Velocity Futures, LLC

[ofthomas]

you gave me some good ideas with regards to how you manage risk, thanks... I appreciate you returning and responding... to be honest I didnt know about the 1 hour carry over... I only carry overnight spreads, so I dont really worry about margins much...

as to your platform... don't reinvent the wheel would be my suggestion... look at the following platform..

http://www.buttontrader.com/

for IB, it is one of the best third party front ends out there... better than TWS Booktrader, NT7, and MC... is it better than CQGT? depends on features you are using... I know one of the features I use a lot is Dom Triggered entries and exits...

so take a look at BT... it might be worth your while before you commit cash to a development effort... heck, you might be better of contacting Robert (BT guy) and have him customize the platform based on what you want... he knows the IB API better than anyone out there from what I am told..

Quote from FLfutures:

1. I have a flat negotiated rate with Velocity, which at up to, say 10,000 lots per month, is slightly better than IB. Nor does Velocity charge me anything for the CQG Trader platform.

2. I don't know if I'm revealing any secret here, but I doubt it, because I've had other non-member firms that offer the same margin deal. Overnight margins for e-mini is in effect as of the 5:15 (still Eastern time, which is 1-hour after the usual 4:15 close.)

However, beginning at the 6 pm open, which technically is the start of a new day, the margin for e-mini goes down to the day-trade rate. So $100,000 in theory, could carry 200 lots after 6 pm. But only until the 5:15 pm close the following day. Of course few are that stupid to carry that position, yet there are times, when I do go down to say $1,000 per lot after 6 pm.

As a personal trading, money management tool, I find I am better off keeping $100-$150,00 in the account, carry fewer lots at 5:15, but put on as many as I like after 6 pm, and/or during normal day-trade hours, rather than keeping a much higher account balance.

Given above leverage, my account typically fluctuates 10-20% daily, or at least $10 - $30,000. I found I'm more careful losing even $30,000 in a day, with a $150,000 account, then with say a $500,000 account, because the $30,000 still leaves a high $480k balance. I become much more careful when I've lost $30k from $150, both by cutting back on volume, and/or waiting until my trading is more "in tune" with the markets.


3. Re IB platform
IB's TWS has a basic BookTrader, or DOM, which I do not like. But go to IB website, under "Products and Services" and then under "MarketPlace," & you will find large number of 3rd party programs (charting, as well as order management,) that integrates with TWS. But none of those seem to have just what I'd like, so I'm investigating having someone write a program, which will be close to the CQG Trader I've used for 3 years with Velocity.