Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Pocoyo

Recommended Broker for Futures Day Trading

Recommended Posts

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?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
  Pocoyo said:
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.

Share this post


Link to post
Share on other sites
  jimbob42 said:
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.

Share this post


Link to post
Share on other sites
  Pocoyo said:
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.

Share this post


Link to post
Share on other sites
  Kiwi said:
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.

Share this post


Link to post
Share on other sites
  OAC said:
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.

Share this post


Link to post
Share on other sites
  OAC said:
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

Share this post


Link to post
Share on other sites
  OAC said:
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 :)

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
  xpress said:
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.

Share this post


Link to post
Share on other sites
  Minis Trader said:
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.

Share this post


Link to post
Share on other sites

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.

 

 

  Minis Trader said:
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.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 1st April 2025.   Will Gold’s Rally Hold Strong as New Trade Tariffs Take Effect Tomorrow?   Gold continues to increase in value for a sixth consecutive day and is trading more than 17% higher in 2025. Amid fear of higher inflation, a recession and the tariffs war escalating investors continue to invest into Gold pushing demand higher. The trade policy from April 2nd onwards continues to be a key factor for the whole market. Can Gold maintain its upward trend? Trade Policy From Tomorrow Onwards Starting as soon as tomorrow, a 25% tariff will be imposed on all passenger cars imported into the United States. While this White House policy is anticipated to negatively affect European industrial performance, it will also lead to higher transportation and maintenance costs for everyday American taxpayers. The negative impact expected on both the EU and US is one of the reasons investors continue to buy Gold. Additionally, last month, President Donald Trump announced reciprocal sanctions against any trade partners that impose import restrictions on US goods. Furthermore, tariffs on products from Canada and the EU could increase even more if they attempt to coordinate a response. Overall, investors continue to worry that new trade barriers will prompt retaliatory measures, particularly from China, the Eurozone, and Japan. Any retaliation is likely to escalate the trade conflict and prompt another reaction from the US. Experts at Goldman Sachs and other investment banks warn that this will lead to rising inflation and unemployment. They also caution that it could effectively halt economic growth in the US.   XAUUSD 1-Hour Chart   The Weakness In The US Dollar Another factor which is allowing the price of XAUUSD to increase in value is the US Dollar which has been unable to maintain any bullish momentum. Despite last week’s Core PCE Price Index rising to its highest level since February 2024, the US Dollar has been unable to see any significant rise in value. Due to the US Dollar and Gold's inverse correlation, the price of Gold is benefiting from the Dollar weakness. Investors worry that new trade barriers will prompt retaliatory measures from China, the Eurozone, and Japan, potentially escalating the conflict. Experts at The Goldman Sachs Group Inc. believe that such actions by the US administration will drive rising inflation and unemployment while effectively halting economic growth in the country. Can Gold Maintain Momentum? When it comes to technical analysis, the price of Gold is not trading at a price where oscillators are indicating the instrument is overbought. The Relative Strength Index currently trades at 68.88, outside of the overbought area, since Gold’s price fell 0.65% during this morning’s session. However, even with this decline, the price still remains 0.40% higher than the day’s open price. In terms of fundamental analysis, there continues to be plenty of factors indicating the price could continue to rise. However, the price movement of the week will also partially depend on the employment data from the US. The US is due to release the JOLTS Job Vacancies for February this afternoon, the ADP Non-Farm Employment Change tomorrow, and the NFP Change and Unemployment Rate on Friday. If all data reads higher than expectations, investors may look to sell to lock in profits at the high price. Key Takeaway Points: Gold’s Rally Continues – Up 17% in 2025 as investors seek safety from inflation, recession fears, and trade tensions. Trade War Impact – New US tariffs and potential retaliation from China, the EU, and Japan drive uncertainty, boosting Gold demand. Weak US Dollar – The Dollar’s struggle supports Gold’s rise due to their inverse correlation. Gold’s Outlook – Uptrend may continue, but US jobs data could trigger profit-taking. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date: 31st March 2025.   Trump Confirms Tariffs on All Countries, Sending Stocks Lower.   The NASDAQ continues to trade lower due to the US confirming the latest tariffs will be on all countries. In addition to this, bearish volatility also is largely due to the higher inflation data from Friday. The NASDAQ declines to its lowest price since September 11th 2024. Core PCE Price Index - Inflation Increases Again! The PCE Price Index read 2.5% aligning with expert forecasts not triggering any alarm bells. However, the Core PCE Price Index rose from 0.3% to 0.4% MoM and from 2.7% to 2.8% YoY, signalling growing inflationary pressure. This increases the likelihood that the Federal Reserve will maintain elevated interest rates for an extended period. The NASDAQ fell 2.60% due to the higher inflation reading which is known to pressure the stock market due to pressure on consumer demand and a more hawkish Federal Reserve. Boston Fed President Susan Collins recently commented that tariffs could drive up inflation, though the long-term impact remains uncertain. She told journalists that a short-term spike is the most probable outcome but believes the current pause in monetary policy adjustments is appropriate given the prevailing uncertainties. Although, certain investment banks such as JP Morgan actually believe the Federal Reserve will be forced into cutting rates. This is due to expectations that the economy will struggle under the new trade policy. For example, JP Morgan expects the Federal Reserve to delay rate cuts but will quickly cut towards the end of 2025. Market Risk Appetite Takes a Hit! A big factor for the day is the drop in the risk appetite of investors. This can be seen from the VIX which is up almost 6%, Gold which is trading 1.30% higher and the Japanese Yen which is the day’s best performing currency. Most safe haven assets, bar the US Dollar, increase in value. It is also worth noting that all indices are decreasing in value during this morning's Asian session with the Nikkei225 and NASDAQ witnessing the strongest decline. Previously the stock market rose in value as investors heard rumours that tariffs would only be on certain countries. This bullish swing occurred between March 14th and 25th. Over the weekend, President Donald Trump indicated that the upcoming tariffs would apply to all countries, not just those with the largest trade imbalances with the US. NASDAQ - Technical Analysis In terms of technical analysis, the NASDAQ continues to obtain indications that sellers control the price action. The price opens on a bearish price gap measuring 0.30% and trades below all Moving Averages on all timeframes. The NASDAQ also trades below the VWAP and almost 100% of the most influential components (stocks) are declining in value.     The next significant support level is at $18,313, and the resistance level stands at $20,367.95. Key Takeaway Points: NASDAQ falls to its lowest since September 2024 as the US confirms tariffs on all countries, adding to inflation concerns. Core PCE inflation rises to 0.4% MoM and 2.8% YoY, increasing the likelihood of prolonged high interest rates. Investor risk appetite drops as VIX jumps 6%, gold gains 1.3%, and safe-haven assets outperform. NASDAQ shows strong bearish momentum, trading below key technical levels with support at $18,313 and resistance at $20,367.95. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • PM Philip Morris stock, top of range breakout at https://stockconsultant.com/?PM
    • EXC Exelon stock, nice range breakout at https://stockconsultant.com/?EXC
    • UTZ Utz Brands stock, watch for a bottom breakout at https://stockconsultant.com/?UTZ
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.