I had an account w/REFCO, but closed it this week. I'm pretty sure the part of REFCO I dealt with is not affected by all the nonsense going on w/the rest of the company, but why take a chance. Until the dust settles, I'm looking for a new broker. I am strictly a discretionary trader and I don't trade terribly often. So I do not need a great trading platform, nor am I concerned with the lowest commissions (I don't want to get gouged either!). Any recommendations?
How about IB i am planning to use it also i was trading on the simul with refco but have to plans in opening an account with them as i am scared with all the talks going on i think IB is decent
What markets do you trade? What kind of technology do you want/need? What level of service do you expect and need?
I trade mostly interest rate futures. Occasionally FX or Ag. I have no technology needs - at least from my broker. I have no need for advice from a broker. I just need an order-taker.
Assuming you mean FX futures and not spot forex: Goldenberg Hehmeyer and Co. (GHCO), Alaron, FC Stone, RJ O'Brien, Calyon, Cadent Financial will all give you a desk to call your orders in, and online if you want it.
I like IB however in commodities you still better to get open outcry access and be able to call in/email an order. Spreads trading is the only way to go with commodities.
I currently have an account at GHCO with Global Futures as introducing broker. Can I get rid of Global and deal with GHCO directly? What difference does introducing brokers make?
my opinion --- go with Transact and get TradeMaven for a platform --- all kinds of cool and upgraded features will be here soon for TradeMaven {I think January of 2006 --- should be known by the Dec 13th trade expo}.
A good IB will often provide a level of service that the FCM cannot for the smaller or newer trader. Some IB's also work with funds and larger traders due to relationships over time and a continuation of service they can offer. Think of an IB as a sales and serve arm of the FCM. If you do not need much service and/or are large enough some open with the FCM. You can often negotiate better rates than with an IB. But do not expect any trading guidance on order entry, etc. You should know what you are doing. If you are happy with your IB and the clearing FCM, no reason to change that I would think.
If you're just looking for execution and competitive commissions, check out ProActive Futures. They are an IB of Alaron and I switched to them and got much better rates than dealing with Alaron directly.