Day trading in Canada

rtyson

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Hello everyone,

Probably like 95% of the people here, I'm just starting out. I'm trying to keep things as simple as possible. All I want to be able to do is identify key levels of support and resistance and read order flow in order to determine if said levels are being respected. So, really that just means staring at a level II screen for hours on end until things slowly start to make sense. I'm not in any rush, so that's easy enough.

Now to the questions.

I'm either going to be trading e-mini futures or index ETF's, although treasury futures are a possibility as well. I live in Canada so the brokerage/commission, tax and currency situations are my biggest concerns at the moment. You guys in the US seem to have so many more options.

If I take the ETF route I need a brokerage that has $0.01 per share commissions, allows me to fund my account in Canadian dollars so I don't have the currency risk and has a really good data feed. IB has all of this except the data feed. So I'm wondering if anyone can recommend a good data feed that I can run through ninja trader that covers equities. I wouldn't mind splurging for x-trader eventually (they cover equities right?) but for the learning curve I need something more cost effective. Like the ninja trader/zen fire combo, just for equities.

Now, if I go the futures route it presents a whole new set of problems. I need low commissions and protection against currency risk. I have emails into Mirus and Amp Futures to find out how much their commissions are. Most futures brokers don't advertise commissions, you have to ask. I know it's always going to be based on the volume you move, but generally speaking what is a "good" price to pay for a round trip? I haven't found any good commissions that allow you to fund in Canadian dollars. I'm assuming they probably don't exist. So, I therefore would need a way to hedge against currency risk, which is something I've never looked into. Something long term that would protect my account balance.

1. What is a good data feed to run through Ninja trader that covers equities? Needs to list actual order flow, not just 1 second snap shots.
2. What is a good price to pay for a round trip on an e-mini future?
3. What are some common strategies to hedge currency risk over a longer period of time on an account balance?


Thanks everyone. You guys are running a pretty helpful site here.
 
Any ideas? Or, did I post this in the wrong forum?

I now realize #2 is kind of a dumb question that can't be answered, but any ideas on the other two would be much appreciated.

Thanks
 
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