PATS system vs TWS

Discussion in 'Retail Brokers' started by mbradley, Jul 17, 2001.

  1. I am looking for the viewpoints of experienced emini traders with regards to PATS J Trader platform vs Interactive Brokers TWS. I would like to hear all viewpoints with regards to the technology and the brokers. Especially, some of the small brokers who use the J trader platform and from traders who have been on both systems. BTW, is the J trader a subsidary of PATs, or can someon explain the exact relationship between PATs, J trader and the brokers who use them.


  2. Patsystems is an Independent Software Vendor(ISV) which provides sotware to FCM's and IB's who in turn provide it to their clients(usually for a fee of approx $600 U.S. per month, or as a per transaction cost). Patsystems has develop the software/system for trading futures/stocks/options. J trader is the internet version for retail traders.

    Interactive Brokers has their proprietary software call Trader Work Station(TWS). They provide it at no charge to their clients. They also licence it out to FCM's and IB's.

    Here is a list of FCM's and IB's and the software they provide:

    Here is a list of ISV's approved by the CME:

  3. Thanks for the reply!

    Have you or anyone else had experience with both of these and could compare TWS to J trader. Or, if you prefer, since I know a little about TWS, what do you or anyone else like and dislike about J trader platform.

  4. DaveN



    I've traded both the TWS and JTrader. About 2500 trades on TWS and only around 300 on JTrader so far (it's the platform that I'm currently using). I think they are both excellent programs, and I really have nothing negative to say about either.

    The differences will depend on your personal tastes and trading style. I've found that JTrader is highly customizable, which I really like. TWS is somewhat less so. Both systems are very fast, but in the case of JTrader, I've been able to customize it to send my order to Globex2 in one click. ****I would caution anyone to be extremely careful before doing this.**** It is a very powerful feature which can be a really good thing or a really bad thing. I like the portfolio viewing features in JTrader. It'll show you your tick by tick P/L by symbol. (I'm an ES and NQ trader, so mine's pretty much a two liner.) In TWS, you'll see your account balance in total tick by tick--again, just a matter of preference.

    PatSystems is the software company that makes and upgrades JTrader. Many brokers use the software and pay a license fee, so it's popular and well supported. I know of brokers that will charge their customers for the use of the platform. Mine does not, but I'm doing a fair volume of trades--for a small fish trader, that is.... Each Introducing Broker will have different requirements, so go through the details with any you are interested in.

    The technology and speed of both are comparable--quite fast. Trading the Globex on either of these platforms is like trading the ISLD ECN. If you hit the bid or ask with a limit order, you are filled within a second.

    I hope this answers your question. You won't go wrong with either platform. Your choice will probably be better directed based on the brokerage relationship that you prefer: commission structure, daytrading margin, support, etc.
  5. Knyyt


    Anyone know of a Patsystems broker that matches or beats IB on commissions in regards to futures ?

    IB= 2.95 per side includes fee's
    PatSystems broker= ?

  6. virgin



    Yes, the broker that you are looking for will be
    They charge 5.2,-$ RT but a monthly fee of 500,-$
    but once you pass the 500,-$ with your trades commissions
    you only pay your commissions.
    So the breakeven would be 96 trades a month, that's about
    5 trades a day.
    The minimum for an account is 7500,-$ and they give 50 %
    daytrading margins.
    These guys only seem to accept professional traders
    but no special requirements for that.
    That's for trading the E-mini's.
    I'm still with Interactive but ....
  7. DaveN


    I agree with virgin. I just want to add that they don't have a monthly charge for JTrader as well. The $500 minimum is the only real consideration if you're not making the breakeven 5 RT/day.

    Elocaltrading is who I'm using. Their service and support have been excellent, in addition to the great commission structure!

  8. Just to clarify, If I rack up 500.00 in commish, then J trader is FREE? And if I don't, then it's 500.00 per month?

    The round trip fee is tempting, but my style is not five RT's a day. I think that would encourage a lot of overtrading on my part.


  9. DaveN


    Hi Mike,

    The best way to think of this is that you will pay the $5.20+/- per trade. If you don't do $500 per month in commissions, your account will be charged $500. If you do over $500 per month, say for example $780, then you'll be paying $780 in commissions that month.

    There is no base charge for using the JTrader at ELocal. I know of some brokers who charge an extra $50 per month for it.

    You are exactly right in considering that this might encourage overtrading. It does. If you style is less than 5 trades per day, then look at your monthly costs and decide what is best for you. Unless you have a system or a trading approach thay you can confidently make that many or more trades per day, you are inviting disaster trading something like the ES or NQ.

    I hope this answers your question.