I have been looking around for another brokerage and chanced upon this forum (excellent treasure chest filled with information!). I didn't want to hijack this thread but I couldn't start my own as this is my first posting. Sorry threadstater.
A little intro since its my virgin post. I am from Singapore. My experience trading selling futures options is limited. My success with it was probably luck with high odds (I follow James Cordier a lot).
Started options trading (buying) 10 years ago with OptionsXpress (now Charles Schwab). Then switched to
Thinkorswim (TDAmeritrade now) for a few years. Began selling stock options and dabbled with selling futures options (better leverage comparing selling SPX vs ES).
Watched Karen the supertrader then followed James Cordier book (borrowed from public library) and have been using
Interactive Brokers (cheap commissions) for the past 2 years. Realised that their margins are terrible about 6 months ago and decided to switch.
Looked at Charles Schwab again, then Saxo, Generic trade, Tradestation, Tastyworks (no trading futures options for those in Singapore), Lightspeed... It has either been high comms, data fees or high margins that has let me down.
I am with IB now. As mentioned, their margin rates are terrible (for some commodities).
Now the questions part. I have a few questions for those who are with Decarley.
Decarley seems well supported in this forum but it is a little complicated for me. I never had to choose FCMs or trading platforms. Zaner360 looks like good potential with iBroker on mobile as well. But Decarley's link for a demo is dead.
So a few questions for now.
1) With my limited experience, I have no idea what Futures Commission Merchants are. How do I choose one out of the many that Decarley offers.
2) I could not find information on data fees. Do we get real time data for free? Even from ICE?
3) I am used to free ACH transfers, I don't mind paying wiring fees but couldn't find information on these on Decarley.
4) Commissions - I suspect most are at self directed $3.50 rates. What is meant by "Per Side Rates (Options charged up-front)" Does it mean that selling 1 option (excluding exchange fees etc) is $3.50 x 2 = $7.00 (to open and close) and it is charged up front?
5) I understand that certain portfolio size are offered lower rates. Any idea what is the minimum size that qualifies a lower commission fee?
I have searched the forum but I could not find my answers. I suspect i'm the only person (fool) who doesn't understand the Decarley website (well English is not my native language in my defence
)
Couldn't wait till Monday to speak to someone from the Decarley office cuz my mind is about to explode from the questions. Some help please?