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New Futures Trading questions

  #1 (permalink)
chemfan76
Detroit michigan usa
 
Posts: 8 since Aug 2013
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Thanks Received: 7

Need your help, been an equity trader for 10 yrs using TOS, going to futures now. : I plan to scalp the mini-DOW /YM at night (EST) and need advice. Considering IB as an . execution broker since TD is $$$, but not sure what the "All IN" pricing is for IB. My Concerns :

I know Interactive Brokers charges 10$ inactivity fee, but how about Data ???? Do I need to pay for that if i use TWS for execution ???? I am particularly interested in the "iBOT voice interface for trading in TWS"

On IB's site they say GLOBEX pricing for mini futures is .50$ per side, would this include YM at night ?

another big concern : I can predict turning points in the Futures in the very short term, but not sure if the price will only go up 1 tick or maybe 20 ticks; what tool may help me decide to jump in or not ? I was considering Footprint, but have no experience with it,,,, ????

many thanks in advance.

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  #3 (permalink)
 
forgiven's Avatar
 forgiven 
Fletcher NC
Market Wizard
 
Experience: Intermediate
Platform: nijia trader
Broker: A.M.P. I.Q. ....C.Q.G.
Trading: ym es
Frequency: Every few days
Duration: Days
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IB did compress there data so you can not use footprints . you need a secondary feed like DTN. there good brokes. this was 9 years ago . better check that.

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  #4 (permalink)
 
xevanchan's Avatar
 xevanchan 
New York City, NY
 
Experience: Intermediate
Platform: Ninjatrader 8
Broker: Dorman Trading
Trading: emini ES/NQ
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Make sure there's enough liquidity to trade however much you're planning to trade on the YM at night, maybe trade on a larger timeframe for bigger movements

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  #5 (permalink)
 
vmodus's Avatar
 vmodus 
Somewhere, Delaware, USA
 
Experience: Intermediate
Platform: MultiCharts
Broker: Barchart.com
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chemfan76 View Post
I know Interactive Brokers charges 10$ inactivity fee, but how about Data ????

I'm not sure if this is useful, but for live data (not delayed), my broker (Tradesation Securities) charges the data subscription fee, which is basically a pass-through from what the exchange charges them. I would be surprised if any broker would provide the data feed for free or heavily discounted. I think we pay $125/mo.

All of the data for YM that I have seen outside of my platform is delayed, even on the CME's site:
HTML Code:
https://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow.html
I would be cautious about free or heavily discounted data fees for the YM, and verify that your data is not delayed.

If I'm off my rocker, anyone, please correct me.

~vmodus

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  #6 (permalink)
 futrstrdr 
Cape Coral FL USA
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation
Trading: CL, GC
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Live data for the CME which includes NYMEX and COMEX runs $20/month on tradestation

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  #7 (permalink)
 
vmodus's Avatar
 vmodus 
Somewhere, Delaware, USA
 
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futrstrdr View Post
Live data for the CME which includes NYMEX and COMEX runs $20/month on tradestation

YM (Dow e-mini) is on Globex, so it is a lot more expensive, for whatever reason. I learned the hard way, on my first day of trading, I missed an $1800 move because I had the wrong data package and was on delayed data (and an extra $125 for the subscription).

I'm not an expert on the pricing, but here is what I see in my account (I have highlighted my subscription that allows me to trade YM):
[img]https://i.postimg.cc/fbycCZbs/SNAG-0095.png[/img]

It is hella confusing IMHO, as I had the CME package and had to flip to the CBOT package. All I know is that I couldn't trade YM with the CME Real-Time Data Package #2. I think it is because YM still falls under CBOT, even though they are the same thing. Anyhow, YMMV.

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  #8 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
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Is your status designate as pro?

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  #9 (permalink)
 
vmodus's Avatar
 vmodus 
Somewhere, Delaware, USA
 
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cory View Post
Is your status designate as pro?

I believe so, but my partner would know for certain. All of our trading activity occurs within our LLC.

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  #10 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
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vmodus View Post
I believe so, but my partner would know for certain. All of our trading activity occurs within our LLC.

non-pro has 1 price bundle data but pro has to pick which data feed(s) he wants

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