SProbability Once a trader is doing more than 30 Round Turns daily, then they would switch to the monthly fee. $4.90 Round Turn +($525 for the month)
Or) Once a trader is doing more than 7650 round turns per year, then they would switch to the annual fee. $37485 + ($6300 for the year)
Hi mark, I'm the Nick K that contacted you today... I got the application through email and will be sending it out by sat..... 5.90 a Rt seems to be a fair commission for jtrader.... I don't want to pay the fee since I am new to the S&P and don't expect more then 2 to 4 RT a day.... Also keep in mind that I will be splitting my acct between your firm and IB. thanks ... Nick
The pricing appears reasonable, but does anybody have any experience with them? How reliable is their system and who carries the can when there is a system outage? The bottom line is - are they more reliable than IB?
Mark, Can you do me a favour and log into J-Trader and with symbol ES or NQ, go to the futures order pull-down menu. Next to the "Stop-Limit" order, is there an asterix or not? Thanks.
Well, I was hoping for an answer first! An asterix means that the order is held locally on your PC and not held on the exchange servers. The so-called "advantage" in this is being able to 'hide' your stops. I consider it a major disadvantage because the 1-3 seconds resulting delay in executing the order can mean an extra tick slippage. Plus, if your PC blew up ...bang goes your order. Plus the liquidity in the ES/NQ is so great that the notion of needing to hide your stops is silly. Some versions of J-Trader come with both asterixed AND non-asterixed stop/stop-limit orders. This is the ultimate flexibility cos you can choose each time. However, some versions of J-Trader come ONLY with asterixed stop-limit orders. I want to know what version he's got! In the past, I've previously posed the question to a prospective broker thus: "Are your stop-limit orders held resting on the exchange servers". It always gets the answer "sure, of course they are" even when that's not true. This may be true of their stop orders but not their stop-limit orders. Some brokers just don't know their own software! So I rephrase it a different way: tell me what you see on your screen? Then I get the actual answer I'm looking for. I use stop-limit orders (for entry) 100% of the time. A system that doesn't timestamp and hold them on the exchange servers is no good to me. $5.90 RT suddenly becomes twice that if I'm paying uneccessary slippage. Anyway, my cover is blown, so now I risk getting the unqualified answer "Of course our orders are held on exchange servers"!!
I have an account with Advanced Futures and am very satisfied with them, their clearing house (GHCO) and the platform I'm using (X_Trader). My VPN connection is very stable and I have yet to personally experience any outages. I'm not expecting anyone to carry the can for me when there's an outage - all I want to be able to hear is a human voice on the other end. And that goes for when my PC or DSL connection is on the blink as well. I have no previous experience with IB.