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Help with selecting brokers and tools required for futures trading (I'm Canadian)


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Help with selecting brokers and tools required for futures trading (I'm Canadian)

  #11 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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Tunetyme View Post
Hi,

The second step is choosing your broker. After reading these pages on futures.io and utube as well as others I contacted Optimus. I am glad I did. I got very sound advice about what was in my best interest. A rare commodity these days. I also looked very closely at IB and was the other finalist. For an individual, I want excellent customer service and support. I think Optimus has demonstrated that in spades. I have followed Matt and Jake's recommendations and I have SC data CME full package and indexes. The clearing broker for me is AMP but talk with Optimus about a Canadian clearing broker for you.

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Thank you for the kind words. I really appreciate it that you are mentioning Jake. He took it on himself to learn the platforms we widely use, write the study guide for them and record videos if new features were added. He would be glad to see these things are appreciated by our customers. Thank you again! You did make the right choice.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #12 (permalink)
gambleditall
Montreal, Quebec, Canada
 
Posts: 7 since Oct 2018
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mattz View Post
@gambleditall
You are overwhelming yourself.

Choose a FREE platform, either Multicharts, R Trader, or low-cost Sierra. Save money in the initial stages. Then you can add specialty platforms. Learn how execution works, and what markets you have the ability to trade. Develop a method that works for you. There are traders who need basic data, and some need to dig into each bar analysis. Find your time frame, that is for starters.

A few more points:
Fees on futures are fixed per contract and not based on amount traded (as in Crypto). Futures are cheaper.

Second, you are not going to trade all assets through one platform. I do not know many who do.
Decide what is right for each asset class. All the platforms you mentioned (with the exception of DAS) are futures related. Stocks and Futures are a world apart when it comes to margin trading.

The Canadian Investor Protection Funds does not apply to you if you trade in the USA.

I hope this helps and remember the KISS concept.

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Thanks but I am based in Canada so the CIPF will be applicable to me if I hold an account with IB even if trading in the US afaik.

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  #13 (permalink)
 
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gambleditall View Post
Thanks but I am based in Canada so the CIPF will be applicable to me if I hold an account with IB even if trading in the US afaik.

If your account is in Canada with IB, where I believe they are licensed, then CIPF is applicable because your funds are in Canada. Also, as far as I know, if an FCM has a branch in Canada and in the USA, you can only open in Canada as a Canadian. I suggest calling IB to get a good idea of how CIPF is applied.

good luck.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #14 (permalink)
habore
Haifa, Israel
 
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Tunetyme View Post
I have followed Matt and Jake's recommendations and I have SC data CME full package and indexes. The clearing broker for me is AMP but talk with Optimus.

If I thought I was confused before, now I am super confused. I thought all I need is a broker and a platform.
I read on invetopedia what is clearing broker and I cannot see the difference between that and just a broker.
Could you please help me with that? Are IB also clearing brokers and this is why I'm confused?

Thanks

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  #15 (permalink)
 tr8er 
Europe
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Asking the same question in 5 different threads is confusing us as well (please stay with 1)

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  #16 (permalink)
habore
Haifa, Israel
 
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tr8er View Post
Asking the same question in 5 different threads is confusing us as well (please stay with 1)

first time I ask about clearing broker, as I never heard of it

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  #17 (permalink)
 tr8er 
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habore View Post
first time I ask about clearing broker, as I never heard of it

bobwest gave you a great description in your initial thread

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  #18 (permalink)
habore
Haifa, Israel
 
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tr8er View Post
bobwest gave you a great description in your initial thread

That's true, but I received the email notification about it only after I replied here unlike now.
If you check the timeline, you will see I replied Bob after replying here

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  #19 (permalink)
 tr8er 
Europe
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no problem

just for your info: each broker has its clearing firm(s), you don't have to search yourself for a clearing firm

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