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JTader with elocaltrading
- Thread starter andrasnm
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There must be some confusion out there over elocaltrading's commission rate. They no longer have the $500 monthly minimum commission charge. I believe they got rid of that last year. They offer a sliding scale commission structure. It seems very fair. The more you trade the less you pay. I trade about 10 round turns per day and pay them $3.45 per side with all fees included. There is no monthly charge for the Patsystems J-TRADER.
what is the latest on elocal. read a bunch of posts here, are there still reliability issues. mainly interested in trading euronext and other exchanges. also, can you use speed keys with pats. and i have not heard of their clearing firm, how are they comparable with refco. commissions not too much of an issue, but can i get someone on the phone when i want to. thanks
cartm
why would you say commisions are not too important?
commisions are they most important part - since outages etc may be an occasional hit - but commisions are for every trade - and if your commision structure is not right - i believe it is real difficult to make money ( i personally do not see how anyone can make a reasonable full time income from trading at the retail rates i see quoted)
why would you say commisions are not too important?
commisions are they most important part - since outages etc may be an occasional hit - but commisions are for every trade - and if your commision structure is not right - i believe it is real difficult to make money ( i personally do not see how anyone can make a reasonable full time income from trading at the retail rates i see quoted)
Stevet,
I do not daytrade, so commissions are not as important to me as getting someone on the phone if I cant get into or out of a trade. The commission structure for elocal seems reasonable, remember there are still brokers out there who charge 20 bucks or more for this stuff. 5 bucks a side is not ib but its not that expensive either. anyway, do you use elocal. im trying to get some opinions because i have narrowed it down to 2 elocal being 1 of them. basically, its whether or not i want to use pats or future dynamics. thanks for your opinion
I do not daytrade, so commissions are not as important to me as getting someone on the phone if I cant get into or out of a trade. The commission structure for elocal seems reasonable, remember there are still brokers out there who charge 20 bucks or more for this stuff. 5 bucks a side is not ib but its not that expensive either. anyway, do you use elocal. im trying to get some opinions because i have narrowed it down to 2 elocal being 1 of them. basically, its whether or not i want to use pats or future dynamics. thanks for your opinion
cartm
i still dont get it - if u dont day trade - you are apperar to be someone who is happy to let your position run regardless of market moves - and if you dont daytrade - you musn't be watching the markets all the time - so by extension - you won't be around to see the very things that would cause you to get out of a trade in a hurry and the few times you are going to make a trade - it is going to be very unlikley for there to be a problem solely attributable to the trading platform - as opposed to globex etc
i think most traders are aware now that $10 tops per r/t is the max you need to pay - and why not pay $7 or less - just tell the broker you want $7 a r/t
the terra nova guys seem to be after more than $10 - but when i phoned them for information - i felt like i was the first person who had ever called them about futures - nice as they were - they did not seem to have any knowledge or information about futures broking - so i figured stocks is their thing and with their brokerage fees - they were actually hoping to put off futures traders
elocal have had big problems which have been discussed on elite - but there has been no positiive news since - and i guess when there is - we have to make sure that it is genuine
my reason for raising all this is that i personally do not believe that it is possible to make money trading in the way you describe - but i am keen to know if it is really possible - and also why a lot of people seem to be happy to pay brokers - whatever is asked - even when their trading is leading them to losses
i guess you take a postion based on a signal of some sort with a stop loss - its just my belief that your stop loss positions will always eat your profitiable positions - but i am genuinely interested to know your experiences
i still dont get it - if u dont day trade - you are apperar to be someone who is happy to let your position run regardless of market moves - and if you dont daytrade - you musn't be watching the markets all the time - so by extension - you won't be around to see the very things that would cause you to get out of a trade in a hurry and the few times you are going to make a trade - it is going to be very unlikley for there to be a problem solely attributable to the trading platform - as opposed to globex etc
i think most traders are aware now that $10 tops per r/t is the max you need to pay - and why not pay $7 or less - just tell the broker you want $7 a r/t
the terra nova guys seem to be after more than $10 - but when i phoned them for information - i felt like i was the first person who had ever called them about futures - nice as they were - they did not seem to have any knowledge or information about futures broking - so i figured stocks is their thing and with their brokerage fees - they were actually hoping to put off futures traders
elocal have had big problems which have been discussed on elite - but there has been no positiive news since - and i guess when there is - we have to make sure that it is genuine
my reason for raising all this is that i personally do not believe that it is possible to make money trading in the way you describe - but i am keen to know if it is really possible - and also why a lot of people seem to be happy to pay brokers - whatever is asked - even when their trading is leading them to losses
i guess you take a postion based on a signal of some sort with a stop loss - its just my belief that your stop loss positions will always eat your profitiable positions - but i am genuinely interested to know your experiences
stevet,
i am not sure how you gathered that from my previous post but let me clarify. i do not have a fancy trading system. i primarily trade off of retracement levels, i also trade ross hooks. getting someone on the phone is merely a component of waht i am looking for in an ib. thsi is not because i phone trades in, i just want to know that there is someone there who can get me in and out in case of a tech glitch on my comp. i have been in positions with rt, and had my comp reboot or freeze and needing to get out of a position. as far as daytrading goes, i suppose that is a matter of opinion. i define daytrader as someone who puts on many trades per day, scalping. i do not do that. i will make trades but not scalping. anyway 90% of trading is money management. so elocal isnt any good is that your opinion, if it is , why thanks
i am not sure how you gathered that from my previous post but let me clarify. i do not have a fancy trading system. i primarily trade off of retracement levels, i also trade ross hooks. getting someone on the phone is merely a component of waht i am looking for in an ib. thsi is not because i phone trades in, i just want to know that there is someone there who can get me in and out in case of a tech glitch on my comp. i have been in positions with rt, and had my comp reboot or freeze and needing to get out of a position. as far as daytrading goes, i suppose that is a matter of opinion. i define daytrader as someone who puts on many trades per day, scalping. i do not do that. i will make trades but not scalping. anyway 90% of trading is money management. so elocal isnt any good is that your opinion, if it is , why thanks
I have said this before and I will say it again...If you are concerned about the reliability of IB and worried that you will be stuck in a trade with no way to get out, you keep a nominal amount of capital with a secondary broker who will give you liberal daytrading margins to offset your trade with IB...
You use IB for 99% of your trading because if you do even average volume(maybe 3 trades a day x 2 contracts)=30/week or 120/month x $5=$600/$7200/yr...You still would save $7000 per year in commissions on just a very small number of trades...
The numbers seriously add up and for that one guy I heard was doing 60,000 trades or whatever, he should really get his head checked...Why not just go directly to a clearing firm?
You use IB for 99% of your trading because if you do even average volume(maybe 3 trades a day x 2 contracts)=30/week or 120/month x $5=$600/$7200/yr...You still would save $7000 per year in commissions on just a very small number of trades...
The numbers seriously add up and for that one guy I heard was doing 60,000 trades or whatever, he should really get his head checked...Why not just go directly to a clearing firm?
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