciate any feedback you might have on them... And, if you use MC with them, please do chime-in.

As with many, I'm quite impressed with FT71 (his webinars). My minimal exposure to VP has left me a fan, and wanting more. I'm incorporating it now, with TOS though (not based upon tick data).

I purchased MC a couple months ago, but it does not include VP, at least not yet. On VanKar's website, I see MC as a platform option, which I was happy to see...

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