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Need your help, been an equity trader for 10 yrs using TOS, going to futures now. : I plan to scalp the mini-DOW /YM at night (EST) and need advice. Considering IB as an . execution broker since TD is $$$, but not sure what the "All IN" pricing is for IB. My Concerns :
I know Interactive Brokers charges 10$ inactivity fee, but how about Data ???? Do I need to pay for that if i use TWS for execution ???? I am particularly interested in the "iBOT voice interface for trading in TWS"
On IB's site they say GLOBEX pricing for mini futures is .50$ per side, would this include YM at night ?
another big concern : I can predict turning points in the Futures in the very short term, but not sure if the price will only go up 1 tick or maybe 20 ticks; what tool may help me decide to jump in or not ? I was considering Footprint, but have no experience with it,,,, ????
many thanks in advance.
Can you help answer these questions from other members on NexusFi?
IB did compress there data so you can not use footprints . you need a secondary feed like DTN. there good brokes. this was 9 years ago . better check that.
Make sure there's enough liquidity to trade however much you're planning to trade on the YM at night, maybe trade on a larger timeframe for bigger movements
I'm not sure if this is useful, but for live data (not delayed), my broker (Tradesation Securities) charges the data subscription fee, which is basically a pass-through from what the exchange charges them. I would be surprised if any broker would provide the data feed for free or heavily discounted. I think we pay $125/mo.
All of the data for YM that I have seen outside of my platform is delayed, even on the CME's site:
YM (Dow e-mini) is on Globex, so it is a lot more expensive, for whatever reason. I learned the hard way, on my first day of trading, I missed an $1800 move because I had the wrong data package and was on delayed data (and an extra $125 for the subscription).
It is hella confusing IMHO, as I had the CME package and had to flip to the CBOT package. All I know is that I couldn't trade YM with the CME Real-Time Data Package #2. I think it is because YM still falls under CBOT, even though they are the same thing. Anyhow, YMMV.