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Ongoing monthly costs to trade futures... (for newbie)
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Ongoing monthly costs to trade futures... (for newbie)

  #1 (permalink)
Elite Member
vancouver, canada
 
Futures Experience: Beginner
Platform: NinjaTrader 6.5 and ZF Webtrader
Broker/Data: Mirus/Zen
Favorite Futures: ES
 
Posts: 50 since Jul 2010
Thanks: 59 given, 51 received

Ongoing monthly costs to trade futures... (for newbie)

Hi again, another newbie question:

What are the ongoing monthly costs associated with trading futures? I understand I have to pay for my platform (NT) , I have to pay commissions (planning to set up with Mirus) and I have my own home office expenses (internet, etc)

Is there anything I'm missing?

What about exchange fees, how are these paid?

What about data feed, is that included anywhere?

Do I *need* a seperate charting software package? NT seems to serve my needs so far...

Thanks in advance!

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
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tammyd549 View Post
Hi again, another newbie question:

What are the ongoing monthly costs associated with trading futures? I understand I have to pay for my platform (NT) , I have to pay commissions (planning to set up with Mirus) and I have my own home office expenses (internet, etc)

Is there anything I'm missing?

What about exchange fees, how are these paid?

What about data feed, is that included anywhere?

Do I *need* a seperate charting software package? NT seems to serve my needs so far...

Thanks in advance!

1. Computer equipment, internet, office, etc etc etc.
2. Charting and execution platform, ie NinjaTrader, can get for 'free' (included in higher commission) from some brokers.
3. Data feed - if using Mirus, will include Zen Fire for 'free' (included in their commission price), is sufficient for 99% of people especially with NinjaTrader. If you need high-end data then IQfeed is approx $60 a month with the fee waivers.
4. Exchange/NFA fees are included in commission from your broker (ie Mirus). Some brokers quote them separately, just double check but Mirus is included in what they quote you.

Don't forget #5:

5. Pay yourself, plus your tuition costs as a trader.

It's important to factor in what it costs for you to be working from home as a trader. Some people don't want to work for free for 2-3 years while they learn to trade. It's like going to college as a full time student. You also have tuition costs, it will vary just like colleges can vary, but I would say $25k is the norm.

Once you graduate, you'll need to then fund your account for 'real'.

What I mean here is that the money you lose while you are learning for the next 2-3 years is your tuition cost. Then, once you've finally learned enough (10,000 hours is a good number), then you'll need MORE money to fund your account and then start your actual career

Mike

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  #4 (permalink)
Elite Member
vancouver, canada
 
Futures Experience: Beginner
Platform: NinjaTrader 6.5 and ZF Webtrader
Broker/Data: Mirus/Zen
Favorite Futures: ES
 
Posts: 50 since Jul 2010
Thanks: 59 given, 51 received

Thanks Mike, great reply. I did forget to mention #5 but, I have taken the time and costs associated with learning to trade into my plan Luckily, I don't need an income right now so, time and cash are on my side

What about extra/seperate charting packages? And how would that work, would you use those charts to plan your trades and then execute with NT (or something else)

I just can't understand a situation where NT (or a similar platform) would not be sufficient for charting.

Thanks again!!!!!!


Last edited by tammyd549; September 12th, 2010 at 05:05 PM. Reason: spelling error
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  #5 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
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Well, for me I have moved on to MultiCharts for charting. I use NinjaTrader for execution only, not a single chart, indicator, etc. I will ditch NT here in a few weeks when MultiCharts has their dom and chart trader finally.

Some people just have a preference for a certain charting application, but that application is not good for execution, or doesn't support their broker, so they use a separate platform for execution. Just depends on your specific needs. The majority of people use a single platform for both.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #6 (permalink)
Elite Member
vancouver, canada
 
Futures Experience: Beginner
Platform: NinjaTrader 6.5 and ZF Webtrader
Broker/Data: Mirus/Zen
Favorite Futures: ES
 
Posts: 50 since Jul 2010
Thanks: 59 given, 51 received


Big Mike View Post
Well, for me I have moved on to MultiCharts for charting. I use NinjaTrader for execution only, not a single chart, indicator, etc. I will ditch NT here in a few weeks when MultiCharts has their dom and chart trader finally.

Some people just have a preference for a certain charting application, but that application is not good for execution, or doesn't support their broker, so they use a separate platform for execution. Just depends on your specific needs. The majority of people use a single platform for both.

Mike


Thanks Mike, that was the info I was looking for! Much appreciated

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  #7 (permalink)
Elite Member
Queensland, Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader, ProRealtime, Others
Broker/Data: IB
 
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Big Mike View Post
I will ditch NT here in a few weeks when MultiCharts has their dom and chart trader finally.

Say Mike, would you know if MultiCharts will add a similar execution besides DOM as in any chart trader would you know?

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  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
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studio88 View Post
Say Mike, would you know if MultiCharts will add a similar execution besides DOM as in any chart trader would you know?

Yes, chart trader will be there based on what I have seen.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
Elite Member
western ny
 
Futures Experience: Intermediate
Platform: ninjatrader
Broker/Data: Amp Futures/CQG
Favorite Futures: 6E, ES
 
hunter548's Avatar
 
Posts: 104 since Nov 2009
Thanks: 197 given, 90 received

I'm using AMP Trading. Here's their fee schedule:

Two thousand minimum account open . Then must maintain above five hundred to be eligible to trade.

-The margin requirements are $400 day trade margins . You are eligible to trade that for 23 hours and 45 minutes of the day . ( you have to be out 3:15 to 3:30 central time ).

-round turn is 4.80 or 2.40 each way. That includes exchange and clearing house fees . It also includes the Zen-Fire data feed cost in it as well .


Last edited by hunter548; September 14th, 2010 at 09:34 AM. Reason: Too much info.
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  #10 (permalink)
Elite Member
Queensland, Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader, ProRealtime, Others
Broker/Data: IB
 
Posts: 94 since May 2010
Thanks: 102 given, 47 received



Big Mike View Post
Yes, chart trader will be there based on what I have seen.

Mike


Excellent news Mike, thanks for the heads up on that


Sure will look forward to the new release with these features!

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