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I’m wondering if someone would be willing to help me with tracking down a broker.
I’m looking for a broker to trade Forex, futures an stocks with via NinjaTrader (NT) automated systems.
The current focus is Forex. I have taken a look at Interactive Brokers who look good, but unfortunately, they trade Forex in larger sizes than mini-lots. I’m looking for a broker that will allow you to trade in mini-lots (i.e. 10,000) or micro-lots. I’m looking at a trend following system so I will need a broker which provides good tomorrow / next rates (i.e. carry) on the currencies.
The research I’ve done to date is as follows:
MB Trading
- Doesn’t appear to allow to trade Forex with NT (could be wrong here); it appears they do this through MT4
GAIN / Forex.com
- Doesn’t appear to offer stocks and futures
Interactive Brokers
- Doesn’t appear to allow to trade in mini-lots (e.g. minimum 30,000 for AUD trades)
- Though they appear to provide good with everything else
TD Ameritrade
- Can’t trade futures or Forex through NT, only stocks (that’s what customer service say)
Could anyone help? Or provide some advice?
I’m coming to the conclusion that I’m going to have to use someone for Forex / Futures and some else for stocks.
Thanks and regards,
Dan
Can you help answer these questions from other members on NexusFi?
Based on what you are looking for, I would definately rule out Interactive Brokers for anything related to autotrading. I love their commissions, but their trading platform is very qwirky and takes a while to learn. Service is deplorable. IB can reach international equity markets better than anyone else. That's it's real differentiator.
MB Trading allow forex trading thru NT.
Anyway u can keep forex, stock and futures with separate accounts, this way u can find better dedicated service and rates.
I agree with @LukeGeniol, that if you really need to trade three markets (forex, futures, equities) then it is best to have three brokers so you can select the best for each. Trying to find a single good broker for all is going to be difficult.
But I would advise forex at dukascopy with NT using the 3rd party bridge
and for futures I would open an account with velocity, I would also strongly advise using X-trader as a frontend for placing your orders, that thing is wild !!!
Platform: TradeLink, OpenQuant, considering anything that works...
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All,
Thanks very much for your helpful advice. I appreciate you taking the time to post back.
I also like the advice on not necessarily taking a single broker for the 3 types of instruments. I suspect that there are advantages and disadvantages to each approach (e.g. advantage is pool all funds with a single broker, disadvantage is getting poor execution costs on some instruments).
For Forex trading, I would highly recommend OANDA. Used them for over four years. Their trading platform is the most sophisticated in the market and pip spreads are very low. Their charting package does not have all the bell's and whistles as other brokers, but their reporting tools and account management is excellent. They also had a variety of special applications "Labs" that no other Forex broker can match.
They are unable to provide you with a proper simulation account.
I’ve since followed up with PFG Best. They are providing me with a full trail account, which is working with NT very well. Though, I’m getting the odd disconnect with their price feed.
They are saying they are able to provide me access to all the Forex crosses they have listed on their website: https://fx.pfgbest.com/ChartsQuotes.aspx. However, they are saying that they are unable to add them to a demo account. Can anyone else comment? Is anyone trading a broad set of crosses with PFG Best with NT?
I’m also not seeing any tom/next rates being charged into the Sim account. Can anyone comment on these?
MetalTrade – Thanks for the suggestion of using a third party bridge. I like the suggestion. I think to start with I would like to get running with a direct connection to a broker supporting NT, then possibly move on from there.
