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Hi I am having trouble finding a broker and platform. I need a low account minimum deposit, something under 5000 or lower is better.
The biggest problem I am having is finding one of these low min deposit brokers whose platform has the ability to trade futures butterfly spreads. All of the ones I have looked at are very difficult to use and can only do calendar spreads at best. Most cant even do that.
I need a FREE platform that lets me trade butterfly spreads and intermarket butterfly spreads as a single order.
Thanks
Can you help answer these questions from other members on NexusFi?
google joe ross trading...look on there sight or send them a e-mail...i think Interactive Brokers have a ad on called button spreed trader that lets you do that but it is not free 45 monthly
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,241 since Dec 2013
Thanks Given: 4,584
Thanks Received: 10,523
Margin requirements on Futures Butterfly Spreads are tiny, so the account size may not be a problem. As you have already realized though the execution may be more difficult. As far as I know the only market where you can trade Butterfly's with a single order, where exchange matching engine implieds are switched on, is the Eurodollar market. There are other markets that have exchanged listed Butterflys (such as CL, NG etc) but these do not have implieds switched on, hence you will be trading against paper, or more likely a market maker, which means you're probably paying a way a tick. As such to effectively trade non-Eurodollar Butterfly's you'll either be paying 2 bid-asks on every trade or you'll need an autospreader, and unfortunately those tend to be in expensive software (TT, CQG jump to mind). A google search for 'free futures autospreader' didn't return much, but it did imply that Interactive brokers, doesn't have one. You could probably set up a 'basket order' when it executes both spreads at the same time, but as already mentioned you'd be paying away the bid-ask twice, which in my experience, when combined with retail commissions, pretty much makes Butterfly trading unrealistic.
Just curious when you say "intermarket butterfly spreads" what do you mean?
Full Disclosure, I use TT, and trade a lot of Condors and Butterflies in the energy markets. Didn't mean to be negative - just realistic. If you'd like to discuss more just reply or message me.
