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.

twentyone

What Platform is Used to Trade Futures?

Recommended Posts

The best bet, in my opinion, for getting up and running with futures is ThinkorSwim (TOS) which is now owned by TDAmeritrade. I don't think that ThinkorSwim is the best platform for an experienced futures trader who is profitable but you can't beat it to get started.

 

What makes it so great for a beginner is the following:

 

1) It's free, including all data for all of the futures exchanges. This would cost you up to $200 a month if you had to set up a datafeed with another broker.

 

2) You can set up an account at TDAmeritrade online in 5 minutes and get access to the TOS platform without funding your account. They give you the ability to demo the software for as long as you like...without having to deposit a dime.

 

3) The TOS platform has all the bells and whistles of the best futures trading platforms inlcuding sophisticated charting and a DOM for order entry.

 

Take a look and see what you think. Paper trade with TOS for awhile and get a feel for the market. If you are making money then I would consider looking at the following combination for a futures trading platform:

 

1) Market Delta or IRT Charting software (these two charting platforms are identical except that MarketDelta gives you something called a footprint chart which is just an added feature. IRT costs $50 to $70 a month and MarektDelta is anywhere from $100 to $200 depending on the features you want.

 

2) IQFeed for your historical data. Futures data costs $83 per month and you avoid exchange data fees if you set up an account with one of IQFeeds partner brokers.

 

3) Infinity Futures for your broker. They have low margins ($500 per Emini contract, although I don't recommend using anywhere near that amount of margin) and a good DOM order entry system. Also, their commissions are reasonable on the retail side...about $5.00 per round turn.

 

I currently use the above setup...MarketDelta for my charting, data from IQFeed and brokerage services with Infinity. I love it. However, if I was just starting to learn the market, there is no way I would go with anything other than ThinkorSwim. All in I pay $225per month for my setup. You can do the same thing at ThinkorSwim for free and don't even need to fund an account to demo their software and papertrade. Let me know if you have any questions.

 

Mike

Share this post


Link to post
Share on other sites

It all depends on what you are going to do, the style of trading. Are you going to build strategies what level of programming experience do you have. I don'd think there is a best system.

 

Also consider brokers, make sure your broker is compatible with the software you are using.

Share this post


Link to post
Share on other sites

There are plenty of futures brokers that's for sure. Make sure you get a demo of any software you are considering. I personally use Open Ecry and we have a little support area right here on TL for them. With OEC you will get free data to just about any market you might want to look at and a free platform, which is very nice IMO. The platform comes with charts and DOM to enter orders. If you need more than the standard OEC charts, you can take that data and plug into other platforms too, so at least save the cost of data.

 

Just make sure you demo a few platforms and whatever you settle on, get to know the order entry methods so there's no questions when real $ is on the line.

Share this post


Link to post
Share on other sites
anything but OEC is ok.

 

Lol Tams. You have an actual reason for that?

 

Too funny, some people around this place.

 

Go ahead an EXPLAIN why OEC is not good. I'd love to see you actually explain this w/ facts. Or we can just pretend like I didn't ask this question and you can keep just following me around.

Edited by MadMarketScientist
language

Share this post


Link to post
Share on other sites

I have to use IraChart because that is all my broker offers. It's a great system, however there are a few features it lacks. For example, the basic live feed does not have unlimited charts.

 

I also use a cheaper delayed data charting system from E-signal, which I think is awesome for my initial searches. It has unlimited charts, and allows me to store charts with good looking set ups in a favorites folder to open later; in order to perform a deeper study.

 

E-signal has a live streaming version as well, that seems to work with every broker but mine. I'd use it as a single platform if I could.

Share this post


Link to post
Share on other sites

Also look and see if TradeStation platform is personally compatible for you ...

(Platform recommendation only - it's not the best brokerage in the world but adequate for electronically traded instruments for most traders...

I do give them enough business to keep the platform free... often in the first or (if I forget )last five minutes of the 'month' :) ) hth

Share this post


Link to post
Share on other sites
Lol Tams. You have an actual reason for that?

 

Too funny, some people around this place.

 

Go ahead an EXPLAIN why OEC is not good. I'd love to see you actually explain this w/ facts. Or we can just pretend like I didn't ask this question and you can keep just following me around.

 

In fairness, I did hear OEC had an outage late last month. If you're a new day trader with a smallish account, such an outage could easily put you out of the game, especially when every other user has been shut out and every one is calling the desk to cover - so you cant get through to the desk. Ouch! :crap:

 

To answer the original question though - I'd say X Trader is the best, hands down. Of course, we're all going to say the best platform in the world is the one we personally use - if we didnt think it was the best we wouldnt use it!

 

We have to remember that we tend to get what we pay for. Given every dime is more important to the new trader than the big trader, I'd say it's more important for a new (serious) trader to invest in good equipment - so long as that cost wont put him too far behind of course.

Share this post


Link to post
Share on other sites
in currencies, mt4 seems like the more popular choice for trading, what about futures? is there any demo account?

 

Hi,

 

Try Brocompany.com. They offer the MT4 platform that you can trade a multitude of Forex pairs, Futures, Stocks and Indices with.

They also offer demo accounts with free streaming charts. For all assets!

 

Happy Trading!

 

Cheers,

 

Peter a.k.a. Dutchie

Share this post


Link to post
Share on other sites
Go ahead an EXPLAIN why OEC is not good.

 

I use OEC because 1) they have a very good API to Collectie2 for autotrading; 2) they are connected to a larger number of futures exchanges than many other brokers, e.g. IB; 3) they don't charge for market data.

 

However, 1) I don't think OEC is a very good software platform at all. It is rigid and has an old fashioned design. It is not nearly as flexible and user-friendly as IB's software. 2) The other day they had a complete technology outage and you could not use their system for 2 hours or so during the trading day. 3) Their commissions are high, especially for autotrading.

Share this post


Link to post
Share on other sites

For discretionary or high frequency futures trading the answer is X_Trader, X_Trader, or X_Trader by Trading Technologies. If you are not doing enough size to warrant the monthly fee then use Velocity as broker; They offer a pay per transaction (i.e. slightly increased commission) method of payment which is ideal for <1500 rt.

If you think you need charts or want to develop systems and want a tool for rapid prototyping, data mining, back-testing and running automated strategies etc try NinjaTrader (cheap) and/or CQG(pricey but still only half full X_Trader Pro) or some such to complement X_Study.

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.