Advantage Futures X_Trader

F

FroggerMan

I was going to open an account with Advantage Futures using X_Trader for execution. With X_Trader they set maximum position limits, they don't use the margin requirements by the exchange. Because I trade 11 different products at the same time (not all at once though) I would need to hold $150,000 - $200,000 at Advantage to trade the same way with the same products that I do at IB with the full initial margin requirements in effect.

It's hard to believe that there is no way for X_Trader to enforce the margin requirements set by the exchange and monitor account values in a similar way as IB and most other software.

If anyone uses X_Trader at a different broker and could confirm how their positions / risk is monitored I'd be interested to hear from you.

Thanks
 
i've traded through newedge, advantage, crossland and goldman using x-trader. with all parties i had to set my "1-click" and total max working order (or max position) limits with my clearing firm.
 
Quote from FroggerMan:

I was going to open an account with Advantage Futures using X_Trader for execution. With X_Trader they set maximum position limits, they don't use the margin requirements by the exchange. Because I trade 11 different products at the same time (not all at once though) I would need to hold $150,000 - $200,000 at Advantage to trade the same way with the same products that I do at IB with the full initial margin requirements in effect.

It's hard to believe that there is no way for X_Trader to enforce the margin requirements set by the exchange and monitor account values in a similar way as IB and most other software.

If anyone uses X_Trader at a different broker and could confirm how their positions / risk is monitored I'd be interested to hear from you.

Thanks
More...

Hi FroggerMan,

Any broker offering X_TRADER should be able to set your position limits based on their intra-day margin requirement for the product, and your account balance.

Best regards,
 
Yeah, I have clients clearing Advantage using both TT and CTS and they get 4:1 intraday buying power on spreads, and of course overnight they get the SPAN inter/intra market margin credits. BTW, these are non-member 'retail' rate guys who are leasing the execution platform software on a RT per trade basis.

So, definitely doable - you need to get specific with your account rep about your strategy it seems. Your rep, in turn, needs to work with the risk mgr. and modify your master account settings.

The worst risk system I have ever seen was PATS in terms of intraday margining.
 
Yes, they said after they got to know me they would give me 4-1 buying power. I just think that is an awful system using max positions instead of just calculating margin in real time. For people that just trade a few products I'm sure it works fine but for me trading 11+ products at different times it just doesn't make sense. I would be wasting so much capital just holding it at the clearing firm for the amount of margin I would actually be using.
 
Quote from FroggerMan:

Yes, they said after they got to know me they would give me 4-1 buying power. For people that just trade a few products I'm sure it works fine but for me trading 11+ products at different times it just doesn't make sense.
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Agree - we require access to a tremendous number of products in every space and exchange; Advantage doesn't offer LME metals or we would need that as well.

Our 'saving grace' is the fact that we are spread traders and of course the margin credit for those positions is substantial - for example, we can carry a GE Z1-Z2 spread for $567 in terms of SPAN overnight margin.
 
Just a little update to my thread. I spoke to Crossland for clearing with TT and they said they would be happy to accommodate me and my requested position limits for a much lower deposit. They were more understanding when I explained my situation and told them the variety of products that I traded. Their commissions are inline or maybe even a little better than advantage and their service is great too.

If something changes I'll post an update but I think I should be happy there.
 
I also have many clients clearing Crossland. A great firm and I have not heard negative things about them from my clientele.
 
Quote from FroggerMan:

Just a little update to my thread. I spoke to Crossland for clearing with TT and they said they would be happy to accommodate me and my requested position limits for a much lower deposit. They were more understanding when I explained my situation and told them the variety of products that I traded. Their commissions are inline or maybe even a little better than advantage and their service is great too.

If something changes I'll post an update but I think I should be happy there.
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i am in decision process also between AF and Crossland (maby Vision).
could you give us some numbers about comms at CL?
 
Had a quick look at Crosslands website and cannot see their R/T rates.

Any idea what they are and also what do they charge for TT?

Thanks in Advance
 
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