Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Ninja Trader Brokers and Electronic Funds Transfers
First time poster, long time lurker. Not really but this is the only chance i get to say that. I have been sim trading for a little over 5 months and i still don't feel like technical analysis and day trading is anything more than gambling. But hey, i lost $1,000 at the blackjack table in less than 3 minutes once so not anything i'm unfamiliar with or even too terribly afraid of.
I had zero exposure to stock trading until i jumped into Ninja Trader 5/6 months ago so this is all brand spank'n to me. Honestly the goal was the learn how i'm supposed to grow a retirement account but day trading became the obsession. I have used a few demo accounts to sim trade in real time with the market but those only lasted 2 weeks. I have since then been testing a theory i guess you could say by trading the same 2 weeks worth of playback data and you would think that by this time i would have every tick memorized and that i would be killing it (not to say that would be a good thing). That is not the case however and either i am not learning technical analysis, there is nothing to learn or i have varied my charts and indicators to such degrees (lots to learn) that the same data hardly resembles itself in each format. Almost certainly it is a little of column A, B & C but non of this is really the crux of my rambling. All this i throw out because i am now believing that if it is even possible to "learn" technical analysis and day trading one needs a mentor. So without a mentor the next best thing would seem to be an internet forum, right?
Anyway, i am on the fence about funding a brokerage account with Phillips Capital for the sole purpose of getting the live data feed for Ninja Trader to continue "practicing" and "learning" with live data. In a business where lightning speed executions of orders is required, this broker requires a paper check be snail mailed to fund an account. I dare not even ask how one would go about receiving a withdraw/payment; clearly they don't expect one would actually make money day trading.
Does anybody receive payments from Phillip Capital regularly, is there any reason not to use another broker with Ninja Trader? Sorry for the rambling.
not really.
Thanks in advance.
Can you help answer these questions from other members on NexusFi?
I've been asking NT about whether Phillip Capital accepts ACH transfers via Transferwise (apparently AMP does, FWIW. Info here). I was told by NT that Phillip is looking at setting up ACH in the next couple of weeks, but I'm not yet sure whether this means they will accept ACH to/from Transferwise. Like you, I can't believe there isn't more info and guidance around this.
Denver, CO, June 30, 2014 NinjaTrader Group, LLC has announced the launch of NinjaTrader Brokerage following their acquisition of Mirus Futures. The new brokerage will leverage the best of both award winning teams to address unfulfilled traders expectations …
I honestly recommend people do take the time to complain to the NFA whenever they are not treated fairly by any broker. It actually carries very significant weight in helping you get the issue resolved.
In this case, if it is a violation for to accept borderless transactions (I think it violates the KYC/AML requirements but not sure) then what happens is the entire firm/FCM is in jeopardy due to miss-management, putting everyone's money at risk!
All of this is of course in my opinion, and if someone knows better please speak up. I just hate to see people's money in jeopardy like this and want to make sure I've done what I can to educate or help people.
BTW, KYC= Know your customer, and AML= Anti-money laundering. Typical banking terms.
You can lookup the firms NFA Broker ID from within the complaint form. It will also ask for any details about your complaint, and your contact information.
If you want to additionally file a …
It's just happened too many times, so I finally took time to create a sticky post about the importance of NFA complaints.