Cheapest Data & Broker

[Theodocious 10]

Hi All:

 

I am working to setup a futures trading system and am leaning towards Ninja. My question is what else will I need to be operational. Here's what I plan to do:

 

1) trade the futures products from CMEgroup only

2) need real-time tick and historic data

3) dont need real time news

 

Can anybody give me the lowdown on the best and most economical data vendor and broker?

 

And, please no replies from Ninja employees. I want no bias.

 

Thanks,

Theo

[wjrusnak 10]

Hey Theodocious.

 

I have been using Tradestation for a while and most recently I started using NinjaTrader with the Zen-fire feed and AMPFutures as my broker. Here's what I know:

 

Tradestation:

 

Comm: 4.70 round-turn for the eminis (S&P and NQ); not sure if you're trading larger things also

Platform: Free if you make 10 trades a month (shouldn't be too hard )

Data: You have to pay like $1 ea. for NYSE, NASDAQ, etc. stocks, but this is nothing. The only fees I didn't like were the fees on futures data: $10 or $15 for the CME data and like $10 more for CBOT (all emini); Standard full CME data is more (maybe like $50 a month)

 

All said and done, I didn't mind Tradestation as a broker. The platform isn't bad either once you get used to it.

 

BOTTOM LINE: FREE (with 10 trades a month); Data $15-65/month (depending on your needs); 4.70 round-turn

 

Ninja with AMP:

 

Comm: 4.80 round-turn for eminis

Data: Free

Platform: Free unless you want to upgrade to the "real" version which includes automation, the ninja script stuff, and OCO orders, etc. This will cost you $60 a month or I think a larger one-time fee. Overall I do like the platform, but its semi-inconvenient not to be able to automate stops. If you have the cash I'd definitely recommend the paid version.

 

Only problem I'm having is that zenfire will not give you the TICKQ for nasdaq or any other exchange since its not a futures data. Otherwise I do love ninja for order entry. And I still have Tradestation so I'm also getting the TICKQ on my other screen.

 

BOTTOM LINE: FREE (unless you upgrade to $60/mo. version); 4.80 round-turn

 

Hope that helps a little.

 

-- Bill

 

EDIT: Both brokers have historic and tick data. Tradestation does not have anything smaller than 1 minute for time though (No seconds charts if you would need that, but the 3-tick chart is working just fine for that)

[Theodocious 10]

Many thanks Bill.

 

-Theo

[Doppler Bob 10]

I was asking this question in my head, and you answered it before it could be asked. Thanks a ton!

 

I was looking at leverage rates on the Tradestation site... what amount of money will I need in my account for each contract?

[wjrusnak 10]

I was asking this question in my head, and you answered it before it could be asked. Thanks a ton!

 

I was looking at leverage rates on the Tradestation site... what amount of money will I need in my account for each contract?

 

 

You need at least $5000 in the account for a non-IRA account. As far as what you need per contract for a particular instrument, below is a link to the initial margin requirement for each. One example is for the ES: you would need 25% of $4500, so $1125 per contract. This is much higher than say Ampfutures, who requires that you put up $400 per contract.

 

http://www.tradestation.com/LW_Reports/report.pdf

[Theodocious 10]

I am going to be making a decision between:

 

PFGbest

AMP

Zaner

 

in the next few weeks. I will post back and update you guys on my decision.

 

-Th