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How are UK day traders set up??


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How are UK day traders set up??

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  #1 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
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Hello everyone,

I'm having a really hard time finding a UK futures broker. The offerings are nowhere near as comprehensive as in the US, where it seems there's loads of good options. Saxo looks very expensive, BFL don't openly share their prices -which isn't a great start, and when I emailed them to ask, I get no reply.

I'd like to trade Eurex products, so I think I could possibly use a CQG data feed with a US broker, but would ideally like FCA regulation, and to be in the same time zone.

So how do other people do it? I'd be very grateful to hear how you're set up.

Cheers!

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  #3 (permalink)
Sliema+Sliema/Malta
 
Experience: None
Platform: Multicharts, Proprietary
Broker: IB,IQFeed,Barcharts.com
Trading: Stocks,Futures
 
Posts: 40 since Mar 2014
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Look at Interactive Brokers UK

Alex

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  #4 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
Thanks: 14 given, 10 received

Thanks Alex. The thing with IB is that their data isn't very good apparently, and I'd like to trade off the order book (using Sierra probably). If it wasn't for that I think they'd be good.

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  #5 (permalink)
Sliema+Sliema/Malta
 
Experience: None
Platform: Multicharts, Proprietary
Broker: IB,IQFeed,Barcharts.com
Trading: Stocks,Futures
 
Posts: 40 since Mar 2014
Thanks: 87 given, 20 received

Yes, that can be an issue depending on how you intend to trade. It is also easily solved by third party data providers but it is not a problem for many strategies. IQFeed or E-Signal would have much better data quality.

Your initial question was about brokers and you should look beyond the data feed. You should be looking instead at commissions, the balance sheet, how they manage security, funding, margins etc. Keep in mind that whatever trading platform you chose you can be certain that IB will be well supported.

There must be a broker in the UK that uses CQG if you just want to trade futures. I am sure there are traders here that would be able to provide some information.

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  #6 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
Thanks: 14 given, 10 received

Can you use different data feeds with IB? I thought you could use a different platform but you had to use their data?

Yes I totally agree. My perfect broker would have decent commissions, be FCA regulated, and have servers in europe (with good data), and you wouldn't think that would be so hard!! Surely there's a gap in the market here!?

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  #7 (permalink)
Sliema+Sliema/Malta
 
Experience: None
Platform: Multicharts, Proprietary
Broker: IB,IQFeed,Barcharts.com
Trading: Stocks,Futures
 
Posts: 40 since Mar 2014
Thanks: 87 given, 20 received

Don't mix up your data with your execution. Two different things. If you use Sierra or Multicharts for example, you can use third party data and execute your trades on IB.

IB have their servers in Zug, Switzerland. If you insist on your data provider having a server in Europe then you will probably be limited to E-Signal for data and you could use that as a platform as well.

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  #8 (permalink)
the congo
 
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Mammal View Post
Can you use different data feeds with IB? I thought you could use a different platform but you had to use their data?

Yes I totally agree. My perfect broker would have decent commissions, be FCA regulated, and have servers in europe (with good data), and you wouldn't think that would be so hard!! Surely there's a gap in the market here!?

Not really a gap at the moment, there might be if they change the rules on forex/spreadbetting. Most proís in the uk are using one of the bigger clearing houses and through some kind of prop/arcade solution. What product/style are you trading? There might be a better solution than IB.

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  #9 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
Thanks: 14 given, 10 received


hughesfleming View Post
Don't mix up your data with your execution. Two different things. If you use Sierra or Multicharts for example, you can use third party data and execute your trades on IB.

IB have their servers in Zug, Switzerland. If you insist on your data provider having a server in Europe then you will probably be limited to E-Signal for data and you could use that as a platform as well.

I think I get the difference, but tbh I'm not sure I understand how the two tie up. If you're putting orders into a price ladder that shows exchange data, the broker then only then tallys your trades, it doesn't place them for you or get in the way... but that's for another thread perhaps!

But that sounds great, if I could use sierra with 3rd party data, and execute on IB -that's exactly what I'm looking for! I'll get on to IB tomorrow. Thanks again.

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  #10 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
Thanks: 14 given, 10 received



rassi View Post
Not really a gap at the moment, there might be if they change the rules on forex/spreadbetting. Most proís in the uk are using one of the bigger clearing houses and through some kind of prop/arcade solution. What product/style are you trading? There might be a better solution than IB.

Thanks Rassi, I guess what I mean is, there doesn't seem to be the same range of accessible, online, (specifically) futures brokers as in the US. What would be an example of one of the clearing houses? That world probably wouldn't be interested in my tiny account I expect

I'm currently trading the Dax throughout the day, but being very selective, looking for good setups -so maybe only a couple of trades a day. Unfortunately I've just started to get the hang of things after finding futures (previously toiling away at fx spreadbetting), just before I go back to work. Which means then I'll have much less time to stalk trades, so was going to look at scalping I guess -bunds, estoxx.

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  #11 (permalink)
the congo
 
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Mammal View Post
Thanks Rassi, I guess what I mean is, there doesn't seem to be the same range of accessible, online, (specifically) futures brokers as in the US. What would be an example of one of the clearing houses? That world probably wouldn't be interested in my tiny account I expect

I'm currently trading the Dax throughout the day, but being very selective, looking for good setups -so maybe only a couple of trades a day. Unfortunately I've just started to get the hang of things after finding futures (previously toiling away at fx spreadbetting), just before I go back to work. Which means then I'll have much less time to stalk trades, so was going to look at scalping I guess -bunds, estoxx.

I agree there isnít the range here but there isnít the market for it, there are much better deals for small accounts in spreadbetting than futures. Clearing houses wise Dorman or there was Kyte now Part of Rjob. You could have a look at prospreads owned by capital spreads but they are supposed to be DMA spreadbetting and allow micro lots. Never tried them though.

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  #12 (permalink)
Sliema+Sliema/Malta
 
Experience: None
Platform: Multicharts, Proprietary
Broker: IB,IQFeed,Barcharts.com
Trading: Stocks,Futures
 
Posts: 40 since Mar 2014
Thanks: 87 given, 20 received

I have not traded Eurex futures for a long time. I did in the past when we all had modems and dialup. In those days, a tiny account and DAX futures just was not a viable combination for survival. Perhaps things have changed.

You might want to consider spending the time to figure out if you really have an edge. That is going to take some time. Unless you have a very systematic approach, it will be very difficult to separate skill and luck. Your last post was terrifying in the sense that what you describe ends badly for most people. Start very conservatively. Futures might not be the best learning tool.

You can use CFD's with IB UK and that might be a better way to start. IB manages their CFD trading differently than most brokers and better. That might be a good way to get going. You can then move to the futures contract once you are comfortable without having to change broker.

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  #13 (permalink)
Bristol, UK
 
 
Posts: 23 since Feb 2018
Thanks: 14 given, 10 received

For the last couple of years I've been working hard, looking for an edge in fx, but, unless in very specific circumstances, couldn't really find it, and was just breaking even. Then a couple of months ago I started using live exchange data, and it clicked. I'm still learning, but I know I can do it now, and am profitable in a live account. So what I need is somewhere I can open an account, trade live and sim, on good data, where I feel confident keeping my funds. Does that sound less terrifying?! I can't keep my current arrangement as I now have to go back to work, so need to adapt to effectively shorter time frames, but will keep using what I've already learned.

BTW when i say tiny, I mean small (poor end of 5 figures).

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