What Platform is Used to Trade Futures?

[twentyone 10]

in currencies, mt4 seems like the more popular choice for trading, what about futures? is there any demo account?

[TheNegotiator 13]

It's very easy to get started with Ninjatrader. I think you should be able to take a 1 month free trial with a broker which will give you live data.

[mj_07_nc 10]

The best bet, in my opinion, for getting up and running with futures is ThinkorSwim (TOS) which is now owned by TDAmeritrade. I don't think that ThinkorSwim is the best platform for an experienced futures trader who is profitable but you can't beat it to get started.

 

What makes it so great for a beginner is the following:

 

1) It's free, including all data for all of the futures exchanges. This would cost you up to $200 a month if you had to set up a datafeed with another broker.

 

2) You can set up an account at TDAmeritrade online in 5 minutes and get access to the TOS platform without funding your account. They give you the ability to demo the software for as long as you like...without having to deposit a dime.

 

3) The TOS platform has all the bells and whistles of the best futures trading platforms inlcuding sophisticated charting and a DOM for order entry.

 

Take a look and see what you think. Paper trade with TOS for awhile and get a feel for the market. If you are making money then I would consider looking at the following combination for a futures trading platform:

 

1) Market Delta or IRT Charting software (these two charting platforms are identical except that MarketDelta gives you something called a footprint chart which is just an added feature. IRT costs $50 to $70 a month and MarektDelta is anywhere from $100 to $200 depending on the features you want.

 

2) IQFeed for your historical data. Futures data costs $83 per month and you avoid exchange data fees if you set up an account with one of IQFeeds partner brokers.

 

3) Infinity Futures for your broker. They have low margins ($500 per Emini contract, although I don't recommend using anywhere near that amount of margin) and a good DOM order entry system. Also, their commissions are reasonable on the retail side...about $5.00 per round turn.

 

I currently use the above setup...MarketDelta for my charting, data from IQFeed and brokerage services with Infinity. I love it. However, if I was just starting to learn the market, there is no way I would go with anything other than ThinkorSwim. All in I pay $225per month for my setup. You can do the same thing at ThinkorSwim for free and don't even need to fund an account to demo their software and papertrade. Let me know if you have any questions.

 

Mike

[xioxxio 10]

It all depends on what you are going to do, the style of trading. Are you going to build strategies what level of programming experience do you have. I don'd think there is a best system.

 

Also consider brokers, make sure your broker is compatible with the software you are using.

[brownsfan019 17]

There are plenty of futures brokers that's for sure. Make sure you get a demo of any software you are considering. I personally use Open Ecry and we have a little support area right here on TL for them. With OEC you will get free data to just about any market you might want to look at and a free platform, which is very nice IMO. The platform comes with charts and DOM to enter orders. If you need more than the standard OEC charts, you can take that data and plug into other platforms too, so at least save the cost of data.

 

Just make sure you demo a few platforms and whatever you settle on, get to know the order entry methods so there's no questions when real $ is on the line.

[Tams 20]

in currencies, mt4 seems like the more popular choice for trading, what about futures? is there any demo account?

 

anything but OEC is ok.

[brownsfan019 17]

anything but OEC is ok.

 

Lol Tams. You have an actual reason for that?

 

Too funny, some people around this place.

 

Go ahead an EXPLAIN why OEC is not good. I'd love to see you actually explain this w/ facts. Or we can just pretend like I didn't ask this question and you can keep just following me around.

Edited September 24, 2011 by MadMarketScientist
language

[SpearPointTrader 10]

I have to use IraChart because that is all my broker offers. It's a great system, however there are a few features it lacks. For example, the basic live feed does not have unlimited charts.

 

I also use a cheaper delayed data charting system from E-signal, which I think is awesome for my initial searches. It has unlimited charts, and allows me to store charts with good looking set ups in a favorites folder to open later; in order to perform a deeper study.

 

E-signal has a live streaming version as well, that seems to work with every broker but mine. I'd use it as a single platform if I could.

[zdo 20]

Also look and see if TradeStation platform is personally compatible for you ...

(Platform recommendation only - it's not the best brokerage in the world but adequate for electronically traded instruments for most traders...

I do give them enough business to keep the platform free... often in the first or (if I forget )last five minutes of the 'month' ) hth

[TheDude 10]

Lol Tams. You have an actual reason for that?

 

Too funny, some people around this place.

 

Go ahead an EXPLAIN why OEC is not good. I'd love to see you actually explain this w/ facts. Or we can just pretend like I didn't ask this question and you can keep just following me around.

 

In fairness, I did hear OEC had an outage late last month. If you're a new day trader with a smallish account, such an outage could easily put you out of the game, especially when every other user has been shut out and every one is calling the desk to cover - so you cant get through to the desk. Ouch! :crap:

 

To answer the original question though - I'd say X Trader is the best, hands down. Of course, we're all going to say the best platform in the world is the one we personally use - if we didnt think it was the best we wouldnt use it!

 

We have to remember that we tend to get what we pay for. Given every dime is more important to the new trader than the big trader, I'd say it's more important for a new (serious) trader to invest in good equipment - so long as that cost wont put him too far behind of course.

[SpearPointTrader 10]

Options Express was not only down, but thier phones were as well.

[Dutchie 10]

in currencies, mt4 seems like the more popular choice for trading, what about futures? is there any demo account?

 

Hi,

 

Try Brocompany.com. They offer the MT4 platform that you can trade a multitude of Forex pairs, Futures, Stocks and Indices with.

They also offer demo accounts with free streaming charts. For all assets!

 

Happy Trading!

 

Cheers,

 

Peter a.k.a. Dutchie

[Ninjatrader_Staff 10]

NinjaTrader is an award winning widely used platform for futures trading.

 

You can learn more about it here - NinjaTrader stock, futures and forex charting software and online trading platform. Tour and Features.

[maguiredan 10]

Go ahead an EXPLAIN why OEC is not good.

 

I use OEC because 1) they have a very good API to Collectie2 for autotrading; 2) they are connected to a larger number of futures exchanges than many other brokers, e.g. IB; 3) they don't charge for market data.

 

However, 1) I don't think OEC is a very good software platform at all. It is rigid and has an old fashioned design. It is not nearly as flexible and user-friendly as IB's software. 2) The other day they had a complete technology outage and you could not use their system for 2 hours or so during the trading day. 3) Their commissions are high, especially for autotrading.

[TheNegotiator 13]

NinjaTrader is an award winning widely used platform for futures trading.

 

You can learn more about it here - NinjaTrader stock, futures and forex charting software and online trading platform. Tour and Features.

 

Yes, but you still need to release a version with a better and more customisable DOM window!!!

[BigAl_LBL 10]

For discretionary or high frequency futures trading the answer is X_Trader, X_Trader, or X_Trader by Trading Technologies. If you are not doing enough size to warrant the monthly fee then use Velocity as broker; They offer a pay per transaction (i.e. slightly increased commission) method of payment which is ideal for <1500 rt.

If you think you need charts or want to develop systems and want a tool for rapid prototyping, data mining, back-testing and running automated strategies etc try NinjaTrader (cheap) and/or CQG(pricey but still only half full X_Trader Pro) or some such to complement X_Study.

[SpearPointTrader 10]

I am fairly certian E-signal works with Options Express, so you may want to look into that as well.