Hey guys, is Mirus futures a good broker to use with Ninjatrader? Was wondering about execution speed. Mirus offers a ridiculous amount of leverage for intraday ES contracts at $500 per contract whereas, IB is $2375 I think.
Mirus Futures vs IB
- Thread starter EliteTraderNYC
- Start date
Sorry, ET_NYC, but this one gets a big ol' "+1"......
FWIW, Mirus commissions are comparable to IB, but the fees in account management are killer.
AND, (and most importantly) choosing a platform because of high leverage (on a highly-leveraged asset anyway!) is a formula for death/destruction, as per Stock777...
Utilizing that type of leverage is of course not a good idea, unless you've got extra money parked somewhere else or it's gambling money.
I have no experience with Mirus, but I chose IB over them when I was deciding since: 1) It's a reputable firm; 2) More than enough leverage (never use more than overnight margin); 3) Access to more data; 4) Better back-up solution, i.e., you have IB's TWS if Ninja which I used as a front-end would fail in addition to Mobile TWS on my iPhone. Not sure what back-up solution Mirus would offer except direct phone calls which would not be acceptable as the only solution for me.
Good luck.
I have no experience with Mirus, but I chose IB over them when I was deciding since: 1) It's a reputable firm; 2) More than enough leverage (never use more than overnight margin); 3) Access to more data; 4) Better back-up solution, i.e., you have IB's TWS if Ninja which I used as a front-end would fail in addition to Mobile TWS on my iPhone. Not sure what back-up solution Mirus would offer except direct phone calls which would not be acceptable as the only solution for me.
Good luck.
It seems to get good reviews here:
http://www.elitetrader.com/br/index.cfm?action=view&R_FirmID=237&start=6
http://www.elitetrader.com/br/index.cfm?action=view&R_FirmID=237&start=6
I've heard good things also.
But I don't see their edge over IB other than the free NT license and the intraday margin provided you actually have a good reason for needing it.
But I don't see their edge over IB other than the free NT license and the intraday margin provided you actually have a good reason for needing it.
with $500 margin per contract i should be a billionaire by next week.
I've never quite understood the fixation/fear of blowing out an account. If a young guy only has say $5000 plus a job and he wants to speculate intraday while it would be foolish/stupid of him to put seven or eight contracts on utilizing his $500 emini margin it would be a lot less foolish to trade a three lot. Incredibly aggresive and still foolish but not -- where is the straight jacket crazy.
But lets suppose he is a profitable trader -- unlikely but possible -- works with a max stop of six or eight ticks and, except for abberant slippage -- rare in ES -- even a full stop out of a three lot will typicaly cost him a $300 loss or less. Aggresive on $5000? Of course ... nothing less than incredibly aggresive yet not the doomsday most seem to pretend. With a two losing trades and stop trading for the day policy (which I use every day) he is no bigger an underdog then in many other of life's challanges. Would I reccomend it? Never. Would I think he was among the biggest clowns I'd ever encountered? Certainly not.
There are a zillion guys playing it conservative -- never risking more than 1% of their capital on a trade etc. -- yet they never took the time to really dig deep and learn to trade. I'd rather be overleveraged with a two lot -- I can't actually bear the thought of me putting on a three lot on that tiny stake -- with some trading ability and screen time than properly capitalized and know very little.
BTW, I frequently keep tiny amounts of money with brokers with low margin requirement and wouldn't hesitate to do a three lot of CL in a $5000 account. Why not? ... the only number that counts is my liquid net worth, not what's in THAT account. As Laizze Faire (sp?) touched on if I can wire in $20,000 or $50,000 in the morning why would I worry about having only $5000 there? I like having the option of low margin brokers. They service a few niches and work well for lots of people. That said, IB is a fine place for six figure money to sit and some, not all, low margin operations ae not so fine to leave significant sum with. BTW, never used Mirus so I have no opinion of them.
Is blowing up a $5000 account the end of the world for a young guy with a job? It depends how he views the 5G. If he get's the risk up front ... go at it!
But lets suppose he is a profitable trader -- unlikely but possible -- works with a max stop of six or eight ticks and, except for abberant slippage -- rare in ES -- even a full stop out of a three lot will typicaly cost him a $300 loss or less. Aggresive on $5000? Of course ... nothing less than incredibly aggresive yet not the doomsday most seem to pretend. With a two losing trades and stop trading for the day policy (which I use every day) he is no bigger an underdog then in many other of life's challanges. Would I reccomend it? Never. Would I think he was among the biggest clowns I'd ever encountered? Certainly not.
There are a zillion guys playing it conservative -- never risking more than 1% of their capital on a trade etc. -- yet they never took the time to really dig deep and learn to trade. I'd rather be overleveraged with a two lot -- I can't actually bear the thought of me putting on a three lot on that tiny stake -- with some trading ability and screen time than properly capitalized and know very little.
BTW, I frequently keep tiny amounts of money with brokers with low margin requirement and wouldn't hesitate to do a three lot of CL in a $5000 account. Why not? ... the only number that counts is my liquid net worth, not what's in THAT account. As Laizze Faire (sp?) touched on if I can wire in $20,000 or $50,000 in the morning why would I worry about having only $5000 there? I like having the option of low margin brokers. They service a few niches and work well for lots of people. That said, IB is a fine place for six figure money to sit and some, not all, low margin operations ae not so fine to leave significant sum with. BTW, never used Mirus so I have no opinion of them.
Is blowing up a $5000 account the end of the world for a young guy with a job? It depends how he views the 5G. If he get's the risk up front ... go at it!