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Reputable Futures broker rec?
Posted: Thu Apr 29, 2004 10:34 pm
I am a fairly experienced with online stock trading, using a trend following approach, using DATEK and Ameritrade. I execute at most a few trades a month. I use obviously technical analysis, with MA's, price breakouts, volume study, as the bulk of my methods.
I am educating myself (in DEEP study) about the futures markets, and will spend the remainder of this year in a "study mode."
In 2005, I would like to "go live" with an online futures broker, and am looking for recommendations. I am NOT a day trader or scalper, and need web-based access (non-software).
I have looked at Xpresstrade and also Lind-Waldock and both look like possibly what I need.
Comments, advice wanted
Posted: Thu Apr 29, 2004 11:16 pm
Cybertrader is pretty good. It does stock, options and futures. The advance option screen is pretty impressive and simple to use and understand.
That is what I use. It is owned by Schwab. The drawback is that you have to meet some income and net worth requirements before they accept your money and application.
Posted: Thu Apr 29, 2004 11:28 pm
The ONLY futures that Cybertrader will let you trade, are the stock index futures. Want to trade Cotton? Want to trade Swiss Franc? Want to sleep with Jamie Lee c.f. and trade Orange Juice like Dan Aykroyd and Eddie Murphy (in the movie Trading Places)? You can forget it, at Cybertrader.
The plain truth: Cybertrader is a Stock house, trying to pretend they have "futures" too. But this is misleading. They want your money so they tell you some lies. How shocking.
Want to trade futures at the Eurex exchange, or the Liffe, or at the Montreal exchange, or at FINEX in Dublin? Cybertrader doesn't want your business.
Sorry. Better look at Zap or Interactive or the back pages of Active Trader magazine. Very sorry.
Posted: Thu Apr 29, 2004 11:40 pm
I would like to trade the "true" commodities such as OJ, Sugar, Crude Oil, Copper, etc.
I am exploring this trading as it appears more directly tied to a supply/demand situation versus stocks, where Greenspan, corporate fraud, earnings, etc, can de-rail a stock's progress.
I learned TA via the stock market, and use breakouts, MA crossover, and volume action as my primary methods. I have done pretty good with stocks I might admit. But it only recently dawned on me that TA may actually be more effective with futures (and more leverage).
Anyway, I am looking at XPresstrade and Lind-Waldock right now.
more comments please post
Posted: Fri Apr 30, 2004 10:11 am
If you're interested in personalized service, a broker that knows your voice when you call, and a knowledgable representative in the industry give me a call. We offer a number of trading platforms and clear through Man Financial, one of the most respected clearing firms in the industry. I can provide you with good customer service at some of the best industry rates.
Regardless of who you choose, be sure to do your background check at www.nfa.futures.org
Posted: Fri Apr 30, 2004 1:58 pm
you might want to read all the posts in this Broker forum about people's experiences with the various FCMs and IBs.