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Plan the Trade

  • #10,781
  • Feb 22, 2019 10:32am Feb 22, 2019 10:32am
green is my favorite color. Very disciplined trading Jason kudos pick you spots and fire away
  • #10,782
  • Feb 22, 2019 11:39pm Feb 22, 2019 11:39pm
Quoting VEEFX
{quote} interesting to see phillip and dorman to be bigger than AMP. I am really leaning towards moving IRA (eventually over 200K) and trade futures. any suggestions anyone? I am currently with Interactive brokers but their platform really suck and they force to run TWS in parallel with Sierra for 3rd party API calls to their order matching engine which also sucks. For now AMP is fine but not a good partner in the long run imo. they are just too small. {image}
Read this. Trading with US brokers is quite safe.
https://www.elitetrader.com/et/threa.../#post-4687083
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,783
  • Feb 23, 2019 2:53pm Feb 23, 2019 2:53pm
Quoting heispark
{quote} Read this. Trading with US brokers is quite safe. https://www.elitetrader.com/et/threa.../#post-4687083
thanks. Just to say it...Elitetrader forum is just another broker-funded swamp of egoistic idiots appearing as successful professionals.

Safety of funds with futures broker is the #1 reason why I moved to futures bro. My question was more about which broker offers the best deal for error-free executions, reliability, cost structure and a host of other capabilities around server-side automated trading. That's all. I also have to decide which custodian to chose so just begun my research on them as well. I just tend to get stuck once I make my formal decision because I do all my due-diligence prior to taking any actions (same in life as well). Cost wise, AMP is still okay for under $1M account size but there are other specific things I am looking for. I am a volume trader so here's a peek into my one day volume just in case anyone has doubt about being a "demo troll". I am stuck here only because I am forced to be online for my work to keep me motivated, otherwise such forums are just not the right place for traders to hang out.
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Staying in my lane...
  • #10,784
  • Feb 23, 2019 3:19pm Feb 23, 2019 3:19pm
Quoting VEEFX
{quote} thanks. Just to say it...Elitetrader forum is just another broker-funded swamp of egoistic idiots appearing as successful professionals. Safety of funds with futures broker is the #1 reason why I moved to futures bro. My question was more about which broker offers the best deal for error-free executions, reliability, cost structure and a host of other capabilities around server-side automated trading. That's all. I also have to decide which custodian to chose so just begun my research on them as well. I just tend to get stuck once I make...
At that rate you MUST become cme member.

I plan on it myself maybe later this year when I hit my account goal. Yoi will save 52% on commissions
  • #10,785
  • Feb 23, 2019 5:00pm Feb 23, 2019 5:00pm
Quoting VEEFX
{quote} thanks. Just to say it...Elitetrader forum is just another broker-funded swamp of egoistic idiots appearing as successful professionals. Safety of funds with futures broker is the #1 reason why I moved to futures bro. My question was more about which broker offers the best deal for error-free executions, reliability, cost structure and a host of other capabilities around server-side automated trading. That's all. I also have to decide which custodian to chose so just begun my research on them as well. I just tend to get stuck once I make...
If i am reading right and you are moving too futures to protect your capital i dont belive its any safer than forex at atleast when it comes to jumping stops futures is just as bad if not worse ending up owing your broker more than deposited....But hey i may be totally of bace here???And your volume is that on sim ore liveaccount???
Insanityoing same ting over expecting different results..Einstein
  • #10,786
  • Feb 23, 2019 6:00pm Feb 23, 2019 6:00pm
Quoting FXsniper111
{quote} If i am reading right and you are moving too futures to protect your capital i dont belive its any safer than forex at atleast when it comes to jumping stops futures is just as bad if not worse ending up owing your broker more than deposited....But hey i may be totally of bace here???And your volume is that on sim ore liveaccount???
you dont trade against brokers in futures market you do in forex market. money is segregated in futures not in forex you be the judge which place is safer
  • #10,787
  • Feb 23, 2019 6:37pm Feb 23, 2019 6:37pm
Vee,
Maybe check out TD Ameritrade also. I don't know about Think or Swim platform though . . . .
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  • #10,788
  • Feb 23, 2019 6:49pm Feb 23, 2019 6:49pm
futures brokers CAN trade against their clients. you'll find it in the account contract. Nothing wrong with it, they're taking the same risk by doing that.

SIPC doens't cover futures, just equities

and we have higher chance of blowing our accounts than worrying about the off chance that a broker goes insolvent..why worry about this?

reason forex sucks compare to futures is that your pricing/spread and leverage is broker controlled rather than based on a centralized exchange. Meaning that all players play by different rules depending on where they are. plus you can't get accurate volume data, just localized broker order flow.

forex is cheap, futures is more expensive to get into. forex you can technically turn few hundred to thousands. retail forex is really meant for the peasants to get into trading.

forex is inherently ranging market (currency rates rarely trends for extended period), equity futures has more trend/breakout tendencies..
  • #10,789
  • Feb 23, 2019 7:13pm Feb 23, 2019 7:13pm
Quoting hilmy83
. . . reason forex sucks compare to futures is that your pricing/spread and leverage is broker controlled rather than based on a centralized exchange. Meaning that all players play by different rules depending on where they are. ..
Yep. Agreed 100%
  • #10,790
  • Feb 23, 2019 7:26pm Feb 23, 2019 7:26pm
Quoting hilmy83
forex is inherently ranging market (currency rates rarely trends for extended period), equity futures has more trend/breakout tendencies..
Well said, that can be an edge in currency trade...
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,791
  • Feb 23, 2019 7:26pm Feb 23, 2019 7:26pm
I am back to the health insurance question for self employed people. Is it worth forming an llc. to trade under to be able to get tax breaks on health insurance premiums?
What to do for health insurance for a fulltime trader with kids?
  • #10,792
  • Feb 23, 2019 7:30pm Feb 23, 2019 7:30pm
Quoting bapakjason
Vee, Maybe check out TD Ameritrade also. I don't know about Think or Swim platform though . . . . {image}
For scalpers, many people say TDA's execution quality is not very satisfying. CQG is the best. Personally, however I think Thinkorswim platform is very intuitive and elegant in interface. It's the best platform for Options traders.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,793
  • Feb 23, 2019 8:24pm Feb 23, 2019 8:24pm
Quoting hilmy83
futures brokers CAN trade against their clients.
Book A, book B.
Christabelle means beautiful. I'm here to chit-chat and eat cotton candy.
  • #10,794
  • Feb 23, 2019 8:52pm Feb 23, 2019 8:52pm
Quoting VEEFX
{quote} i started my trading journey with Datek Online which got bought by TD then moved to Scottrade which was also bought by TD and now have all my non-IRA investing accounts with TD. TOS is great software but their margin requirements are not suitable for regular and retirement accounts... no such thing as "day margin" with them. IBKR is great but their platform and customer service sucks as well. Since I have been with them forever, its time for a change away from both TD and IBKR and consolidate into one broker until I reach the 1M mark. Long...
lol obamacare

let's petition for a tradercare insurance, you don't make a profit, your premiums are higher lol

but seriously is insurance cost really that prohibitive? based on this it's less than $2000 per month for family of 4. nothing that a six fig pro trader can't pull off on a standard 100k account.
  • #10,795
  • Feb 23, 2019 8:54pm Feb 23, 2019 8:54pm
Quoting hilmy83
{quote} lol obamacare let's petition for a tradercare insurance, you don't make a profit, your premiums are higher lol but seriously is insurance cost really that prohibitive? based on this it's less than $2000 per month for family of 4. nothing that a six fig pro trader can't pull off on a standard 100k account.
sorry this simple google link
https://www.google.com/search?q=priv...hrome&ie=UTF-8
  • #10,796
  • Edited 9:51pm Feb 23, 2019 9:28pm | Edited 9:51pm
Quoting hilmy83
{quote} sorry this simple google link https://www.google.com/search?q=priv...hrome&ie=UTF-8
I am running searches also. Just would like to hear from some people already doing it. Even making six figures, the difference between $1000 and $2000 a month matters to me . . .
Thanks for chiming in on this issue guys, because its something that ultimately anyone moving to fulltime trading will deal with (unless they go through their spouse's healthcare).
  • #10,797
  • Feb 23, 2019 9:35pm Feb 23, 2019 9:35pm
You guys in the states pay capital gains futures trading ? Or taxed at your income bracket.
  • #10,798
  • Feb 23, 2019 9:47pm Feb 23, 2019 9:47pm
Quoting pr3dict0r
You guys in the states pay capital gains futures trading ? Or taxed at your income bracket.
Here in Canada, we have TFSA Tax free savings accounts, which can be linked with our top 5 financial institutions. Unfortunately, it's only equities, etf, etc. No futures unless you track an etf derivative. And they consider day trading, or experienced traders would be required to pay taxes @ our marginal tax income bracket..( I'd pay close to 50%) .. income earned over 220k is taxed heavily, unlike in the states from what I have heard. . Your top tax bracket starts at 500k. We also have HST, 13% Tax on all purchases.

I would personally buy a residence in the Bahamas, if thr time came and was making a boatload of money trading futures. Purchase a residence for over 250K USD and sustainable income, and you are granted permanent residenc. I'm sure the healthcare is top notch from what i'v heard, and no taxes on monies made trading.

BeSt thing, I would be a few hours from my favourite place in the world. Florida!
  • #10,799
  • Feb 23, 2019 11:33pm Feb 23, 2019 11:33pm
Quoting VEEFX
{quote} frankly, it makes absolutely ZERO sense to live in the highly taxed western world if you are making big in futures. just move to one of the tax-free islands which has good airline hub and trade/travel the world! That is my only endgame here with trading. "trade and travel and not get taxed"
I am thinking of Malaysia.... Living cost is much cheaper than Singapore...
It's relatively closer from my place and my broker Dukascopy has an office out there.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #10,800
  • Feb 23, 2019 11:44pm Feb 23, 2019 11:44pm
Quoting heispark
{quote} I am thinking of Malaysia.... Living cost is much cheaper than Singapore... It's relatively closer from my place and my broker Dukascopy has an office out there.
Malaysia is not a very safe place however...

I love Singapore, I travel there very often...much higher living costs, but well worth it.
Christabelle means beautiful. I'm here to chit-chat and eat cotton candy.
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