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Too many brokers?


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Too many brokers?

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  #1 (permalink)
NYC, US
 
Experience: Beginner
Platform: Tradestation, Motivewave
Trading: micro e-mini, stocks
 
Micro Bert's Avatar
 
Posts: 3 since Jul 2020
Thanks: 21 given, 1 received

Just curious about how many brokers do people use? I am noobie still (just about 8 months) and from bouncing around reading different things, I ended up opening several small brokerage accounts and now I want to consolidate into two.
Looking for thoughts / feedback/ suggestions.

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  #2 (permalink)
Manchester, United Kingdom
 
 
Posts: 9 since Jul 2020
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I use 3 accounts:

1) Interactive Brokers has my largest fund because I trust them. I use this for day trading larger position sizes.
2) AMP Futures, mainly to provide Rithmic data feed. I have a very small fund here.
3) A local CFD broker that has instant top-up and withdrawls with debit card. I use this for swing trading; the main advantage is I can fund the account instantly so I don't need to keep funds tied up with them.

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  #3 (permalink)
NYC, NY
 
Experience: Intermediate
Platform: Sierra Qtrader TT
Broker: Amp/CQG/TT, Optimus, ADM
Trading: Mainly CL. Spread researcher currently
 
Posts: 633 since May 2013
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What do u trade/looking to trade? Stocks, options, futures, types of accounts - personal, IRA, others?


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  #4 (permalink)
NYC, US
 
Experience: Beginner
Platform: Tradestation, Motivewave
Trading: micro e-mini, stocks
 
Micro Bert's Avatar
 
Posts: 3 since Jul 2020
Thanks: 21 given, 1 received

I wanted to day trade stocks but I don't have a large enough account to bypass the PDT rule. So I am looking at micro e-mini's and opened an account with Amp Futures. I am reviewing the small accounts I have to pool what's in each to build up two accounts. Until I pass the $25K in one account, if I day trade I would have to pay close attention to the limited number of day trades in each.

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  #5 (permalink)
NYC, NY
 
Experience: Intermediate
Platform: Sierra Qtrader TT
Broker: Amp/CQG/TT, Optimus, ADM
Trading: Mainly CL. Spread researcher currently
 
Posts: 633 since May 2013
Thanks: 535 given, 338 received

Amp is good as the other discount brokers for the micros. There are others like Edgeclear as well. Always liked FT71s honest approach to the markets and his morning review which is free is great. He also has convergent trading where you can learn a lot. Then u need only 1 more stock/options account which can either be IB or TOS


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