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Reliable broker for a rookie
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Reliable broker for a rookie

  #51 (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
You're right about the difference in trading. Curious, what signals do you use for entering and existing your trades?

I really don't use any particular signals as selling options is really very different from day trading. This is where Mark's guidance comes in, as he'll be looking at daily technical indicators to see if there's something that we need to pay attention to prior to executing a trade. However, generally all we're doing is selling premium on options contracts, i.e. shorting them, at positions that are significantly out of the money. The 'signals' if you want to describe them as that, are typically looking at the trading ranges for WTI crude over the past 3 to 6 months, and then we're selling options far enough out of the money that the likelihood of them being in the money at option expiry are extremely small. So far, I've never been stuck with an in the money option at expiry, although we have had to manage risk by buying back a few positions that looked as though they would end up being problematic. Mark has also assisted with making sure there's always been sufficient margin money sitting in the account to defend any positions that are threatened, and to stay on-side with the SPAN margin requirements of the clearing house. There's a really great book by James Cordier and Michael Gross that goes into great detail, and yet is still very readable, explaining this. Reading this book, Selling Options, is the base for my knowledge on this.

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

I have not got to the options yet. Added the book to my reading list.


spoolmak View Post
I really don't use any particular signals as selling options is really very different from day trading. This is where Mark's guidance comes in, as he'll be looking at daily technical indicators to see if there's something that we need to pay attention to prior to executing a trade. However, generally all we're doing is selling premium on options contracts, i.e. shorting them, at positions that are significantly out of the money. The 'signals' if you want to describe them as that, are typically looking at the trading ranges for WTI crude over the past 3 to 6 months, and then we're selling options far enough out of the money that the likelihood of them being in the money at option expiry are extremely small. So far, I've never been stuck with an in the money option at expiry, although we have had to manage risk by buying back a few positions that looked as though they would end up being problematic. Mark has also assisted with making sure there's always been sufficient margin money sitting in the account to defend any positions that are threatened, and to stay on-side with the SPAN margin requirements of the clearing house. There's a really great book by James Cordier and Michael Gross that goes into great detail, and yet is still very readable, explaining this. Reading this book, Selling Options, is the base for my knowledge on this.


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  #53 (permalink)
St. Louis
 
Trading Experience: Beginner
Platform: thinkorswim, NT8
Favorite Futures: equity and fx futures and options
 
Leon of Pizza's Avatar
 
Posts: 129 since Sep 2013
Thanks: 81 given, 158 received



Calming View Post
Looking for a reliable broker...

My suggestion is to find the platform that you are comfortable with. Chasing after misc fees is a distraction. The NT licensing fee is an exception, but it should be considered in terms of the advanced ordering tools that you'll get - not the lower commish. The ordering tools will impact your P/L more than the commish.

And consider this: If a trader's performance is expressed by %ROC/time, then why should size be a part of his initial goal? Increasing size is a brute-force tactic where a more finessed approach would serve you better.

If you agree with this, then check out high delta index options (liquid products). You can trade them using methods very similar to what are used for futures and you have the benefit of lower initial capitalization and the ability to increase capital in smaller increments.

I use thinkorswim and NT8. Mostly thinkorswim because I don't like NT8 charts and they don't offer options. NT8 has superior sim trading. If you're interested in Brooks' style, then NT8 is suitable because the drawings are simple and mostly used intraday. If you want to explore the next level of drawing complexity, then thinkorswim has the better drawing tools.

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  #54 (permalink)
Chicago, IL
 
 
Posts: 29 since Mar 2011
Thanks: 7 given, 6 received


Calming View Post
Hi,

Looking for a reliable broker with affordable pricing. Currently paper-trade with NT8, but 1K price to get their cheapest prices is burdensome. Looking to trade 4-8 contracts on /ES minis with hopes to raise to 100. No withdrawals fees or problems is a must (checks deposits and withdrawals are preferred). Either convince me to stay with NT8 or recommend something better. Thank you much and successful trades to everyone!

EDITs:
- Of course, I will start with 1 contract.
- Also considering: TastyWroks, Tradovate, and Zumo. Open to other suggestions.
- As I read more about Tradovate, their maximum deposit amount by ACH is $5,000.00.

Hi @Calming

I use Cannon Trading Company. They have a thread on here: https://futures.io/reviews-brokers-data-feeds/30198-cannon-trading-company.html

Anyhow I just recently got back into trading but they've been my broker now for almost 8 or 9 years I believe (don't quote me) I'll have too check but they are awesome. To start up my account again I had to deposit a minimum of $2500.00 and I use a free platform they offer with them which is called their E-Futures platform but I believe the firm that clears trades is Gain Capital (that's who I receive my statements from every night). Anyhow they are very fair with their pricing and cheap platform with it being free. Definitely worth checking out! I work with Ilan.

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

Had a nice conversation with Matt from Optimus Futures. He is a really nice CEO. Together we have come up with a strategy suitable to my situation.

Once I applied, however, my application was declined after several days of waiting without any further explanation. My follow up questions have been ignored. But this is not important anymore.

I have gone ahead and applied with Ninja to Dormant. Got approved within hours. Their rep Dan was on top of things.

Hope my experience helps others.

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  #56 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,384 since Sep 2010
Thanks: 2,320 given, 3,459 received


Calming View Post
Had a nice conversation with Matt from Optimus Futures. He is a really nice CEO. Together we have come up with a strategy suitable to my situation.

Once I applied, however, my application was declined after several days of waiting without any further explanation. My follow up questions have been ignored.

I enjoyed talking to you as well. We apologize that we did not follow up with you, however, the approval process is conducted by our FCMs. We were in the process of following up with them as to the nature of the rejection.
Typically our back-office would follow up with the FCM and provide you with an explanation.

Thank you,
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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