Shopping for Brokers

[bourgeois pig 10]

Hello mad scientists! I am shopping for the first time for a online brokerage account. I realize that there are different pros and cons with even you most reputable brokers. I intend to trade the ES and perhaps the NQ to begin my trading journey. At this point I have my choices narrowed down to ATCbrokers, OEC, or GoFutures. There transaction fees all seem to be in the ballpark of 5 dollars roundturn after the proverbial hidden fees have been implied. Ameritrade is around 7.50 round turn. Could you pleaqse point me in the right direction in regards to a suitable broker........? Thank You:)

[jpennybags 11]

Hello mad scientists! I am shopping for the first time for a online brokerage account. I realize that there are different pros and cons with even you most reputable brokers. I intend to trade the ES and perhaps the NQ to begin my trading journey. At this point I have my choices narrowed down to ATCbrokers, OEC, or GoFutures. There transaction fees all seem to be in the ballpark of 5 dollars roundturn after the proverbial hidden fees have been implied. Ameritrade is around 7.50 round turn. Could you pleaqse point me in the right direction in regards to a suitable broker........? Thank You:)

 

As someone just starting out you may want to consider an IB (introducing broker). Usually the service is better, and they are more willing to spend time with you answering questions... because you don't know, what you don't know.

 

Due diligence is always prudent. The NFA website will allow you to search for any actions or fines imposed on the company. Even after you've chosen a broker, it's good practice to check this out periodically: NFA - National Futures Association

[bourgeois pig 10]

ATC is an IB. Are their benefits to not trading with an IB for the more experienced trader? I have read about this subject and it leaves me wondering why any one would trade with a dealing desk or market maker...... unless of course their was something that they offered that IBs did not. Please excuse and correct any misconceptions I may have. I have read many books about trading and simulated historical data but have no real time experience and probably possess a few misconceptions.......Oh, and thanks for the reply!

[jpennybags 11]

ATC is an IB. Are their benefits to not trading with an IB for the more experienced trader? I have read about this subject and it leaves me wondering why any one would trade with a dealing desk or market maker...... unless of course their was something that they offered that IBs did not. Please excuse and correct any misconceptions I may have. I have read many books about trading and simulated historical data but have no real time experience and probably possess a few misconceptions.......Oh, and thanks for the reply!

 

There are FCM's that offer full service to retail clients generally you may be offered better commission rates. Depending on how the relationship is structured an IB may be able to offer the same rate as the FCM, but usually it's going to be a slightly higher rate. I've been trading for several years and I prefer IB's just because I like the service level. I mean, I can get on the phone and be talking to the president of the company.

 

I've never explored it, but if you purchase your own trading platform, forego high end service, where the only phone number you have is for the trading desk the commissions may be cheaper still.

[BlueHorseshoe 10]

after the proverbial hidden fees have been implied.

 

NinjaTrader (the charting platform) have just launched their own brokerage arm (well, bought out Mirus Futures).

 

Their marketing angle appears to be "no hidden costs, no volume tiers, just transparency" - might be worth a look?

 

BlueHorseshoe

[Spikeygirl 10]

When I started trading I was introduced to Interactive Broker [Josh Harris, agent] by my mentor/coach. He can walk you through the entire situation and answer any questions you may have. The PLUS: You can try out the DOM and charts for a month then make a more educated decision .... USING REAL TIME DELAYED DATA and not EOD [as with most brokers out there] which will not show you much of anything, which will give you a feel for the market you intend to trade in real time. And if you need more time just drop him a note or give him a call and he will add time to the DEMO. Just make sure you open the platform daily so you do not get timed out. He can be reached by dialing: 800-574-7040.

Hope this helps!