[AlanP]

I would like to switch to a broker where I can trade direct with Ninja.

Anybody got any recommendations? Currently I am thinking of IB or MBT.

Would be interested in others experiences.

Trhanks

Alan

[MadMarketScientist]

I have used interactive brokers and Ninja for quite a few years now. Dating way, way back to the early days of Ninja. It has worked for me through all the changes/upgrades and I have no issue/problems with IB as a broker.

I have heard good things about your other option you mention as well.

What I do like about IB is whenever I decide to be adventurous and trade other markets I can trade just about anything you can think of under one, universal account - forex, futures, stock, options, etc...

MMS

[AlanP]

Many thanks MMS

One of the problems I have with IB is understanding their rules, Day Trading/Pattern Trading/Deposits etc

I am in UK and not sure if everthing applies, they have answered queries but not too clearly

Cheers

Alan

[jaturner]

I use pfg best with NT. They have Forex & Futures. No problems so far.

[MadMarketScientist]

AlanP

The day trading pattern rules would be the same at any broker -- and if you're referring to stock trading it would require a $25,000 account (with up to 4:1 leverage given) if you are deemed a daytrader. One of those somewhat archaic rules from the times when the markets were crashing following the heyday in the late 90s -- thinking that would solve the problem. Didn't.

Anyway, I'm also not sure since that's a U.S. SEC rule I believe that it would apply to an account opened with IB in the U.K. Unless you are aware that the UK has the same regulations -- IB would have to comply.

I know though you can open your account in your currency and you do get access to a really good forex clearing ECN as well.

MMS

Originally Posted by AlanP »

Many thanks MMS

One of the problems I have with IB is understanding their rules, Day Trading/Pattern Trading/Deposits etc

I am in UK and not sure if everthing applies, they have answered queries but not too clearly

Cheers

Alan

[AlanP]

jaturner and mms thanks for your input.

mms on your comments;- I do not intend to trade stocks, at the moment just FOREX but would like the ability in the future to trade Oil/Gold/Currency futures/Index

Sound like that the Day Trading/ Pattern rules dont apply?

jat;- are PFG an ECN do you know?

In general how do you find Ninja as the Trade management tool?

Thanks again guys.

Cheers, Alan

[MadMarketScientist]

Right, you'll be fine on the pattern day trader situation since you're not talking stocks. You'll just need to meet margin requirements for forex and/or futures as you go. They are strict about that but it allows plenty (too much) leverage.

As for the trade management using Ninja as your front end it's good -- like anything you need to learn it but they seem to run weekly webinars every week that covers all aspects of using it -- and you'll find it tends to be far better than what most (not all) brokers provide.

MMS

Originally Posted by AlanP »

jaturner and mms thanks for your input.

mms on your comments;- I do not intend to trade stocks, at the moment just FOREX but would like the ability in the future to trade Oil/Gold/Currency futures/Index

Sound like that the Day Trading/ Pattern rules dont apply?

jat;- are PFG an ECN do you know?


In general how do you find Ninja as the Trade management tool?

Thanks again guys.

Cheers, Alan

[jaturner]

Alan, Yes PFG is a straight through Processing (STP) broker as well as ECN. At least that is what they tell me