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So after extensive research I’ve narrowed my choices down to these 2,but now I’ve come to a crossroads. My style of trading is purely DOM based scalping (1 point if trading /ES, 3-6 ticks if trading commodities). So with that being said commissions is something to consider here for me. I’m not worried about Margin rates.
Option 1:
Use NT8 as my broker and FCM along with their CQG connection and then utilize the Jigsaw bridge to connect the 2.
Option 2:
Use Edgeclear as my broker, Phillip Capitol as my FCM, Rithmic as my data provider (which id prefer), and then connect my Jigsaw from there.
I have noticed Edgeclear has much higher round turn commissions rates than NT8. For example, round turn commissions on /GC is $4.51 with Edgeclear and $2.31 with NT8. That’s a pretty substantial difference. With me making anywhere between 50-250 trades a day that’ll add up quickly. So hopefully with all of this being said it provided some clarity to help me achieve some proper guidance. Any advice is appreciated!
I know Ninjatrader isn't that cheap. I downloaded their commission rates table which shows GC rates as: $2.31, $2.71 or $3.01 for Lifetime Licence, Lease, or free (no licence) respectively.
I am almost certain those fees are per side, not per round turn. So for an entry and exit of one contract you would need to double the price for a "trade". If you do decide to go with Ninjatrader brokerage do confirm with them before signing up whether that rate is per side, or per round turn as them saying "per contract fees" I believe is per side.
Another option could be Tradovate, https://www.tradovate.com:443/pricing/ , with their commissions rates available to download on that page.
Membership free it is $4.90 per round turn for GC, or with the Active Trader membership at $99/month that drops to $3.70. If that goes well you could pay a yearly fee for their cheapest commission free service.
Tradovate uses CQG data and you can connect Jigsaw to it through the Connection Manager.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
I'm not with NT, but I'm sure that Matthew is right, because I trade since 15+ years, but I never saw roundturn fees for Gold with $ 2.31, Gold roundturn fees are allows in the $ 5.-- area. The CME-fees for Gold are $ 3.10/roundturn, so $ 2.31 shouldn't be possible (except for members).
If you're trading 50-250 contracts a day you will get better quotes by calling the broker and letting them know you are a higher volume trader. Also, depending on whether or not you are trading those 50-250 contracts within the same exchange/product class you should be exploring and exchange membership or lease.
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Mike Murphy | Director of Trading
Ironbeam Futures
Phone: 312-765-7228 | [email protected]
