I am a newbie and want to trade Currency Futures. Can anyone please suggest a good broker/dealer to trade the same on Globex? My starting capital won't be more than $10000. Is anyone her using Lind Waldock? How is it?
Years ago I started out with Lind Waldock - I had a great broker, but unfortunately, he needed to make a living too, so I was unable ever to get a real break on commissions. But my experience with Lind was very very positive. Today, I trade through both Interactive Brokers and (due to IB's increased day trade margins) I have also started trading through Infinity Futures, and introducing broker to Transact Futures. I have been very pleased with Infinity thus far - I've been trading with them since November 2008. Nearly all of my day trades are now conducted through Infinity. As far as currency futures go, I trade primarily the Euro, though I occasionally trade the Pound, Swissy,and Yen. Best Wishes, ddaytrader
$10k isn't a whole lot for trading futures. A EUR contract is 125k Euros (62.5k for the mini) so an abrupt move in the wrong direction and you've either stopped out or in big trouble. You can trade forex in much smaller increments. Just something to consider.
ddaytrader Thanks for the recommendations. I have 2 more queries. Hope you will answer them. 1. Why don't you use Transact directly instead of going thru an introducing broker? 2. Is Interactive Brokers clearing memeber of CME? Archie
Neither Trans or IB are clearing firms. IB is an....IB - introducing broker. You may want to trade directly w/ a clearing firm & get set up on J-Trader, etc.
Hurricane, I know that $10000 is not whole lot for Currency Futures trading. Thanks for reminding me. But can you suggest any broker / dealer to trade the same? Archie
Your wrong about that. The IB Group is a member and clearing firm on the CME. http://individuals.interactivebrokers.com/en/general/about/exchange_memberships.php
I was referred to my Infinity broker, Josh Harris, by a friend of mine. Josh and his partner Patrick Zeilbauer are tops with respect to customer service. I am by no means a big trader with Infinity, but they treat me as though I were swinging 100 cars daily. My experience with Josh and Patrick at Infinity is comparable to the level of service I got from Lind Waldock, but I pay only 10% of the commissions I was paying to Lind. Maybe if I were trading size with a 7 figure account then a direct account with a clearing firm would make sense. But customer service as well as cost effective commission structure is important to me. If Josh and Patrick went somewhere else were the fees and technology were comparable, I'd follow them. Best Wishes, ddaytrader