uazpeitia Posted July 31, 2016 Report Share Posted July 31, 2016 (edited) Hi, Traders Newbie here, trying to figure the total cost of trading live. Please, help me if I miss anything. - Platform. In our case, ninja. 0-999 $. - Indis. Thanks Indo! - Data feed. non profesional 5$ kinetick (http://kinetick.com/CME) + base fee 55$/month? Any corrections? MBTrading seems to offer 10$ nonpro data feed. - Brokerage. Initial Margin (required if I hold positions between sessions) or intraday margin (depends on market). http://ninjatrader.com/PDF/ninjatrader_futures_contract_details.pdf Are these accumulable? if I daytrade nikkei (2000 margin for intraday) and ES (500 for intraday). Do I have to fund my account with 2000 or with 2500? - Commisions: Assuming NinjaBrokerage: http://ninjatrader.com/PDF/ninjatrader_futures_commissions.pdf around 6$ the round. BTW, with Indo-investasi's educated Ninja, do the commisions change (from the Free Ninja's commision to the lifetime's)? what is the superdom licensing commision? -Anything missing? Comment please, I'm looking for the true and complete list of related costs. Thank you all very much. This forum is literally the best of the best. Edited July 31, 2016 by uazpeitia Quote Link to comment Share on other sites More sharing options...
Traderbeauty Posted July 31, 2016 Report Share Posted July 31, 2016 you should be concerned with the profits and losses. you might have 100k in the account and if you make mistakes you can lose it all very fast regardless of the "Cost of day trading". learn to trade first- trade with a simulator for at least 6 month - not a day less - and only when you win almost every single day while your losses are minute- then start to worry about the cost of trading. when i trade i dont care what's the broker's commission or how much cme is charging me for data because my profit makes these expenses irrelevant. just my humble opinion. jane leonex3, traderin, ⭐ goldeneagle1 and 8 others 11 Quote Link to comment Share on other sites More sharing options...
⭐ AndyS Posted July 31, 2016 Report Share Posted July 31, 2016 (edited) ............................. Edited July 31, 2016 by AndyS Quote Link to comment Share on other sites More sharing options...
profile Posted July 31, 2016 Report Share Posted July 31, 2016 (edited) I may suggest the following given your situation uazpeitia: ****** I assume you enter your trades manually on a static Ninja DOM ! ****** - If you want to use Ninja and Ninja indis (be aware that some Indo edu indis may not work on NT8 and on one day you must move to NT8) then you can consider to use them NOT for entering orders. Just use the lowest pricing model at Ninja brokerage so you can use the Ninjatrader and the indis - or investigate if you will get what you need by using the NT as demo platform (= free of cost). You get the Continuum (CQG product) datafeed for free in demo mode. - Select other broker which has lower roundtrip pricing than Ninjabrokerage AND lower (or equal) commissions. And lower margins. You find at least one very quickly once surfing the internet. - Open there account and take the option to use the free Sierra chart with CQG livefeed (only usual exchange fees apply of course, but that is everywhere) which has a so called chart based DOM. It looks like a DOM but it is a chart. And it is static in behaviour ! So just use the Sierra chart DOM for entering your orders. It is also way superior over Ninja's Static DOM offer. It saves you as well the additional charge (to be paid to TT) Ninjatrader adds for using the static DOM. Sierra does not need to pay the additional fees to TT as their DOM is not considered a real DOM because it is a chart. - Big plus of the Sierra order entry is that many orders (e.g. OCO )are kept server-sided so you are covered in case of connection issues. - Biggest plus of all is perhaps that Sierra support is, according to my personal experiences, really superior over Ninjatrader support. So in a nutshell you save on: - NT license costs - Lower RT pricing on ES (Nikkei I do not know, but you can check out). I find the NT brokerage expensive. - Datafeed cost CQG (only pay exchange fees). - No additional fee to be paid to TT in case of using the static DOM option. Hey, and if do not like Sierra, then try the above scenario at the broker with Multicharts for free. But personally I do not like the Multicharts semi-static DOM that much and their support is even way worse than Ninjatrader's (my personal opinion). So try to think out of the box. EDIT: So you end up with NT and use the academydaytrading pro9 system indis (or other materials from II) to analyse markets, but enter orders manually on Sierra static superDOM and use lower commissions/margins on CQG flavour datafeed (CQG/Continuum). Edited August 1, 2016 by profile uazpeitia, ⭐ klhk, admis and 6 others 9 Quote Link to comment Share on other sites More sharing options...
uazpeitia Posted July 31, 2016 Author Report Share Posted July 31, 2016 thanks mates, I'm in that phase now, Traderbeauty. I wanted to understand the cost scheme, you have been very helpful Profile, with the platform comparisson. The thing is that I wanted to try the academydaytrading pro9 system, that seem to be reliable, at least in SIM. Thanks! Quote Link to comment Share on other sites More sharing options...
hliboi Posted July 31, 2016 Report Share Posted July 31, 2016 (edited) You mostly on track! Also include cost of all the bills regarding the trading station. Buy a UPS. Buy a good computer. Buy a printer to print a daily review of sorts. Count everything in. Include indicator montly fees. Include also time that you will dedicate to trading. Do you trade good enough to cover all your montly cost of living? Are you underpressure to have gains? Do you have people depending on your trading? Apart from that you are correct. Data. Platform. Comissions. Dont have an account only regarding margins have more much more. Your total positions shouldn't exceed 30% of the account. Target 20%. Be careful with leverage. Be careful with your ego. Also dont forget administrative costs. So basically treat trading as a business! Dont forget IRS and the impact of that in your trading. Don't waste much time in SIM. Really! Go slow. First pay the bills and then start growning and write be methodical. Be disciplined or you will be slaughtered. Anyways happy trading! When you do something you love its not hard. Edit: www.nobsdaytrading.com/free-info/for-inexperienced-traders/ Edited July 31, 2016 by hliboi Adding a link profile, DayTraderProfesional, traderin and 4 others 7 Quote Link to comment Share on other sites More sharing options...
maguggn Posted August 1, 2016 Report Share Posted August 1, 2016 ... when i trade i dont care what's the broker's commission ... because my profit makes these expenses irrelevant. jane well, you should seriously care abt your commissions casue they add up very quickly. i pay $3.54/RT and contract which is ~50c less than (the low cost) interactivebrokers.. i do make 5trades/day on average with maybe 20contracts on average. thats a 20*5*20*$0.5 = $1000 difference per month => $12.000 more in your pocket at the endo of each year. it pays big to look for cheaper commissions, even for small traders like me. hliboi, profile, DayTraderProfesional and 2 others 5 Quote Link to comment Share on other sites More sharing options...
uazpeitia Posted August 1, 2016 Author Report Share Posted August 1, 2016 thanks people! Quote Link to comment Share on other sites More sharing options...
⭐ fxknight Posted August 1, 2016 Report Share Posted August 1, 2016 (edited) I would recommend a slightly different approach to use a small account and potentially make the same or more as with a large account. Use Nadex spreads for futures and indices. Your leverage is >500:1 and your loss is limited by the floor or ceiling of the spread you choose. Your profits are limited to but it is not unlikely to enter a trade and risk only $5 to make $95 on a Index contract. Why use $500 for margin to daytrade an index contract (and be open to high risk) when you can trade it (and risk) for only few dollars and have comparable profit potential? Plus they are regulated so you know your money is safe with them and withdrawals are prompt. Nadex has a lot of education on the spreads on their website as well as another company that offers free educational material called Apex Investing. I am not affiliated with them in any shape or form but I mention them only for educational purposes. Notice I did not mention Nadex binaries which are more a gambling product than an investing vehicle. Edited August 1, 2016 by fxknight DayTraderProfesional, ⭐ nadjib and uazpeitia 3 Quote Link to comment Share on other sites More sharing options...
kenny123 Posted August 8, 2016 Report Share Posted August 8, 2016 Ive heard good things with nadex when playing it right. Limited and capped risk on each trade but too bad the spreads are still very wide. Quote Link to comment Share on other sites More sharing options...
palshq70 Posted August 14, 2016 Report Share Posted August 14, 2016 forex is relatively cheaper and with some great results https://www.youtube.com/channel/UCv0SMtkR8CK4fW-7HRRKrYA/videos?shelf_id=0&sort=dd&view=0 Quote Link to comment Share on other sites More sharing options...
⭐ laser1000it Posted August 14, 2016 Report Share Posted August 14, 2016 forex is relatively cheaper and with some great results https://www.youtube.com/channel/UCv0SMtkR8CK4fW-7HRRKrYA/videos?shelf_id=0&sort=dd&view=0 Great result for Borkers traderin 1 Quote Link to comment Share on other sites More sharing options...
Banner Posted August 14, 2016 Report Share Posted August 14, 2016 laser1000it, well said. The one who doesn't lose is the broker. ⭐ laser1000it 1 Quote Link to comment Share on other sites More sharing options...
palshq70 Posted August 20, 2016 Report Share Posted August 20, 2016 Great result for Borkers What is that supposed to mean? Dealers and brokers all have risks, the same way we do as traders. Quote Link to comment Share on other sites More sharing options...
maguggn Posted November 12, 2016 Report Share Posted November 12, 2016 fwiw - have found tradovate the other day https://www.tradovate.com/ there is a flat fee per month (datafeed included) and other than that you pay no broker fee (exchange fees and all that still apply, obviously) Quote Link to comment Share on other sites More sharing options...
uazpeitia Posted November 12, 2016 Author Report Share Posted November 12, 2016 Interesting choice, maguggn. Essential 39$ No data Active 99 $ with data. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.