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Pocoyo

Recommended Broker for Futures Day Trading

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Hi,

 

I really need you opinion and recommendation which broker the BEST for day trading. I am Futures day trader. I trade S&P, Djia, Nasdaq, Currency and oil futures. Before i use Windsor Broker and they use MT4 platform. What i don't like about them is they don't allowed me to set pending order less then 50 points and trailing too.

 

I'm think to go for AMP, is that a good idea? Thus AMP is a good broker?

 

Or do you know any other broker that suit for day trading futures market?

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I used Infinity, and really liked it at the time. By far the best customer service I've ever received from any broker - not sure if I got lucky or if that's the norm at the firm. But when I visited the office, it seemed like the norm. So if that's of any importance to you, then it should help. I never had problems with data or slippage.

 

I've heard good things about OEC, I used their demo and thought their charts were pretty decent. From what I've heard from Brownsfan, they should have excellent service as well. I can't really speak about their data, but I've never heard a complaint from Brownsfan so I would imagine they are excellent in that area as well.

 

By great service, I mean the broker actually knows who I am and knows what I'm talking about. The broker calls me on a regular basis to check in. When I call, the phone is promptly answered by my broker - or the guy next to him if he's away. If it's not an emergency, he promptly calls me back. Which can be very important in a critical situation. I absolutely hate having to find a number to call, and only hearing from my "broker" when I close my account.

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Hi,

 

I really need you opinion and recommendation which broker the BEST for day trading. I am Futures day trader. I trade S&P, Djia, Nasdaq, Currency and oil futures. Before i use Windsor Broker and they use MT4 platform. What i don't like about them is they don't allowed me to set pending order less then 50 points and trailing too.

 

I'm think to go for AMP, is that a good idea? Thus AMP is a good broker?

 

Or do you know any other broker that suit for day trading futures market?

I have accounts with AMP and Mirus using Ninja/TT and Ninja/Zenfire, respectively. I favor AMP for a slight edge in execution, customer support and commissions.

 

I have an account with TradeStation for charting, data, and certain custom indicators--not for order execution.

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What is the difference between TT and Zen Fire?

I an using a demo at AMP now and have Zen Fire.

thanks

There are some technological differences like direct CME server access which may result in more favorable speed, but you're talking about micro-fractions of time. Nonetheless, I notice TT is faster and is the preferred frontend among professionals.

 

I pay $3.80/rt will TT and $4.20/rt with Zenfire. That's a disconnect in my book.

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Does Infinity have charting? I have downloaded the demo but i cannot launch the chart.

 

They have Sierra charts, and I believe you can get a demo of that as well. But, I was never a fan of the charts. But each trader has their own preferences, and I am picky with my charts.

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One of the brokers most used by day traders is Interactive Brokers.

 

Obviously these day traders at IB are losing their shirts. That is why IB currently set their intraday margin for ES at $6188 and YM at $6875 per single contract.

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Obviously these day traders at IB are losing their shirts. That is why IB currently set their intraday margin for ES at $6188 and YM at $6875 per single contract.

 

Considering the amount of newbies that flock to IB, is that really surprising? IB was probably the first futures broker I ever heard of, and it's all over ET. It would be interesting to see how many accounts blow up at IB or TS compared to say Infinity or OEC.

 

On the other hand, I do like the fact you can trade futures, equities, options all under one roof and use Ninja Trader through IB. That part to me is appealing.

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Obviously these day traders at IB are losing their shirts.

 

Actually, I was just kidding about day traders at IB can't trade. ( It is the holidays, I am in my sarcastic mood). This is my theory. As someone who was formerly licensed series 7 with NASD (National Assoc. of Securities Dealers) and Series 3 with NFA(National Futures Assoc.). I can tell you a big concern of the regulatory bodies is client's suitability, another word a client must meet certain income and net worth requirement before they are allowed to speculate.

IB was one of the pioneers in online trading where almost anyone can open a futures account online. It is my suspicion that they probably got audited, and many accounts were found unsuitable. This is the reason I believe they are now extra stringent. Surely they can't be so stupid and not knowing that they are losing tons of business by having intraday margin at $6000+ per contract while other competent brokers have their intraday margin at merely $500 per contract.

Hmm.. on the other hand, I could be wrong.

Edited by OAC

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Obviously these day traders at IB are losing their shirts. That is why IB currently set their intraday margin for ES at $6188 and YM at $6875 per single contract.

 

One of the reasons I like IB is that they are conservative with funds. I would be far more wary of the checks and balances in place at outfits that let you trade ES on $300 margin.

 

Actually IB traders are somewhat protected, the same losers trading on $300 margin will be wiping out the day they open their accounts. With IB it will take much longer and they will at least walk away with roughly 6k :)

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Bottomline, what futures broker you use is not that crucial. As long as they are either a FCM or introducing broker for a FCM, you funds will be insured by the US government up to, I believe, $100,000.

Ninjatrader with Zenfire may be fast. If you can't trade, it is not going to help you. On the other hand, if you can trade, a fraction of a second lag won't make a difference, even in scalping. again I am talking about instruments with plenty of volume.

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I didn't realise it would be so difficult open an account with IB living outside the US!

 

It appears they have a very strict criteria they are looking for in individuals.

 

Have you inquired with IB on opening an account as a Corp. You can live outside the US and still own a corporation here. This might work for you. It might be an extra step but it might be worth it for you.

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Have you inquired with IB on opening an account as a Corp. You can live outside the US and still own a corporation here. This might work for you. It might be an extra step but it might be worth it for you.

 

Thanks for the tip. I'll definitely look into it.

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I wouldn't recommend any foreigner to set up an entity in the US. US is one of the highest tax country in the world. You are better off using another company. You will be much better off in a long run, assume you are profitable.

 

 

Have you inquired with IB on opening an account as a Corp. You can live outside the US and still own a corporation here. This might work for you. It might be an extra step but it might be worth it for you.

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