Firms for equities trading with the Lightspeed c++ API (prop or retail)

B

bellman

What firms support equities trading through the Lightspeed c++ API?
I know this has been asked before, but the landscape of firms is constantly changing.


Why Lightspeed?
I tried a demo of their API, and it meets my needs. Previously I used the Genesis API (now defunct ). I also looked at the TWS IB API, but it does not have an easy method to receive T&S data.

How much capital?
I would put up $30k.

Do I have a license?
I do not have a series 7 or 56, but I am willing to get certified. I would like to start trading ASAP, and do not need a lot of leverage to begin with, so ideally I could trade in the interim.


If there are other firms for equity trading with a c++ API or FIX to get T&S and L1/L2 data, I would also like to hear those.
 
A bunch of groups offer Lightspeed. For 30k in capital, you can open a brokerage account with their brokerage and you can probably negotiate a good commission deal. You might be able to get a better deal if you go prop but will need to get the Series 56. I'm not sure who still carries Lightspeed aside from T3. If you have enough (over 25k deposit) just go with the retail brokerage. It will save you time, money and headaches. Go to a WTS-type of prop (cbsx) to get leverage if you don't have the 25k deposit.

With retail, once you drop below 25k in capital, you will need to stick to the PDT rule. That's something to consider too.
 
That was exactly my thoughts as well. Probably easiest to go with a broker, but it seems that almost no one offers what I need (which seems so basic!). I was especially shocked to find out TWS IB doesn't do T&S.

I am familiar with the 25k PDT rule (that is why I will initially deposit 30k :).

I will contact T3, and I am also waiting to hear back from Lightspeed. I will update if I am able to open an account with either firm.
 
Don't go pro bro!

On 30k you have 120k of buying power. As a retail trader that is a lot more then a prop trader.

Why?

Taxes!

If you go pro it is income and as a retail trader it is capital gain. As a professional trader you can make killer returns like 100% a mo easily but it is not scalable. Take your high profit low share tradeable strategy and all of a sudden you need twice the buying power to make the same amount of money in your pocket at the end of the year. But....... You cant get the liquidity you need to make the tax difference up.

Got the idea!
 
I see your point, and my preference would be to trade retail.

HOWEVER, this raises my original question: Are there any retail firms that offer the Lightspeed API? Or a comparable c++ API? So far, I have not found any. Here is the breakdown of retail firms.


1. Lightspeed - Looks promising, but I am still waiting for an e-mail response (2 days).
2. Interactive Brokers - According to their API tech support, their is no way to receive Time & Sale messages (instead you get updates every 250 ms). I found their documentation, and overall API clumsy and more difficult for the end user compared to other APIs.
3. Genesis - Had a great API, but closed shop.
4. TD - Ameritrade - Won't show API documentation until after you open an account.
5. Tradestation - They offer a webAPI, I guess. But, no mention of an API on their website, and everything seems geared towards "EasyLanguage." So, that's a no-go.


As far as prop firms that offer equity trading (and the Lightspeed platform), I am looking into Chimera. Going pro is not quite so bad, because you can write off a lot of expenses (computer, travel, data, etc.). Still, I will go retail, if there are any retail firms out there. Are there any?
 
If you use FIX (which in my experience is far more robust than broker or platform API's), then you can more or less switch brokers seamlessly without switching API's. Basically every broker that caters to larger/higher-volume clients offers FIX, which has robust features such as automatic resending of missed messages after disconnect/reconnect, and automatic cancel of orders upon disconnect, etc. It is the also the back-end "lingua franca" of the industry. Although it is harder to implement initially.

bellman said:
I see your point, and my preference would be to trade retail.

HOWEVER, this raises my original question: Are there any retail firms that offer the Lightspeed API? Or a comparable c++ API? So far, I have not found any. Here is the breakdown of retail firms.


1. Lightspeed - Looks promising, but I am still waiting for an e-mail response (2 days).
2. Interactive Brokers - According to their API tech support, their is no way to receive Time & Sale messages (instead you get updates every 250 ms). I found their documentation, and overall API clumsy and more difficult for the end user compared to other APIs.
3. Genesis - Had a great API, but closed shop.
4. TD - Ameritrade - Won't show API documentation until after you open an account.
5. Tradestation - They offer a webAPI, I guess. But, no mention of an API on their website, and everything seems geared towards "EasyLanguage." So, that's a no-go.


As far as prop firms that offer equity trading (and the Lightspeed platform), I am looking into Chimera. Going pro is not quite so bad, because you can write off a lot of expenses (computer, travel, data, etc.). Still, I will go retail, if there are any retail firms out there. Are there any?
More...
 
I was in the same boat, a former Genesis client, I also talked to lightspeed but ended up with remotedaytrader.com. The website looks tacky until you realize they are basically offering a WTS prop account or retail account (yes WTS can do retail now, it's called WorldX or something). So far everything has been top notch for me, good service & support, technology, reporting, and competitive rate with these guys and WTS.
 
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