Even getting cut rates you're still going to be getting heavy exchange fees, this will eat into your costs much more than broker commissions.
Exactly. I remember a thread here a while ago where one guy was arguing about how someone, maybe it was even that Tradevocate was saying zero commissions, and yet, he was paying over $3 per round trip. The reply was that those fees go to the exchange and aren't broker profits. So from the point of view of the broker, they weren't charging commissions, but from the point of view of the trader, he was still spending over $3 for each and every single trade. The only way to really cut costs is via a seat at the exchange or whatever that entails. HFT firms that do a crap load of trades pay pennies. So for them, its very easy to scalp for 1 tick profits because they make almost the entire $12.50 on the ES spread, but if they get in and can't get out for the tick, they can often get out at the same price. For them it means losing a few cents, for you and I it means losing over $4. After reading this, it made sense to me why scalping is dead for the retail guy. (and the historical definition of scalping is going for a tick, not 4-8 ticks)
Gotcha, If you are asking about memberships, I would not suggest anyone lease a seat unless they have a lot more volume than the break even and will trade for more than the lease period. This does happen from time to time, and the trader gets stuck with a fixed costs and no income. pariahfx, Our rates using Realtick start at $0.60/side plus costs if that helps. Realtick is around $100/month + market data. Our minimum account size is $25,000 USD and we can offer up to 25% of SPAN margin for day-traders. The account would custody at Wedbush futures with Lightspeed Trading as your broker. https://www.lightspeed.com/trading-platforms/realtick-pro-and-express/realtick-platform-features/ https://www.lightspeed.com/pricing/commission/#futures Email me directly to set up a call for Tuesday if you have more questions. Bob
Yep has to be some sort of membership it's the Exchange fees you need to get down, unfortunately you say you trade CL,NQ,YM which is 3 different exchanges. Good place to start is CME s own website, I was looking the other day but for not for this same combination. If you average 70 r/t s a day full time that's 1200-1400 per month so min $2400 in exchange fees, so well worth some sort of membership.
$31.25 per tic should scare the shit out of any trader trying to get back into the business of trading., after such a long hiatus.
Yes but he could reduce tick profit target some and get better tick size to cost ratio. Although if he's used to the faster thinner markets, he may not like the treasuries.
I have multiple broker accounts tied to NT8 for my futures automated trading systems on Ninjatrader. I also now use AMP for MT5 futures trading. I use FX Choice (Belize) tied to MT5 for my automated "grid trading" systems. I have other grid systems running on MT4 through Tallinex (sorry, they no longer take US customer). Hopefully, in the next year the Trump administration can scuttle the horrid Dodd-Frank law and we can get some better FX broker options to open up for US customers. For instance, I never use FXCM tied to Ninjatrader for forex trading. I will only trade forex with standard rules and I refuse to use any forex brokers stuck within the junk Dodd-Frank regulatory constraints.
Final point, I would love to move some of my forex grid systems over to MultiCharts but they still to this day do not have "custom bar type" solutions that I need. MultiCharts - COM'ON MAN...are you kidding me!!! LOL! It sure seems like AMP has made a brilliant move by adding MT5 to the mix for futures traders. These same traders can go connect that platform to a range of forex brokers for a solid solution to cover both futures & forex trading.