I am looking for a broker also.
I just ran across this group (http://www.daytrade4less.com).
They advertise:
"Minimum size to open an account is $2500, commission is $10 round turn, minimum account size of $5000 for PATSystem. Day trade margins are $1000 for mini S&P, and $1500 for mini
NQ."
Any one have knowledge/experience with them?
I just ran across this group (http://www.daytrade4less.com).
They advertise:
"Minimum size to open an account is $2500, commission is $10 round turn, minimum account size of $5000 for PATSystem. Day trade margins are $1000 for mini S&P, and $1500 for mini
NQ."
Any one have knowledge/experience with them?
I currently have an account directly with PMB. If I had to do it over, I would open an account with Global instead. I might still switch to Global if I get active again or take a look at eLocal. Ofcouse I can't transfer my account from PMB to Global since Global clears through PMB. I would have to close PMB and open a new account at Global.
I have talked to them and this is what I know about Global. They are an IB (Introducing Broker) for several firms but if you're using J-Trader, they will clear though PMB. The funny thing is that they offered me better rates than my current broker at PMB. Going through PMB directly does not always mean you will get better rates. It all depends on the AP (Associated Person or broker) you go through. Global says that they can get you good rates since they do 40% of PMB's volume and so they have more leverage at PMB than any of PMB's brokers.
Here is a little known fact I'll share with you... at most firms that offer J-Trader, you can also get IBW. Not the retail version, but the institutional version. The interface is the same as the retail version except that you don't have real time account equity window. With the institutional version, you can trade a lot more products; the big SPUs for instance. Typically, your commission will be higher than getting the IBW directly. So why would anyone pay more to use institutional IBW? A couple of reasons: First, lower daytrading margins; second, you don't have to deal with bad customer support and you have a couple of backups if IBW fails. J-Trader and if that's also down, you can always call your broker without the infamous IB phone charge. (If you clear though PMB, you can also use PMBe as a backup in addition to J-Trader)
Some negatives about institutional version: nobody likes to do it. You have to twist their arm and have some leverage to get it. Also, they will require you to have a bigger account and be experienced. Interactive will charge $800 to set this up and a monthly fee ranging from $0 to $300 depending on volume. Some firms will pass this on to you but some will eat this. I have been told that Global will eat this but you'll have to check for yourself.
I have talked to them and this is what I know about Global. They are an IB (Introducing Broker) for several firms but if you're using J-Trader, they will clear though PMB. The funny thing is that they offered me better rates than my current broker at PMB. Going through PMB directly does not always mean you will get better rates. It all depends on the AP (Associated Person or broker) you go through. Global says that they can get you good rates since they do 40% of PMB's volume and so they have more leverage at PMB than any of PMB's brokers.
Here is a little known fact I'll share with you... at most firms that offer J-Trader, you can also get IBW. Not the retail version, but the institutional version. The interface is the same as the retail version except that you don't have real time account equity window. With the institutional version, you can trade a lot more products; the big SPUs for instance. Typically, your commission will be higher than getting the IBW directly. So why would anyone pay more to use institutional IBW? A couple of reasons: First, lower daytrading margins; second, you don't have to deal with bad customer support and you have a couple of backups if IBW fails. J-Trader and if that's also down, you can always call your broker without the infamous IB phone charge. (If you clear though PMB, you can also use PMBe as a backup in addition to J-Trader)
Some negatives about institutional version: nobody likes to do it. You have to twist their arm and have some leverage to get it. Also, they will require you to have a bigger account and be experienced. Interactive will charge $800 to set this up and a monthly fee ranging from $0 to $300 depending on volume. Some firms will pass this on to you but some will eat this. I have been told that Global will eat this but you'll have to check for yourself.
D
dkamp
Thanks Cdntrader for great link. Interesting to see how TFF's list has grown over past year.
Okay, so far what I've gotten from this thread and its various links is...
- execution software should be J-Trader or better
- use PMB or GNI as FCM (Futures Commission Merchant)
- can get better rates via an IB (Introducing Broker)
- IB's mentioned so far are: eLocal, eFloor(GNI), Global Futures (PMB)
- other IBs from Cdntrader's list fitting bill: NetFutures(GNI), JPFutures(PMB), and a few others
- none of these will get you InteractiveBroker's $6/RT, but some get pretty close, and they do not charge for quotes, and are likely to give better quotes and faster executions, with execution software that is at least as effective for futures trading as is IB's TWS
Does that sound about right?
(Are we missing some of those eMini-specific trading sites? Are there currency issues when doing international trading with these brokers?)
Okay, so far what I've gotten from this thread and its various links is...
- execution software should be J-Trader or better
- use PMB or GNI as FCM (Futures Commission Merchant)
- can get better rates via an IB (Introducing Broker)
- IB's mentioned so far are: eLocal, eFloor(GNI), Global Futures (PMB)
- other IBs from Cdntrader's list fitting bill: NetFutures(GNI), JPFutures(PMB), and a few others
- none of these will get you InteractiveBroker's $6/RT, but some get pretty close, and they do not charge for quotes, and are likely to give better quotes and faster executions, with execution software that is at least as effective for futures trading as is IB's TWS
Does that sound about right?
(Are we missing some of those eMini-specific trading sites? Are there currency issues when doing international trading with these brokers?)
Hi LMeyers,
I've been with eLocal for about six months now. I have only a small account with them, and I have nothing but praise.
Because from time to time, as we've all probably experienced, I've had trouble with my internet connection, I've called the order desk on numerous occaisions. The phone has always been answered within three to four rings, and everyone has been excellent to work with. Please remember, I have a very small account with them--I'm no "gold mine" from their point of view. They've even called me once, when I left for the day, closed down my system, and because of a CME glitch which caused me to close out a position that I didn't have, had left me short a ghost contract. The market had moved quite nicely in the meantime, and we settled it up right then--all in my favor. I consider this the exception rather than the rule; it's not the level of service I expect from any organization, but it makes for a great surprise.
I had my JTrader set up to send my order based on a single mouseclick. If you are concerned about a fraction of a second, this seemed just slightly quicker than my Hotkey F4-F12 or F5-F12 combination on my IB TWS.
I did just call eLocal and they verified that the $500 minimum is no longer. But that does come with a slight different commission schedule. I don't have those details right now, but I'll post them as soon as I do.
D
dkamp
Update: TradeStation is now charging $12/RT for e-minis, but that includes all software plus real-time and historical stock and futures data. They plan to have futures trading fully integrated with TS within 1-2 months, and are aware of clumsiness of current system using Lind-Waldock screens. Not the cheapest futures broker, but attractive as an "all-in-one" solution.