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Important Factors When Choosing a Futures Broker

August 20th, 2013 Filed under Futures Broker, Futures Trading | Comment (0)

Choosing a Futures Broker can be somewhat of a daunting task. Most popular factors I see considered: cost, customer service, experience and knowledge. Going through the process of one’s own due diligence of researching your broker’s firm, trying a futures platform and comparing costs is a process one must take to find a broker that fits him or her.

Being a broker myself, I hear many concerns about cost before I even here about the type of future trading platform one would like to be set up with that fit his or her trading style. Please note cost should not be all when choosing a futures broker. Most reasonable and competitive commission quotes, for example the mini S&P cost less than half a tick. Unless you are trading high volume, less than half a tick should not hurt your account balance per round turn. When you look for “deep discount” commodity brokers, these brokers may provide you with an appealing commission cost but they may lack quality service and or even knowledge of the futures/commodities markets. This happens countless times in the industry; where clients will sacrifice service and knowledge of a broker for fifty cents less in commission because a lower commission cost seems to be more important for a client. Please be aware commission costs are only one ingredient of choosing a broker when trading futures.

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Futures Trading Levels

A more important component, I believe to be than cost when choosing a futures broker is customer service. Always note how long it takes your broker to respond for example to an email you send him or her. Does your broker respond in a timely manner? If your request was urgent did he/she give you the attention that’s required to solve the issue? These are very important factors one must consider when choosing a broker. If you, the client, end up with a commodities broker who is non responsive and not willing to help when the time is needed, there will be no value in you having a broker.

Look for the added values your broker can provide to help increase your success in futures trading, such as experience and knowledge. In my opinion, a great futures broker wants their clients to be successful in futures trading. Never be afraid to use your broker to pick his or her brain about the futures markets you are trading; go over strategies that you are using but may not be working for you. You choose your broker for a reason and your broker’s job is to service your futures account; be able to help you with your trading platform and every so often give his or her opinion of the markets you are trading if it’s asked by the client. In many “deep discount” firms, brokers seem to lack this type of service. I have seen many times where the client is left to figure out the platform themselves and are trading blindly because they lack direction from a licensed broker.

Although I agree that cost is a large component when choosing a broker, always consider the other factors such as customer service, knowledge and experience. Because if a broker lacks those three qualities but can provide you only cost, you may see your account having a shorter life span in the futures markets.

SPECIAL NOTE: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.


Futures Trading Levels and Economic Reports for February 18, 2011

February 18th, 2011 Filed under Future Trading News, Futures Broker, Futures Exchange, Futures Trading, futures trading education | Comments Off on Futures Trading Levels and Economic Reports for February 18, 2011

Daily chart of crude oil for your review below:

S&P500 daily trading levels February 18

Life After Mini SP – Day Trading Crude Oil Futures “Buying the Fear, Selling the Greed”

Join us for a Webinar on February 23

Space is limited.
Reserve Your Webinar Seat Now at:
https://www2.gotomeeting.com/register/477215826 Read the rest of this entry »


Futures Trading Levels and Economic Reports for February 11, 2011

February 11th, 2011 Filed under Futures Broker, Futures Exchange, Futures Trading | Comments Off on Futures Trading Levels and Economic Reports for February 11, 2011

I like the way tomorow’s date looks like …2-11-11 so decided to share a MONTHLY chart of the SP 500 index, more for “fun”, “change” than anything specific…

SP-500-Day-Trading-2011-02-11.png Read the rest of this entry »


Futures Trading Levels and Economic Reports for January 8, 2011

February 8th, 2011 Filed under Futures Broker, Futures Exchange, Futures Trading | Comments Off on Futures Trading Levels and Economic Reports for January 8, 2011

Thought the quick article below is definitely worth sharing.

Costly hiccups – do YOU have any?

by RealityTrader.com

Continuing our mini-series devoted to trading psychology, let’s look into another very common problem traders encounter.

One of the most frequent questions I get: “OK, I seem to have mastered a lot, I can extract money from the markets and I have stretch of winning days BUT… one day comes when I seem to be unable to follow my own rules, I start doing everything against what I learned, dig deeper and deeper hole… and when the day is over I find myself giving back all I made in a week before that! I feel groggy… then I remember everything I learned, pick myself up, glue pieces together, start trading carefully, start making money… only to have another blow-off just like the previous one in a week or two! What’s going on, why can’t I control myself and how do I avoid these frustrating days??”

If all above sounds familiar – it should. I haven’t met many traders who avoided this problem. Good news is, it’s a somewhat good problem to have since it appears at the stage where your method is good enough and mastered well enough so you are able to make money consistently inbetween those disgusting days. Bad news is, there is no other way to overcome this problem but to understand the root of it. This, however, is true for all psychological barriers we encounter in trading – no magic button to push and turn the problem off, have to understand where the problem stems from so you can recognize it when it re-appears and apply the right patch. And this problem is pure psychological – after all, what could change so drastically on the fifth day after four days of winning? Aside of your own behavior that is.

Vadym is the author of Techniques of Tape Reading (McGraw Hill 2003), How to Scalp Any Market (2005) and Master Profit Plan (2005). Vadym is a frequent featured speaker at International Trader’s Expos and Financial Forum Conferences.

He is the founder of RealityTrader.com, a hands-on training company, working with a global community of individuals to achieve high levels of trading success.

Vad is a professional trader and an international private trading mentor responsible for turning around the trading careers of thousands of trader. He has also published articles and interviews in industry magazines, corporate product newsletters and trading forums Read the rest of this entry »


8 Steps to Successful Futures Day Trading February 2, 2011

February 2nd, 2011 Filed under Day Trading, Futures Broker, Futures Exchange, Futures Trading, Trading Guide | Comments Off on 8 Steps to Successful Futures Day Trading February 2, 2011

Download and read our guide which outlines some important futures day trading concepts. It may be beneficial to read this guide before trading commodities on the futures market.

My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after servingone must keep in mind that futures trading is risky and can involve significant losses.

1. Education

Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.

2. Find a System

I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”

3. Survival

This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!

READ THE REST AT:

https://www.cannontrading.com/tools/education-8-steps Read the rest of this entry »

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