TradeStation asks for $5,000 for opening account...

[mizhael]

Quote from Bolimomo:

I don't understand a couple of things:

1) What is the purpose of having both IB *and* TradeStation? Do you need some features in IB that is not available in TradeStation and vice versa, so you need both of them at the same time? Or you want to hedge your risk over 2 different brokages accounts?

2) Do you need to transfer your funds between the 2 accounts often, back and forth? Once a month?

3) While wiring is expensive ($20 to $25 or something), using personal check to make deposits and ask the brokerage firm to cut you a check should be free of charge. Why wire? You can't afford to not trade for a few days?

P.S. I think the description in your original post and your questions were not very clear on what exactly you want to do. Do you want to keep 2 separate accounts? Or just want to transfer from IB to TS?

Great questions! Thanks for helping me claring my thoughts myself.

1) I want to try exploring some strategies. I think I found out something and want to do some back test on historical data. IB doesn't give me much help and flexibility in terms of testing strategies. Do you do strategy based trading?

2) I really hate scattering my funds around these brokeage, because it's very difficult to keep track of all of them real-time. Too much trouble.

3) If there is a way to ask IB issue a check to TS, then everything is simple. I am afraid that I have to wire from IB to bank and bank then to TS.

4) I also want to try out Wealth-Lab, then that's another $25,000 splitted out and scattered around. I hate all these mess.

5) Multiple accounts also makes each margin thinner. If I simultaneously lose money, I will be in big trouble...

btw, it takes the bank clerk about 30 min to run a wire transfer, and it takes me about 1 - 1.5 hours to go there, wait in line, and get the wire done. It's definitely a hassle for fast people like me.

 

[filter_sweep]

If all this fuss is about doing a little backtesting, just download NinjaTrader for free and do your backtesting with it. You can get 1 year's worth of intraday backfill data with your IB account, or use the yahoo connection to get several years worth of end-of-day data for free. NinjaTrader's backtesing factilities are probably powerful enough for your needs. There's no need to switch to Tradestation unless you want multiple years worth of intraday data, at which point you might be better off just purchasing your data and converting it to NT format.

Since I'm good at spotting trends, I predict your next flurry of threads will be asking questions about how to backtest and how to program, and then after a period of frustration you'll start asking what's the trick to programming an automated strategy that actually works. Here's a free tip: learn to do your own research and learn how to think for yourself. It's the only way you'll ever survive in this business.

 

[mizhael]

Quote from filter_sweep:

If all this fuss is about doing a little backtesting, just download NinjaTrader for free and do your backtesting with it. You can get 1 year's worth of intraday backfill data with your IB account, or use the yahoo connection to get several years worth of end-of-day data for free. NinjaTrader's backtesing factilities are probably powerful enough for your needs. There's no need to switch to Tradestation unless you want multiple years worth of intraday data, at which point you might be better off just purchasing your data and converting it to NT format.

Since I'm good at spotting trends, I predict your next flurry of threads will be asking questions about how to backtest and how to program, and then after a period of frustration you'll start asking what's the trick to programming an automated strategy that actually works. Here's a free tip: learn to do your own research and learn how to think for yourself. It's the only way you'll ever survive in this business.

NinjaTrader does not have as many as resource/indicators as TS have.

You have very good prediction indeed. Let me add to your good points:

"Learn to do your own research and learn how to think for yourself. And don't forget to ask around and see what other people are doing from time to time. It's the only way you'll ever survive in this business.

 

[Bolimomo]

Quote from mizhael:
3) If there is a way to ask IB issue a check to TS, then everything is simple. I am afraid that I have to wire from IB to bank and bank then to TS.
.....
btw, it takes the bank clerk about 30 min to run a wire transfer, and it takes me about 1 - 1.5 hours to go there, wait in line, and get the wire done. It's definitely a hassle for fast people like me. [/B]

1) I don't do any strategy trading myself. And I don't do back-testing. Can't help you in that area.

2) On your point #3, you should be able to skip one step. That is: request IB to wire the money to TS directly without wiring it to your bank, then your bank to TS. But I don't think you can request IB to write a check to send to TS. I don't think that's possible. IB can write you a check. You need to clear it through your bank. Then you write a check to TS. This takes time. Time is money. So wiring should be more preferred.

Tips:
A) Some brokerage firms have "ACH" (Automatic Clearing House) setup. They can electronically send the money to your bank's checking account, free of charge. This is different from wiring. It may save you some time.
B) With all the anti-money-laundering laws today, your accounts between the different brokerage firms must have the same title (owner's name) for them to transfer.

3) Many banks offer online banking these days... that you can use the web to submit a wire transfer instead of having to go to the bank to do it. My credit union branch is 400 miles away. The only reason I keep their account is they let me do many banking things online.

 

[Bolimomo]

Quote from filter_sweep:
Since I'm good at spotting trends, I predict your next flurry of threads will be asking questions about how to backtest and how to program, and then after a period of frustration you'll start asking what's the trick to programming an automated strategy that actually works.

ROTFL. Thanks for the humor filter_sweep!

 

[mizhael]

Quote from Bolimomo:

1) I don't do any strategy trading myself. And I don't do back-testing. Can't help you in that area.

2) On your point #3, you should be able to skip one step. That is: request IB to wire the money to TS directly without wiring it to your bank, then your bank to TS. But I don't think you can request IB to write a check to send to TS. I don't think that's possible. IB can write you a check. You need to clear it through your bank. Then you write a check to TS. This takes time. Time is money. So wiring should be more preferred.

Tips:
A) Some brokerage firms have "ACH" (Automatic Clearing House) setup. They can electronically send the money to your bank's checking account, free of charge. This is different from wiring. It may save you some time.
B) With all the anti-money-laundering laws today, your accounts between the different brokerage firms must have the same title (owner's name) for them to transfer.

3) Many banks offer online banking these days... that you can use the web to submit a wire transfer instead of having to go to the bank to do it. My credit union branch is 400 miles away. The only reason I keep their account is they let me do many banking things online.

Yeah, IB actually can ACH or wire out money with no charge, once a month. But the recipient bank will charge a fee, and then it will charge another fee for sending it out. I really hate these banks. That's why they are going under now. I really think these banks are suckers.