CME Membership

[hilmy83]

Leasing a membership will save me a lot of money on exchange fees, but I'm concerned about the application process. It's $2k just to apply, which is fine if I'm guaranteed to get approved, but the application is intimidating. The questionnaire makes it sound like it's a pretty exclusive club. I don't want to blow $2k on an app just for them to turn me down. Does anyone know the acceptance rate for their membership? Ever heard of anyone getting denied, and for what reason?

Dude, -2k is like having a bad trade. relax.

 

[MarkBrown]

I don't intend to ever buy. It's my understanding leasing still requires the $2k application fee? Do they ever reject people from leasing?

with your entitled attitude you will get denied. save your 2k...

 

[mervyn]

es one tick is 12.5, minus round trip commissions, you still make some.

 

[trend2009]

how much do you pay cme fee right now?

 

[hilmy83]

how much do you pay cme fee right now?

all retails pay the same CME fees dude

 

[traderzhang]

how much do you pay cme fee right now?

I haven't started trading yet, so $0 . I just opened an account with Optimus Futures yesterday. Building API connection with CQG market data and FIX will take another 2 weeks. Backtesting executes ~15k trades per day on ES with an average profit of <$5/trade. So I guess multiply $1.33 CME fees * ~15k per day. I expect real life to eat me alive. Hopefully there will still be a little profit left after fees and bad fills.
edit to add: I'm backtesting with only 1 contract, but theoretically, it could be more contracts per trade between 8:30 and 17:00 when there's more volume, so the CME fees would add up quickly if my strategy is viable in a live environment. A lot of that viability depends on the fees.

 

[mervyn]

another billionaire in the making

 

[traderzhang]

another billionaire in the making

depends on the the currency conversion rate between backtesting dollars and USD .

 

[newwurldmn]

I haven't started trading yet, so $0 . I just opened an account with Optimus Futures yesterday. Building API connection with CQG market data and FIX will take another 2 weeks. Backtesting executes ~15k trades per day on ES with an average profit of <$5/trade. So I guess multiply $1.33 CME fees * ~15k per day. I expect real life to eat me alive. Hopefully there will still be a little profit left after fees and bad fills.
edit to add: I'm backtesting with only 1 contract, but theoretically, it could be more contracts per trade between 8:30 and 17:00 when there's more volume, so the CME fees would add up quickly if my strategy is viable in a live environment. A lot of that viability depends on the fees.

First make real money. then figure out how to get a seat on the CME.

 

[trend2009]

I haven't started trading yet, so $0 . I just opened an account with Optimus Futures yesterday. Building API connection with CQG market data and FIX will take another 2 weeks. Backtesting executes ~15k trades per day on ES with an average profit of <$5/trade. So I guess multiply $1.33 CME fees * ~15k per day. I expect real life to eat me alive. Hopefully there will still be a little profit left after fees and bad fills.
edit to add: I'm backtesting with only 1 contract, but theoretically, it could be more contracts per trade between 8:30 and 17:00 when there's more volume, so the CME fees would add up quickly if my strategy is viable in a live environment. A lot of that viability depends on the fees.

is your profit margin is so low, how can you make it profitable?