Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

cowcool

Favorite Emini Brokers

Recommended Posts

Cow, as I mentioned here, Open ECry is a very nice broker to consider.

 

My suggestion is to demo as many platforms as you can get your hands on and just start clicking around to see what you like/dislike. The other factor will be costs. If you go with OEC, you will pay zero in data fees and/or platform fees, which is nice. I was paying around $700/mo prior to moving my trading to OEC for data and platform fees. Getting rid of that expense was nice.

 

There is a broker review section on TL as well that you might want to take a look at.

Share this post


Link to post
Share on other sites

The question of brokers crops up often. There are half a dozen or so that are consistently recommended by people here. IB, Mirus, Amp, OEC, Transact (I think) and maybe a couple of others are generally recommended.

 

Maybe worth having a sticky thread to direct people too?

Share this post


Link to post
Share on other sites

Interactive Brokers: http://www.interactivebrokers.com

 

I trade primarily ES.

 

IB has several platforms for traders (their Trader Workstation is most popular). Their competitively priced for futures and better than most for stocks and mm interest rates; their financial position is very strong and you can hold high-balances with confidence. The best is that I can stream their data into 3rd party software solutions for advanced analysis (i.e. Ensign).

 

I hope that this helps.

 

Take care.

Share this post


Link to post
Share on other sites

The choice of broker is going to depend on your individual requirements.

 

I chose Interactive Brokers beacuse of the following:

 

I'm based in Europe and I can call them on a free phone number.

Low commission rates.

I can wire money to my non-US bank account free of charge.

Global coverage of markets.

Universal Account means I can trade futures, stocks, FX and options from one account.

 

If you are only trading US futures other brokers will offer lower intraday margin requirements so you don't need to keep all your capital in your account.

If you have a large account size consider cutting out the introducing broker and go direct to a FCM for lower commissions.

Edited by Harlequin
added information

Share this post


Link to post
Share on other sites

Good advice Harlequin. It should be noted that IB does not have a great reputation for being that prompt answering the phone. I have not had that issue calling the European Desk. Mind you can't remember the last time I needed to call, years ago. On the plus side they have a European, USA, & Asian dealing desk and offices in may cities.

 

How often do you call your broker? If you think that is something you might do a good test is to call them at a few 'awkward' times (just after the open, after news etc.) and see how long it takes to get through. Of course you can bet your bottom dollar that the one time you do need to close a trade by phone it will be just after a surprise 2% interest rate reduction.

Share this post


Link to post
Share on other sites
It should be noted that IB does not have a great reputation for being that prompt answering the phone. I have not had that issue calling the European Desk. Mind you can't remember the last time I needed to call, years ago. On the plus side they have a European, USA, & Asian dealing desk and offices in may cities.

 

How often do you call your broker? If you think that is something you might do a good test is to call them at a few 'awkward' times (just after the open, after news etc.) and see how long it takes to get through. Of course you can bet your bottom dollar that the one time you do need to close a trade by phone it will be just after a surprise 2% interest rate reduction.

 

Probably called about 5 times in the last 3 years, never had a problem getting through and found them very helpful. Last time was last week, TWS locked up on me after I sent a buy market on FTSE futures, the order just sat there as sent and acknowledged but not filled, called IB and they confirmed the price of the fill in less than a minute of me picking up the 'phone. Restarted TWS and all was well.

Share this post


Link to post
Share on other sites
Probably called about 5 times in the last 3 years, never had a problem getting through and found them very helpful. Last time was last week, TWS locked up on me after I sent a buy market on FTSE futures, the order just sat there as sent and acknowledged but not filled, called IB and they confirmed the price of the fill in less than a minute of me picking up the 'phone. Restarted TWS and all was well.

 

Ahh but that was the European desk I'd wager :D I wonder if the US desk is better nowadays? Last time I called I couldn't remember my security word <doh>. For things financial i try to pick extra secure account information. So secure I don't remember!!

 

I should re-iterate I think they are great broker, which is why they are my primary.

Share this post


Link to post
Share on other sites

I use Insignia futures, mainly becuase of the free platform that they give you to trade with and get quotes with. Initially the platform cost can ruin most traders budget. I have been with them for over 2 years with no problems.

Share this post


Link to post
Share on other sites
If you have a large account size consider cutting out the introducing broker and go direct to a FCM for lower commissions.

 

This is a new idea to me, and I have a couple questions:

 

1. How large of an account are we talking, roughly?

2. Why are the commissions lower? Because they're doing more volume due to the larger accounts? How much lower are the commissions, roughly?

 

Thanks.

Share this post


Link to post
Share on other sites
This is a new idea to me, and I have a couple questions:

 

1. How large of an account are we talking, roughly?

2. Why are the commissions lower? Because they're doing more volume due to the larger accounts? How much lower are the commissions, roughly?

 

Thanks.

 

I use Infinity an IB, because of their service. I have a personal broker Tom Duffy. He's just great. The best I've ever had. The way I see it you hope to never need a broker, but when you do need help you want someone who will get you out of trouble. Saving a few pennies by going direct wouldn't really be saving all that much in the long run. And my rate is already low enough that the commissions aren't a factor.

 

 

yours in trading,

 

TraderJean

Share this post


Link to post
Share on other sites
So if I had an account with an FCM, I wouldn't have a representative at the firm? Who would I contact if I were to have a problem? How would I open the account in the first place?

 

Of course they'll open your account and give you an 800 number to call. If you're big enough 100K+ they'll treat you like a king (or queen.)

 

But I think most FCMs aren't set up for the smaller retail client. Most self directed accounts will receive long hold times and something less than quality service. If you've been with IB or TradeStation you probably know what i'm talking about.

 

Having said that, I am just speaking from my personal experience. I would guess there are good IBs and not so good IBs. Just like there are good and bad FCMs. It's a search and discovery process. I'm just glad i'm with Infinity.

 

TraderJean

Share this post


Link to post
Share on other sites
I use Insignia futures, mainly becuase of the free platform that they give you to trade with and get quotes with. Initially the platform cost can ruin most traders budget. I have been with them for over 2 years with no problems.

 

Is that $4.99 per trade on their site correct? If so, that sounds like a rip unless the person really, really likes the software or something else.

Share this post


Link to post
Share on other sites
take a look at infinity futures, they have a great platform and low fees.

 

How low are the "low fees"? I hear "low fees" all the time for different places, but few people actually say the fee. (Yes, yes, the fee can be different depending on how many RTs you do.)

Share this post


Link to post
Share on other sites

I really dont get why people recommend IB over and over again... i used them for few months. their software is dinosaurus dunk and their support is the direct pavement to psyhiatric ward. The data feed is the worse I ever seen.

 

the only people who trade different kind of markets and change moods quite often - have to be happy with IB. say today etfs tomorrow stocks next week options next week mongolian currency.

 

Amongst 5 brokers I had account with IB was the worst for futures. And far from cheap.

 

Call smaller brokers and get rate below $4.

 

My today's choice (cost/quality/support) - Infinity. No data fees, no platform fees, rates below $4, STATIC DOM (feature not found anywhere for that kind of money), the quickest cheap data feed and execution.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.