What broker do you use for S.R.?
- Thread starter sputdr
- Start date
I think I may have mentioned a higher price that was on my notes when I first started looking around for a Broker. The final cost is like $5.81 or something similar. The exact number escapes my memory right now. Eminilocal clears through RCG and the only pain is reading RCG's daily reports as I hold positions overnight.
To answer to electron ... yes
To answer to proedge_joe ... actually no...
I thought that the day trades cancelled each other too, but that was not the case.
Let me give you a brief example: Let's say that I daytrated 2x1200 (long) and 2x1220 (short) (I wish!!
)
and then my strategy that keeps positions overnight does 1xlong 1210 and 2xshort 1202.
Now SRpro believes that it keeps a position overnight 1 short from 1202 and so did I!!
Problem is that RCG interprets in a different way the positions. It starts from the lower numbers and start matching in the following way...
2x1200 with 2x1202
1x1220 with 1x1220
and then it keeps an overnight position short from 1220!!
That was a very simple example. Imagine if you are holding 5 positions overnight and you have played a lot of contracts during the day. It could become very messy. It took me a lot of effort to understand the statements and to figure out that I needed an account for each night holding strategy.
The reason I blame Global Futures is because they should have known beforehand and they certainly should have told me. This is a very long long story very very short. It took me a couple of months to find these things out and a lot of frustration.
Other than that as I told you they are very prompt, polite and willing to help.
I hope I didn't confuse you and that my answer was helpful.
btw... they have a $500 margin if you're trading alone and they charge $7.5 per R/T.
To answer to proedge_joe ... actually no...
I thought that the day trades cancelled each other too, but that was not the case.
Let me give you a brief example: Let's say that I daytrated 2x1200 (long) and 2x1220 (short) (I wish!!
)and then my strategy that keeps positions overnight does 1xlong 1210 and 2xshort 1202.
Now SRpro believes that it keeps a position overnight 1 short from 1202 and so did I!!
Problem is that RCG interprets in a different way the positions. It starts from the lower numbers and start matching in the following way...
2x1200 with 2x1202
1x1220 with 1x1220
and then it keeps an overnight position short from 1220!!
That was a very simple example. Imagine if you are holding 5 positions overnight and you have played a lot of contracts during the day. It could become very messy. It took me a lot of effort to understand the statements and to figure out that I needed an account for each night holding strategy.
The reason I blame Global Futures is because they should have known beforehand and they certainly should have told me. This is a very long long story very very short. It took me a couple of months to find these things out and a lot of frustration.
Other than that as I told you they are very prompt, polite and willing to help.
I hope I didn't confuse you and that my answer was helpful.
btw... they have a $500 margin if you're trading alone and they charge $7.5 per R/T.
Thanks for your reply and detailed explanation.
By a separate account you mean different accounts with SR or with your broker. I mean I would hate opening different accounts with the broker unless I could avoid all the paperwork, that is unless this could be done very much automatically like copying my first account on the broker's computer and moving some money to it from the first account. So does this involve all the paperwork or not? I hate paperwork, which is what has kept me with IB for so long.
I ment with the broker, (actually RCG which keeps the accounts) and consequently you will have different SRPro's setup for each account.
I hate paperwork too. But fortunately the procedure is very simple in opening additional accounts. You just have to sign one paper and send it back to them via e-mail, fax or pigeon... you choose...
Quote from estra:
I hate paperwork too. But fortunately the procedure is very simple in opening additional accounts. You just have to sign one paper and send it back to them via e-mail, fax or pigeon... you choose...
Cool, that's much more reasonable and I can stand it.
Now, is SR PRO so reliable that you can basically start a strategy running and forget about it until you get a margin call? Well, I am kidding about the margin call, but can you really run it without any supervision? Is any supervision required? For instance, what happens if your target set at some limit is reached, but not filled. Does SR get confused in such circumstances and requires supervision?
Thanks a lot for your feedback so far and would appreciate if you could answer these questions too.