EMini Brokers: Fast Ex & Daytrading Margins

DaveN

DaveN

Just a quick question for any futures daytraders out there:

Does anyone have a broker or know of one who is very fast (~1-2 sec EMini fills) who works with daytrading margins (approx. $2500)?

I am currently a very satisfied Interactive Brokers customer. I pay $2.95 per side and get filled in 1-2 seconds. I don't intend to change my account with IB in any way.

I want a backup system. My trading style requires a direct interface and speed. I also like to enter on a limit. One of the Best Direct systems is probably what I'm looking for, although that's really the only other one I know about.

Price is not as important as speed and access for my backup.

Thanks in advance for any ideas or names!
 
Re: XpressTrade - they've got a great feature called electronic contingent orders. This lets you enter a primary order and up to two follow on orders that are entered contingent to the primary. Makes it simple to automatically create an initial stop order (and even an OCO exit order) based on the execution of the primary order.
 
I do already have an Interactive Brokers account and I love it! I've been with them almost since they started doing retail accounts.

The IB system interfaces to GLOBEX through something called a FIX API interface. (I'd check out the Interactive Brokers thread to see more discussion on this.) Basically, their system allows you to place orders directly into the market. i.e. I can post the best bid and see my order go up immediately. If I send a limit order that matches the inside market, that is if I "hit the bid or the offer", my execution is almost instantaneous. I love that!

I don't know if this answers your question. Please reply if it doesn't.
 
DaveN:
Where can I get a copy of that Fix API. I've all ready talk to IB concerning CTCI. You are during exactly what I want to do.
 
I don't actually have the FIX API. I was just describing how the IB system works in the background. I trade using the Java Workstation that IB offers. I use it the same way that everyone else does, nothing more.

You should probably look around at the CME's web site, since they would control the developers tools. I don't know if this interface is available to the retail public, but you could contact them and ask.
 
Hi DaveN,

can I ask what charting service do you use ?

Also if you don't mind how has it been daytrading the mini-NDX ? I've been following it using a 1min' chart and cross over MA's, it looks great on paper , I just woundered what you thought of it as a visable system ? Others who trade the mini's say the only way is to posistion trade then, that's toooo scary for me ;-)

I'm looking to give PFG's simulater a try, but still need a good realtime chart service. Please feel free to email me or write to this thread with anyother info', i would very much appreciate all the help I can get :-)

Thanks, Andy
 
Andy,

I currently use the Quote.com feed to MetaStock Pro. I did just purchase Tradestation and will be working with that as well.

QCharts is part of the QFeed service, but many people have been having trouble with that. Fortunately, I don't use that charting, so I've been without complaint. I do have backup quote feeds that come as part of my brokerage account as well as the CME's free feed. Redundancy is critical.

Daytrading the EMini is not unlike trading a NASDAQ stock like INTC or SUNW. It's roughly the equivalent of trading 2000 shares of INTC at current prices.

But like any market, it has it's own personality that you have to get to know. If you are a discretionary trader, it will take a good deal of just watching the price action to get a sense of how it moves.

Regarding trading it short term or as a position trade, some of that depends on your own trading style. Some people like scalping, others like trading 30 minute bars. Both can be done successfully. Scalping will require fast equipment, a fast feed, and possibly a GLOBEX terminal.

My style of trading uses limit orders to catch anywhere from a 30 second to 3 minute move. Interactive Brokers is plenty fast for that, although I don't see the depth of the market like would be shown on a GLOBEX terminal. That would help like Level2 helps NAZ traders. I think they are about $1600/month, so each person would have to see how that fits into their business plan.

The leverage in futures is certainly an issue to consider. A five point move in a volatile market can happen in less than 1 minute. That can be profitable to the tune of $250 per EMini contract or that can be a quick loss.

I think trading some NASDAQ stocks at a lower share level is a good way to mitigate some of the account risk of a $250 move. Trading on an ECN will give you a good feel for how GLOBEX trades. By doing this you can both position trade and short term trade and adjust your share size depending on your appetite for risk and increase that as you get more familiar with the market you are trading.

Only after that sort of a preparation would I consider trading the EMini on a short term basis.

Your idea for trading crossovers might prove viable, but I would recommend backtesting it over as much data as you can get intraday (QFeed and QCharts has intraday data back to 1/1/97). Those days and those times of day when the market just hunts around for a price will just destroy your account with whipsaws. You'll probably need some other filters or some combination like a pullback in an existing trend to use the moving average crossover profitably. Just my 2 cents....
 
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