MotiveWave
Sponsor
If you are looking at IB and don't like their charts, you can connect your IB account to MotiveWave (trading platform). You'll see the IB data in MotiveWave and trade directly back to your IB account.
Which broker/plaform for day trading indices?
- Thread starter 123abc
- Start date
I've come across quite a few brokers/platforms, and require a little clarification.
I'm quite the newbie when it comes to brokers and platforms. I currently simply use IG.com as one-stop-shop to place orders and trade, and the platform has charts too to help manage positions. Clearing and settlement is all taken care of by the platform using CFD trading instruments.
However, it appears to be more complicated with other more professional types of brokers and platforms.
For example, who are AMP —whom are sponsored by this is forum? I also came across TradeFutures4Less, and many others. It appears these companies also offer access to software like Trading Technologies or Interactive Brokers. And then there are companies like MotiveWave whom specialise in charts.
How do all these different entities relate? For example, what is the difference with using Trading Technologies directly as opposed going through AMP Futures? Isn't there a more simple one-stop-shop like the IG.com platform?
Can somebody recommend a clear setup for me?
I simply use free charts from TradingView (which have most of the global indices for free in real-time, other markets available for a fee), and I'd just like to execute orders with another broker who is cheaper than IG.com; and offers trading global indices near as possible to the cash market; and charges a commission fee or volume-based fee, instead of large spreads which make scalping uneconomical.
I'm quite the newbie when it comes to brokers and platforms. I currently simply use IG.com as one-stop-shop to place orders and trade, and the platform has charts too to help manage positions. Clearing and settlement is all taken care of by the platform using CFD trading instruments.
However, it appears to be more complicated with other more professional types of brokers and platforms.
For example, who are AMP —whom are sponsored by this is forum? I also came across TradeFutures4Less, and many others. It appears these companies also offer access to software like Trading Technologies or Interactive Brokers. And then there are companies like MotiveWave whom specialise in charts.
How do all these different entities relate? For example, what is the difference with using Trading Technologies directly as opposed going through AMP Futures? Isn't there a more simple one-stop-shop like the IG.com platform?
Can somebody recommend a clear setup for me?
I simply use free charts from TradingView (which have most of the global indices for free in real-time, other markets available for a fee), and I'd just like to execute orders with another broker who is cheaper than IG.com; and offers trading global indices near as possible to the cash market; and charges a commission fee or volume-based fee, instead of large spreads which make scalping uneconomical.
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MotiveWave
Sponsor
As a very simplistic answer, there are brokers who have their own platform, like IG.com, IB, TradingTechnologies and many others (one-stop shop, as you mentioned).
There are brokers who do not have their own platform, and you need to use a third party platform for seeing charts with that broker's data. You can also trade directly back to them through those third party charts. This would be an example of AMP futures.
Brokers who do have their own platform usually also allow you to connect to third party platforms. Like IB, IG.com, Trading Technologies and many others. You do not need to do this at all. You would only do this if you didn't like the charts that were available in your broker's included platform. MotiveWave is an example of a third party platform you can use with IB. There are plenty of others too.
If you're happy with Tradingview, then focus on finding a broker who's rates are what you're looking for.
Hope that helps.
Leigh, thank you for the response.
So let's see if I understood correctly... As an example, I can use TT directly as a one-stop-shop. But if I don't like the charts TT has on offer, I can pay extra and chart with MotiveWave instead. But then what is the connection with AMP Futures? —If I can trade directly with TT, why does AMP Futures offer a TT product?
Is there a full list of one-stop-shop systems available? So far, I'm looking at TT and IB, but neither of them have yet responded to my emails!
MotiveWave
Sponsor
MotiveWave does not currently connect to TT, so you wouldn't be able to use us with them, but there are plenty of platforms that do connect to TT. But, regarding your general example, yes, exactly.
AMP Futures is what is called an FCM (Futures Commission Merchant). Here's a link that explains what that is: https://www.thebalance.com/commodities-what-is-an-fcm-808849 AMP connects through CQG, TT, Rithmic and CTS.
AMP has some special rates when using certain platforms if you have your account with them, so if you are interested in TT, then check the rates you can get with AMP (via TT) vs. the rates you can get directly through TT.
I don't know of a full list of one-stop-shop systems available, but maybe another member has one?
MattZ
Sponsor
@123abc It would be challenging for you to switch to move to futures and keep the cost low on all instruments you mentioned because then a broker (FCM) would need to be a member of each exchange, and in reality most would use some corresponding banks where cost could be higher for execution.
Our division (Optimus FX) that deals with foreign customers (outside USA traders) could potentially arrange to work with a liquidity provider directly in the event that your volume justifies it. I am not sure they can provide zero spreads, but they could provide deep liquidity with thin spreads that may be accompanied by small commissions. Again, unless the volume is examined, this is the general info I can provide.
Also, consider dividing your business between CFDs and Futures if necessary because you may get deep liquidity on some instruments while we can arrange reasonable day trading margins. For example, Dow Jones, DAX, FTSE could all be traded over TT Trading Technologies in the USA or Europe. I am attaching here a playlist for the TT:
TT Videos
We work with TT. Patrick my colleague here is one of the hardest working people in the industry, so you get a good team on your side that always works on product improvements.
I hope this helps.
Our division (Optimus FX) that deals with foreign customers (outside USA traders) could potentially arrange to work with a liquidity provider directly in the event that your volume justifies it. I am not sure they can provide zero spreads, but they could provide deep liquidity with thin spreads that may be accompanied by small commissions. Again, unless the volume is examined, this is the general info I can provide.
Also, consider dividing your business between CFDs and Futures if necessary because you may get deep liquidity on some instruments while we can arrange reasonable day trading margins. For example, Dow Jones, DAX, FTSE could all be traded over TT Trading Technologies in the USA or Europe. I am attaching here a playlist for the TT:
TT Videos
We work with TT. Patrick my colleague here is one of the hardest working people in the industry, so you get a good team on your side that always works on product improvements.
I hope this helps.
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Here is a list of trading platforms http://deepdiscounttrading.com/TradingPlatforms.html
You can use tradingview or motivewave as a platform if you can find a broker that supports it.
Here is a list of brokers that you can use with platforms that they support.
http://www.cqg.com/partners/fcms
Try calling interactive brokers and tt as they may only reply to tickets on their support systems.
You can use tradingview or motivewave as a platform if you can find a broker that supports it.
Here is a list of brokers that you can use with platforms that they support.
http://www.cqg.com/partners/fcms
Try calling interactive brokers and tt as they may only reply to tickets on their support systems.
Matt, thank you for the information an suggestions. Appreciate the video links, very useful!
MattZ
Sponsor
You are very welcome. Please gain contact with us, and we will help you further.
ZBZB, yes, I'm already looking into deepdiscounttrading.com —thank you for mentioning them. I'd probably say from my experience that TradingView.com is great for charts, but requires improvement to really be an order-entry and position management system.