Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Ongoing monthly costs to trade futures... (for newbie)
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!
Can you help answer these questions from other members on NexusFi?
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
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.
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.
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 .
