[Reaver]

How much does it cost you each month to trade, as far as data, platform, etc?

I am on a longer term scale right now, but am thinking about getting more intraday as my finances allow once I quit my full time job...I am trying to get a basic concensus on how much I should set aside for monthly bottom line expenses.


Thanks for the info.

[jperl]

Originally Posted by Reaver »

How much does it cost you each month to trade, as far as data, platform, etc?

Data: I use interactive brokers. Data $10/month if I don't trade, otherwise just commissions which run $4.80 round trip. There may be other fees for other exchanges other than Globex or ECBOT.

Platform: charting software: Ensignsoftware which links to IB for data. $40.00/month
Front end for IB: zerolinetrader $70/year (yes that's for one year). Provides simple and effective DOM for one click trading including scale ins, scale outs and reversals.

Other than the computer itself, nothing else.

[TinGull]

I pay 50 bucks a month for my data plus exchange fees which I think racks up another 50-60 a month, InvestorRT for charting which is 40 bucks a month and commissions at 4.75 rt doing average 8-10 trades a week, so that'd be around 190 bucks a month for those.

All told around 330 a month. My internet is 30 bucks a month if you wanna count that in.

[Reaver]

Thanks for the responses....hey Tin I believe think or swim offers an internet rebate...didn't you used to use them?

[brownsfan019]

Nate - if you decide to daytrade futures, an inexpensive way to get going is to trade through Open ECry. Reason being they will provide you all the data you could possibly want, free charts and free trading software. Normally I cringe at hearing 'free' but this is not bad at all, esp if you are looking to test the water. You can also take their data and plug it into other charting services, like Multicharts, if you want a more robust charting platform.

So, at OEC, outside of your normal brokerage commissions and internet cost, there's no other fees if you use all their stuff. If you add in Multicharts, that's a one-time up-front cost.

Not bad in my opinion as I have at one point paid $100+/mo for data and $500/mo for my trading platform and then the cost of a charting package as well.

[TinGull]

I did used to use them and for 40+ trades a month I used to get a check back for 40 bucks to cover my internet expense. That was pretty sweet. No one else I've ever come across does that.

[Reaver]

I agree Tin. That is pretty unheard of.

Brownsfan, thanks for the info. This may be naive, but is it possible to use MP and open ecry, as far as using them for data etc as you mentioned? I imagine I'd be able to plug the data into an application that supported MP, but I just wanted to ask. Thanks.

[brownsfan019]

No idea Nate as I don't use MP. As long as you plug the data into a charting package that supports what you need, I don't see why not. For example, on Multicharts I can run minute charts, volume based, etc. etc. even though you cannot run all of those specifically on OEC's built trading software.