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  • #701
  • Sep 21, 2018 12:58pm Sep 21, 2018 12:58pm
Quoting bluejack
{quote} Inspiring and I can see the hard work you have put there.. countless hours of staring at the screen with no sleep. will you do only US session everyday if you could?
Thanks. That would be great if I can do solely US session..but at least I can do some US sessions thanks to my job flexivility.

Yes sleep is important...
  • #702
  • Sep 21, 2018 5:13pm Sep 21, 2018 5:13pm
Quoting hilmy83
{quote} Thanks. That would be great if I can do solely US session..but at least I can do some US sessions thanks to my job flexivility. Yes sleep is important...
Isn't there a better instrument to trade during Asian and Frankfurt compared to the volumes in NQ? I like the idea of trading g one hour and close the shutters regardless of the outcome...did a lot of that shit with spot forex hurting my sleep patterns which most definitely takes a toll in the long run.

Even I am thinking of trading one hour prelondon during Frankfurt and Tokyo overlap. It's got so excited decent volatility...at least in spotfx
Staying in my lane...
  • #703
  • Sep 22, 2018 5:40am Sep 22, 2018 5:40am
Quoting VEEFX
{quote} Isn't there a better instrument to trade during Asian and Frankfurt compared to the volumes in NQ? I like the idea of trading g one hour and close the shutters regardless of the outcome...did a lot of that shit with spot forex hurting my sleep patterns which most definitely takes a toll in the long run. Even I am thinking of trading one hour prelondon during Frankfurt and Tokyo overlap. It's got so excited decent volatility...at least in spotfx
I guess miniDax/Fdxm will probably match emini Nq, I am on the same path as you are, 7am _9am UK time is good enough for us.
Btw, nice thread hilmy , always enjoying your posts
on a postive roll...
  • #704
  • Sep 22, 2018 11:09am Sep 22, 2018 11:09am
Quoting Rmg
{quote} I guess miniDax/Fdxm will probably match emini Nq, I am on the same path as you are, 7am _9am UK time is good enough for us. Btw, nice thread hilmy , always enjoying your posts
There is also a nice one hour window when tokyo, China, Hong Kong and Singapore come online. Any suggestion which emini would have significant volatility during Asian?

TOS is out as their day margin is too high. Looking at AMP and Infinity futures as both allow day margin for 23 hours except for 4-5pm ET. There are also some cheaper discount brokers out there (one offers unlimited trades and free access for $199/month)

Infinity is a IB of transact....which makes me wonder if they would mess with spreads similar to spot FX. ??
Staying in my lane...
  • #705
  • Edited 11:40am Sep 22, 2018 11:24am | Edited 11:40am
Quoting VEEFX
{quote} There is also a nice one hour window when tokyo, China, Hong Kong and Singapore come online. Any suggestion which emini would have significant volatility during Asian? TOS is out as their day margin is too high. Looking at AMP and Infinity futures as both allow day margin for 23 hours except for 4-5pm ET. There are also some cheaper discount brokers out there (one offers unlimited trades and free access for $199/month) Infinity is a IB of transact....which makes me wonder if they would mess with spreads similar to spot FX. ??
Hi V,

I would recommend amp over infinity for a few reasons:

1) Infinity only allows their clients to use Transact data, this is because they aren't and IB, but rather a wholly owned subsidiary of transact. Infinity is the only futures brokerage that ties its client to specific data. Not saying there is anything nefarious here, but facts are facts.

2) While transact data is decent, they do treat certain types of large order data differently from all the other data providers and this makes certain orderflow calculations impossible. Generally, in the futures world, the less filtered the market data the better. Since i know you are an algo based researcher/trader this point is critical for you.
  • #706
  • Sep 22, 2018 11:49am Sep 22, 2018 11:49am
Quoting Nik-Nyc
{quote} Hi V, I would recommend amp over infinity for a few reasons: 1) Infinity only allows there clients to use Transact data, this is because they aren't and IB, but rather a wholly owned subsidiary of transact. Infinity is the only futures brokerage that ties its client to specific data. Not saying there is anything nefarious here, but facts are facts. 2) While transact data is decent, they do treat certain types of large order data differently from all the other data providers and this makes certain orderflow calculations impossible. Generally,...
Excellent Nik. I only believe in "data" and part of my move to futures is driven by completely transparency and un-adulterated access to real market participant data. If I succeed, I plan to go 6 figures so safety of funds, instantaneous deposits/withdrawals, stable/robust trading platform, robust account mgmt features.... and unlimited access to demo/paper trading platform is a must for me. I am a demo trader for life so when I trade in demo, the trade must work exactly like it would in live with the exact quote feed etc. I am just wired differently and need this demo access to curtail my curiosity to try things that I do not want to mess in a live instance. So to sum up, here's what I am really looking for in a futures broker in the order of priority

 

  1. Safety of capital - if broker goes bust, I want every penny back!
  2. Unlimited access to multiple demo accounts... or single demo with frequent account resets
  3. Volume trader so cheap commissions. I can see myself easily trade 15-20 contracts every day or session. I add when things go my way :-
  4. Stable platform without many frequent software updates.
  5. Mobile smartphone or ipad platform support is a must.
  6. Capability to link multiple accounts (or sub-accounts) under a single login. This is also a must as I like to segregate my strategies and instruments to keep my trading stats efficiently managed
  7. Instanteneous intra-day deposits and intra-account transfers is a must via self service. I like to contain my risk based on funds availability and avoid any mental fuckups
  8. Decent fast, frequent and convenient withdrawals. Ideal would be access via debit card
  9. No inactivity fees, no account closure fees, no withdrawal fees, no minimum trade requirements. I hate all such add ons
  10. Reserved for future :-)

Staying in my lane...
  • #707
  • Sep 22, 2018 11:59am Sep 22, 2018 11:59am
I have been with transact
for 5 years and not 1 single complaint
  • #708
  • Sep 22, 2018 12:29pm Sep 22, 2018 12:29pm
V,

I will address your question one by one.



Quote
Safety of capital - if broker goes bust, I want every penny back!

Its important to understand that in the futures world, brokers are only clearing firms. Brokers themselves do not trade and/or hold any position within the market. Their sole task is to "clear orders" from a risk and routing perspective before they hit the actual, real market where they are matched. Therefore, brokers themselves do not have any exposure. It is very rare for a futures broker to go bust, compare and contrast that with the forex world. Your sleep will improve when you grasp this point.


Quote
Unlimited access to multiple demo accounts... or single demo with frequent account resets

Any futures broker will do this. Usually all it takes is an email to your rep and done.


Quote
Volume trader so cheap commissions. I can see myself easily trade 15-20 contracts every day or session. I add when things go my way

All futures brokers play ball with commissions. Obviously account size and volume are the metrics they use. Himly has discussed what volume level would justify getting a seat on the exchange for fee reductions . . .


Quote
Stable platform without many frequent software updates.

Anything is better than metatrader . . . literally anything you choose will be years ahead in terms of stability and functionality. That said, given what i know about your trading style, i highly recommend sierra charts for the workflow and development environment it offers.


Quote
Mobile smartphone or ipad platform support is a must.

Sierra does not have a mobile platform, however, all data providers offer mobile platforms that allow you to monitor and even manage trades. Again, way ahead of the MT app.


Quote
Capability to link multiple accounts (or sub-accounts) under a single login. This is also a must as I like to segregate my strategies and instruments to keep my trading stats efficiently managed
Not a problem. Amp for example lets users create sub accounts on their website back-end. Furthermore, plenty of advanced functionality can be achieved through PAMM accounts.


Quote
Instanteneous intra-day deposits and intra-account transfers is a must via self service. I like to contain my risk based on funds availability and avoid any mental fuckups
Most brokers allow ACH for free that arrive next day, wires (fee) that arrive same day if placed before 1pm CST, intra-account transfer are instant and all this functionality is self service. No games here, US regulators dont have a sense of humor :-)


Quote
Decent fast, frequent and convenient withdrawals. Ideal would be access via debit card

See the point above. However, note that all deposits must come from account in your name and all withdrawls must also end up in bank account in your name. No paypal, bitcoin, fly-by-night crap is allowed. These are the big leagues, bank accounts only!


Quote
No inactivity fees, no account closure fees, no withdrawal fees, no minimum trade requirements. I hate all such add ons

Data is the only fee you will pay (platform for sierra), and its month-to-month so no worries. Withdrawal info listed above.
  • #709
  • Sep 22, 2018 12:32pm Sep 22, 2018 12:32pm
Quoting Divergence
I have been with transact for 5 years and not 1 single complaint
Hey Div,

Infinity/transact is a good broker. However, for what Vee is looking to study their data is not ideal. If a trader is not looking at bid/offer, limit book, TOS, then infinity/transact is a solid choice.

I had an account with infinity for 2 yrs, zero complaints, but eventually i needed unfiltered data.
  • #710
  • Sep 22, 2018 12:42pm Sep 22, 2018 12:42pm
I think their order go straight to market unabridged I could be wrong. I only use limit orders to get in so it's not a big deal for me
  • #711
  • Sep 22, 2018 1:06pm Sep 22, 2018 1:06pm
Quoting Nik-Nyc
V, I will address your question one by one. {quote} Its important to understand that in the futures world, brokers are only clearing firms. Brokers themselves do not trade and/or hold any position within the market. Their sole task is to "clear orders" from a risk and routing perspective before they hit the actual, real market where they are matched. Therefore, brokers themselves do not have any exposure. It is very rare for a futures broker to go bust, compare and contrast that with the forex world. Your sleep will improve when you grasp this point....
Appreciate it Nik. if the funds are held with the broker, there is always risk to capital with broker going bust (like IBKR was affected by CHF debacle but not significantly) as they are the ones offering day margin to their clients so there is always an inherent risk to capital involved. I also understand client funds are not required to be segregated with broker's operating capital by US regulation (please correct me if this applies to USA based futures brokers) but you are right, safety of funds is generally not a big issue when trading with regulated futures brokers based in the USA. I just need them to be around for atleast 10 yrs or so

Regarding volume and liquidity in general, I want to have access to the trade volume and liquidity reflective of the entire order match at the CME exchange.... and not just the ones available to a specific broker or FCM. does that make sense? In a centralized exchange, this transparency has to be maintained to make it a level playing field across all exchange participants (leaving the dark pools aside that only big boys have access to). The price feed and associated liquidity and volatility must come to my platform untouched and directly from the entire exchange participants.

I downloaded the infinity AT demo platform and it is shitty looking with multiple windows (just a very preliminary impression at this point). I like a single window application interface to give me a birds eye view of everything at a glance. sorry man, i am an ol' dawg :-)

EDIT: During the first hour of trading, we are trading mostly market sentiment (plus manipulations, liquidity freeze/crunch etc)... it is extremely crucial that we have a complete view of the entire global futures market participants (just based on my own understanding)
Staying in my lane...
  • #712
  • Sep 22, 2018 1:28pm Sep 22, 2018 1:28pm
Quoting VEEFX
{quote} Appreciate it Nik. if the funds are held with the broker, there is always risk to capital with broker going bust (like IBKR was affected by CHF debacle but not significantly) as they are the ones offering day margin to their clients so there is always an inherent risk to capital involved. I also understand client funds are not required to be segregated with broker's operating capital by US regulation (please correct me if this applies to USA based futures brokers) but you are right, safety of funds is generally not a big issue when trading...
It's a long complex discussion, but yes, suffice to say the rate of futures brokers implosions is significantly less.

Quote
Regarding volume and liquidity in general, I want to have access to the trade volume and liquidity reflective of the entire order match at the CME exchange.... and not just the ones available to a specific broker or FCM. does that make sense? In a centralized exchange, this transparency has to be maintained to make it a level playing field across all exchange participants (leaving the dark pools aside that only big boys have access to). The price feed and associated liquidity and volatility must come to my platform untouched and directly from the...

Agreed, this is my desire as well. However, the devil is in the details. For example, a single 50 contracts buy order that requires 3 ticks of liquidity to fill will be reflected differently by data providers (broker makes no difference here). Again, a lengthy complex discussion we can have elsewhere, but my testing indicates that cts t4, cqg, rithmic have the "best" (most unfiltered) data.
Quote
I downloaded the infinity AT demo platform and it is shitty looking with multiple windows (just a very preliminary impression at this point). I like a single window application interface to give me a birds eye view of everything at a glance. sorry man, i am an ol' dawg :-)

Sierra is super customizable, and therefore at the beginning can seem overwhelming and klunky. Watch the infinity futures videos on youtube.
  • #713
  • Sep 22, 2018 1:50pm Sep 22, 2018 1:50pm
It always opens with all those options just close all windows go to find symbol and setup chart in what ever time frame etc
  • #714
  • Sep 22, 2018 2:42pm Sep 22, 2018 2:42pm
Thanks for your response. great discussion... I apologize for the clutter with noob questions. I am sure i will figure this out in no time :-
Staying in my lane...
  • #715
  • Edited 3:37pm Sep 22, 2018 3:23pm | Edited 3:37pm
The sooner you can afford a membership (lease) for CME, the better. Let me break it down for y'all.

The member vs non member fee for CME is given here:
https://www.cmegroup.com/clearing/files/fee-summary-guide-for-proprietary-trading-firms.pdf

Lease cost for IOM division (the least where you can still trade emini equity futures)
https://www.cmegroup.com/company/membership/membership-and-lease-pricing.html

to make this comparison, i'm using 8 contracts RT x5 trades/day (40 total which is my average), using AMP as example since they're the cheapest

Attached Image


that is over a year, you have a saving of about $13,000 or 36% savings!!!

so if you want to take your trading business to a new level, get a membership as soon as you can afford it (ideally 1 day's trade will pay out your monthly costs)
  • #716
  • Sep 22, 2018 3:36pm Sep 22, 2018 3:36pm
Quoting hilmy83
The sooner you can afford a membership (lease) for CME, the better. Let me break it down for y'all. We pros do spreadsheet on trading costs (not pie in the sky how much you make monthly shit like you keep seeing) The member vs non member fee for CME is given here: https://www.cmegroup.com/clearing/files/fee-summary-guide-for-proprietary-trading-firms.pdf Lease cost for IOM division (the least where you can still trade emini equity futures) https://www.cmegroup.com/company/membership/membership-and-lease-pricing.html to make...
oops minor correction

i was looking at clearing firms..individual member cost is cheaper based on this (.35 vs .09
https://www.cmegroup.com/company/files/cme-fee-schedule-2018-10-01.xls

so savings of $18,000! or 50% savings

plus it looks like they give members .02 credit per side starting Jan 2019? so that is like $1.6 savings a day based on my example x250=$400 credit

CME WANTS YOU TO TRADE!

Attached Image
  • #717
  • Sep 22, 2018 3:58pm Sep 22, 2018 3:58pm
You put on 40 trades a day? Maybe I put on 40 a month. To me comm are irrelevant as long as there under 5.00 a contract and I trade 4 contract that 640 dollars a month to make 12 to 14000 a month
  • #718
  • Sep 22, 2018 4:01pm Sep 22, 2018 4:01pm
Quoting Divergence
You put on 40 trades a day? Maybe I put on 40 a month. To me comm are irrelevant as long as there under 5.00 a contract and I trade 4 contract that 640 dollars a month to make 12 to 14000 a month

40 contracts per day. per trade i usually have 7-8 contracts. i usually do 5 trades
  • #719
  • Sep 22, 2018 4:11pm Sep 22, 2018 4:11pm
That's more like it
  • #720
  • Sep 22, 2018 10:05pm Sep 22, 2018 10:05pm
Quoting hilmy83
{quote} 40 contracts per day. per trade i usually have 7-8 contracts. i usually do 5 trades
Sorry...noob here again :-)

With 25K starting capital, you are trading 8 contracts per trade usibg only $4000 in used margin. Assuming you are a day trader with no overnight positions, why do you have so much capital with your broker? How much is your per trade % risk?

Also, have you looked into these guys for cost comparison... https://www.tradovate.com/pricing/

Unlimited Commission free trades for $199/month is far less than what you would pay in a year
Staying in my lane...
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