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My plan for this week was to select a new broker to trade through. But it was kinda disappointing to see that these brokers are not as upfront with the costs of trading as they portrait on their sites. I also find it strange that almost none of them price in roundturns but in trades.
The following costs I have identified:
- Clear & Exchange fees
- NFA
- Commision
- Datafeed
- Execution fees
- Monthly charting software fee
- Withdrawel fees.
Are there any other fees that I have to take into account before I select a broker?
I am looking forward to your advice.
Cheers Zonescalper
Can you help answer these questions from other members on NexusFi?
Hi
It really depends on your needs. Do you need charting, if so, which one? Do you trade Futures only or combo What data do need, etc.
But with that said, most of them are similar. It is a very competitive market.
They price in contracts traded and not round turns because commissions and fees are paid on the day the trade is transacted. If you open a trade on Monday and close it on Wednesday your account has Monday's fees charged that day and fees payed on Wednesday too. The commission and fees aren't all paid on Wednesday when the trade is closed.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
I am a scalper and I mostly focus on the YM. I am very interested in Jigsaw/daytradr and I want to incorporate orderflow analysis into my trading. So it is also important that Jigsaw can be linked to the datafeed of the broker. I have e-mailed to jigsaw twice this week, to ask if the daytradr also has regular charts, but they haven't contacted me yet. So when Daytradr also has regular charts (with the indicators I use) I will not need another charting package.
Hi
I am sorry but I have never used daytradr and not sure of the requirements. I will let someone else give you a better response. I use IB and been happy with what they offer. But I don't need tick charts and/or Jigsaw. So, I don't think they would work for you.
Good luck,
K
Which broker do you use?
The only chart jigsaw has available is Vista but according to them, they have been working on a new Vista version.
No idea what the new Vista will look like but crossing my fingers that we can have more than a simple heatmap.
If I become half a percent smarter each year, I'll be a genius by the time I die
