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Truer words were never spoken. I was advising someone who wanted to develop a system that took profits after 1 tick/point moves and trying to make him understand the futility. And that was without commission.
I have had dozens of systems that were great, until applying slippage and commission.
I was on their site yesterday (I am not a client) and recall seeing pricing there for the micros. It will depend on your monthly volume, as with most brokers.
Commission + routing + NFA + Clearing = cost per side * 2 = RT cost. You may have to do the math.
Yes, there is a full margin break with 1:10 and partial breaks in between.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
I have listened to the various reasons people have given for trading the Micros. At first pass they all seemed worth considering.
But....as I have looked into the viability of trading Micros I can't help but notice that the commission cost is on the verge of being absurd.
I would expect that commission costs would be slightly more just because it is a reduced size. Just like you expect to pay more on a volume basis for small single serving box of cheerios over multi kilogram bulk bag at your local grocery store. That is standard marketing.
But....Whoa! When the industry norm for ES commissions is around $5/rt.....how can they justify MES rt commission rates of up to 10X that amount?
I made my first MES trade the other day (to test out a strategy with some skin in the game...as they say).
I made 11 ticks....which was ok....
My statement came back with an all in commission of $5.24.....!?!
Let me see......MES is 1/10 the size of the ES.....so that would be like paying an ES commission of over $52...!
So if I wanted to trade the MES regularly I would have to make at least 5 ticks on every trade just to cover commissions.
Guess I can scrap that scalping strategy I was thinking of trying out
With that in mind I can not figure out what the point of trading the MES would be.....other than insuring that your broker's kids can afford to get the best College education available.
All the hype around the MES when it came out suggested that it would be the "Best market innovation in years".
Wow, that really surprises me, what brokerage do you use?
I trade Micros from time to time as well, and I pay only $0.96 RT commission with Ninja Trader Brokerage...
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
Yup, it's quite difficult to overview all these different kind of rates offered by brokerage firms.
I'm sure that my particular commission might be undercut by several firms, but I won't change brokerage only to save a few cents...
And perhaps it might be worth a try to touch base with @mattz of Optimus Futures, just in case you want to switch to a really good company.
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
You don't have a good fee structure with your current broker/clearer. Look around, you can trade it for $0.98 per turn including Rithmic/CQG fees.
This has nothing to do with the micros. I lobbied for this product from back in 2012 and I believe it is the best thing to happen to futures traders in recent history.