Any recommendations as to the best broker for pit traded grains? I'm looking to trade 1-5 lots in Beans, Corn, Wheat futures and options. I'd also want to be able to put in orders during the overnight ECBOT sessions. I'm currently using IB to trade various index futures and options, but it appears they won't be offering any pit traded contracts in the near future. Obviously, low commissions and slippage are key, but I'd also prefer a simple web-based order entry system. Any suggestions/input appreciated!
I just started using ProActiveFutures. I've never traded grains before but they're doing okay. www.proactivetrading.com
I've known a few brokers over the years and would recommed John T. at ; Cannon Trading Company 800-454-9572 is pretty shart with the grains since he also trades them, and is very helpful, with low commissions too! With a desktop trading platform that you'll be furnished with, you can always enter your own orders or call the night trade desk to put orders in durning the night session. If you don't find satisfaction there, I do know of another in Fla. but though he is second best, in my opinion, he is also hard to reach.....and that doesn't fit with times of urgency... Often brokers are so busy with dozens of clients that they will get back to you in a day or two...or the like...if ya know what I mean...so a broker that doesn't have poor service, is important whenever you need something done.. that's why I recommend John, [above] He believes in "service."
You negotiate with them. I pay $12 RT for all except NY contracts which are $14. I rarely trade pit though, so maybe you could do better. I do all my electronic trading through E Cry. They rock! They will do 4.50 RT, maybe lower for electronic. Jay
Shoppers also need to be very clear about getting an "all in" quote. Many brokers advertise their "commission" rate but then add on lots and lots of fees.
That seems low for pit. I tried openecry for pit trading but I don't trust their fills Take a look at http://www.lind-waldock.com/
i guess we all have our favorites. I have experience with Refco, RJO, lind and now rand (OEC's clearing house). this year i've traded over 2,500 pit contracts thru oec and my experience of the fills is that they are as good as any in the business. the most important aspect for me is relationship - does the broker care. in this regard oec stands out from the rest of this crowd by a mile.