Newbie Question

N

nokomisjeff

I use Bloomberg and have direct access to the exchanges. However, I was asked a question by a friend that I would put out for y'all to ponder as it's something I can's answer.

My buddy is starting out and needs quotes, a broker, and a system. He only has $25,000 to start out with and wants to trade the ES. I tried to dissuade him from even trying, telling him that he'd bet a better break from Vegas, but he is compelled to give it a shot What kind of systems, brokers, and quote services do small traders use. What would give him best bang for the buck. When I told him what Bloomberg cost me a month, he had a heart attack, and wants something cheaper.

Thanks,
 
I think Tradestation is a good deal for beginners. They have decent commissions and a good charting/execution platform. The platform is also free with 10 round turns a month.
 
Quote from nokomisjeff:

Does that include quotes?
More...

No, quotes for the mini S&P are $25 a month. He could start with the mini Dow instead (which moves basically the same) and the real time quotes are only $10 a month.
 
Interactive brokers is a good choice in my opinion. Very low data costs, great market access, and low rates for that sized account. You can use their front end, or get a good second party front end such as ninjatrader or buttontrader.
I don't think he needs a live news feed, he just needs to track and anticipate all the scheduled reports etc.
 
IB is a good place, its 10 bucks a month with full data (stocks, futures, options, forex, etc). He can use NinjaTrader with the charts for free.

If you have any questions, shoot me a PM. I can try and help.
 
You must log in or register to reply here.
Back
Top