Hello, Newbie here. Looking to get some insights from fellow scalpers. Trade: CL, NQ, YM Style: 4-8 pts/trade Sierra Charts Been out of trading for more than 3 years. Got back in on Friday. Took 400+$ out of the market - after commissions/fees ended up with 60 bucks end of day report. 70+ trades made on Friday. Need broker that is friendly to scalpers. Thanks.
Take a look at AMP. Depending on your account size, the High-volume-tiered pricing is one of the best that I know of, short of having an exchange membership. Here's direct link to the all-in cost calculator... https://portal.ampclearing.com/account/commissionquote.aspx
4-8 points per trade, and you call this "scalping"?! I'm trading the same things as you, with typically slightly smaller targets, and even I'm nowhere near being a "scalper".
High costs are inherently the cost of being a scalper. If your only taking 5 pips from the market and spreads + commission is 1pip then 20% of your pips are going to the broker. That is a HUGE cost per trade
If you don't mind getting up middle of night or have automation, Eurex exchange offers lower fees than all USA exchanges, and good price action when USA opens. Contact broker you want to exchange into Euro's currency and leave it in that currency, otherwise each trade you make back and forth you will be paying more fees for exchanging.
I'm sure he means ticks not points. Friday was a narrow range day there wasn't 80 4-8 point trades to be had.
I don't know anything about this, but seeing lots of ads for Tradevoate, which I believe is commissions free after you pay a monthly fee. Keep in mind that this means you'll still probably pay over $3 round trip, since this go to the exchange, but its still better than the $4.08 you're paying with IB. Next to that, you need to get some sort of membership for the CME which allows you discounts on those prices which I think are the bigger ones anyway. More money goes to the exchange rather than the broker from my understanding. Robert Morse will more than likely see this thread and reply, and he would be my go to guy for this question. He does of course represent a brokerage, so there will be some obvious conflict there, but he knows his stuff when it comes to brokerages.
Tradovate is interesting, but no support for 3rd party software like Sierra, which OP said he uses. And you got it correct, you pay a monthly "membership" fee, it's the brokerage commissions paid upfront, for all you can trade. Then only pay exchange and NFA fees and a small clearing fee per side.
Thanks guys. I'l take a look at all your suggestions. I got a buddy with AMP. Yes Friday was pretty much ranging. He seems happy with them. I'm trading with a company that AMP clears. I'm waiting to get an email response from them.