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Reliable broker for a rookie
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Created: by Calming Attachments:0

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Reliable broker for a rookie

  #41 (permalink)
Trieste Italy
 
 
Posts: 135 since Feb 2018
Thanks: 122 given, 16 received

I saw this page where the requirements to open an account is 10k and not 100k

https://www.interactivebrokers.com/en/index.php?f=4969

Is that correct?

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  #42 (permalink)
Atlanta, GA
 
 
Posts: 14 since Dec 2016
Thanks: 19 given, 0 received

Go with NinjaTrader Brokerage. They clear via Phillips Capital.

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  #43 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
Thanks: 111 given, 71 received



lancelottrader View Post
You should look into Optimus Futures. I've been with then for many years. Matt Z can give you many options in terms of platforms, data feeds, and clearing. You will receive very good service from them.

I cannot mark this post as an answer to my question but I am going to give Optimus Futures a try.

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  #44 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,400 since Sep 2010
Thanks: 2,333 given, 3,484 received


Calming View Post
I cannot mark this post as an answer to my question but I am going to give Optimus Futures a try.

Thank you! We look forward to working with you.
Kind regards,

Matt Z
Optimus Futures

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

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #45 (permalink)
Kamloops, BC
 
Trading Experience: Beginner
Platform: QTrader
Broker/Data: Cannon Trading
Favorite Futures: Commodities
 
spoolmak's Avatar
 
Posts: 8 since Dec 2017
Thanks: 3 given, 3 received

My Recommendation: Cannon Trading

Hi Calming. I've been selling options on crude oil now for 6 months. I'm still a rookie really, but am up about $11K on account deposits of about $25K, so I guess you could say my ROI is about 45% over the 6 month period. Through this website, I was put in touch with Cannon Trading and Mark O'Brien. He's been FANTASTIC to work with!! Very, very patient to be working with a rookie, very thorough in his recommendations. In the last series of trades, we got caught in a major move downward in oil prices and needed to take some corrective action. He was completely on top of this trade and even set price alarms through the evening so he could monitor prices and was prepared to take action the next day when we needed to. As a Canadian, it was extremely difficult to find a brokerage I could work with--Cannon Trading has exceeded my expectations at every step of the way!!

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  #46 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
Thanks: 111 given, 71 received

Hi,

Such an emotional appeal that I will consider them. What do you pay per contract per side?

Best,


spoolmak View Post
Hi Calming. I've been selling options on crude oil now for 6 months. I'm still a rookie really, but am up about $11K on account deposits of about $25K, so I guess you could say my ROI is about 45% over the 6 month period. Through this website, I was put in touch with Cannon Trading and Mark O'Brien. He's been FANTASTIC to work with!! Very, very patient to be working with a rookie, very thorough in his recommendations. In the last series of trades, we got caught in a major move downward in oil prices and needed to take some corrective action. He was completely on top of this trade and even set price alarms through the evening so he could monitor prices and was prepared to take action the next day when we needed to. As a Canadian, it was extremely difficult to find a brokerage I could work with--Cannon Trading has exceeded my expectations at every step of the way!!


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  #47 (permalink)
Kamloops, BC
 
Trading Experience: Beginner
Platform: QTrader
Broker/Data: Cannon Trading
Favorite Futures: Commodities
 
spoolmak's Avatar
 
Posts: 8 since Dec 2017
Thanks: 3 given, 3 received


Calming View Post
Hi,

Such an emotional appeal that I will consider them. What do you pay per contract per side?

Best,

I pay $22 per round trip, but that can be for 1 contract or 10 contracts I believe. With selling options, it's more of a sell and hold strategy as somewhere between 80 and 85% of all options expire worthless. I'm typically selling an out of the money option at a strike that will not likely be threatened, and collect the premium from the sale of the option. If I'm 2 to 3 months out from the option expiry, then there's lots of time value, which tends to decay in the last 3 or 4 weeks prior to option expiry. It's much like hitting lots of singles, rather than trying to hit a home run. Working very well so far!

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  #48 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
Thanks: 111 given, 71 received


spoolmak View Post
I pay $22 per round trip, but that can be for 1 contract or 10 contracts I believe.

Does this seem a lot to you? NinjaTrader charges $2.5 per contract per leg. Per 10 contracts, it's cheaper but anything less than 4 contracts, that's overpaying.

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  #49 (permalink)
Kamloops, BC
 
Trading Experience: Beginner
Platform: QTrader
Broker/Data: Cannon Trading
Favorite Futures: Commodities
 
spoolmak's Avatar
 
Posts: 8 since Dec 2017
Thanks: 3 given, 3 received


Calming View Post
Does this seem a lot to you? NinjaTrader charges $2.5 per contract per leg. Per 10 contracts, it's cheaper but anything less than 4 contracts, that's overpaying.

Calming, I think it all depends on how you're trading. If I was day trading, and wanting to do it on my own, it would be more expensive, yes. However, I might still want the professional guidance, and Mark has been great at that. In a recent trade, he saved me easily $1000 in one day by taking action at the right time. Normally, however, with options selling, it's like 'watching paint dry', so there's no need to be watching a computer screen for 4 or 5 hours every day, and much less risk of major, sudden losses. The number of contracts that have to be executed is much lower, and as I mentioned in the last post, it's more of a sell and hold process. Between the smaller number of transactions required, and the value of getting some professional advice, the commission cost is actually the least of my concerns with the style of trading I'm doing. I'm not ever interested in being a day trader--roughly 80% of day traders end up existing the business, and most do this within a year. I'm in this for the long-term and I'd rather make a 35 or 40% ROI, but do it very reliably, than gamble on hitting it big occasionally, but losing a lot of the rest of the time. I also don't want the stress or have the time for watching price action daily, and making decisions every day. My 2 cents worth!

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  #50 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
Thanks: 111 given, 71 received



spoolmak View Post
Calming, I think it all depends on how you're trading. If I was day trading, and wanting to do it on my own, it would be more expensive, yes. However, I might still want the professional guidance, and Mark has been great at that. In a recent trade, he saved me easily $1000 in one day by taking action at the right time. Normally, however, with options selling, it's like 'watching paint dry', so there's no need to be watching a computer screen for 4 or 5 hours every day, and much less risk of major, sudden losses. The number of contracts that have to be executed is much lower, and as I mentioned in the last post, it's more of a sell and hold process. Between the smaller number of transactions required, and the value of getting some professional advice, the commission cost is actually the least of my concerns with the style of trading I'm doing. I'm not ever interested in being a day trader--roughly 80% of day traders end up existing the business, and most do this within a year. I'm in this for the long-term and I'd rather make a 35 or 40% ROI, but do it very reliably, than gamble on hitting it big occasionally, but losing a lot of the rest of the time. I also don't want the stress or have the time for watching price action daily, and making decisions every day. My 2 cents worth!

You're right about the difference in trading. Curious, what signals do you use for entering and existing your trades?

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