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Jeb, Thank you for your thoughtful response. I agree with your post - since I'm brand new to futures trading, I was thinking that I would only execute 1-lots until I get in the "zone" I actually spoke with someone in the customer service dept and they told me that my anticipated trading hours (9pm thru midnite) would be considered intraday margin since I wouldn't be trading a position at (hypothetically speaking) 2pm and taking it into the next trading session which begins at 4:30pm. Who is correct? Thank you very much guys!
Is there anything suspicious about Velocity Futures that I should be wary of? I didn't think that the same issues that affect typical stock prop firms would affect a company like Velocity Futures but I would definitely appreciate all opinions on the matter. Thanks so much for the replies!
Is there anything you should know about Velocity? Well, you should know that like a lot of other vendors and brokers, they're not immune to technical difficulties. For instance, today X_STUDY has been down for the entire day and has yet to come back online (although its important to note that X_TRADER has functioned properly without any problems from what I can tell).
Velocity is a decent firm for trading futures... responsive.. good tools and web portal. They use TT Infrastructure and price feeds. Fast Fills! They also clear trades... One stop shop so to speak... Intraday Margin applies for all positions opened and closed during one trading session... ie.. 3:30pm - 3:15pm the next day. Overnight margin is applicable for positions that are left open at 3:15pm. Some brokers may have a cut off time of 2:45pm to give you notice to square your account. Overnight trading and margins should only apply to positions open through session close. Unlike FDIC insurance your trading account i believe is insured up to $2M. // Correction // // Correction: "Among the investments that are ineligible for SIPC protection are commodity futures contracts and currency, as well investment contracts (such as limited partnerships) that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933." Overall Velocity is a good firm for high volume futures traders that know what there doing.
Is my money insured? No. There isnât any insurance in the Futures Industry as there is in the Banking or Securities Industry. Thats what they say on there homepage )) If you are a high volume trader, go to Advantage Futures.
After the Sentinel debacle IMO one would need rocks in their head to keep money in a Velocity account.
If you're not doing much trading it's probably not a bad way to start. Their support has always been good to me but occasional issues with X Study charting is a pain. Maybe okay for a backup account in the long run. Compare with several other firms offering X Trader that are better capitalized. Also, as others have said once you make over a certain number of trades per month, you're better off paying the X Trader fee and getting the reduced commision. You can also get a TT Sim account but it's not as good/fast as using the real live data.