Interactive Brokers / Direct access / QuoteTracker help and advice

[Creech]

Im searching for a direct access broker to trade mainly in the DOW and FX. I was intending to use SB but advice given here all seems to point to direct access as the best option - and IB seems to be the one to use.

I intend to scalp and day trade these markets and I intend to intially put in £5000. Although IB seem to be the best broker the thing is i really cannot understand their web site! If anyone here could advise me on such things as their commission/fees; tax; will my money be held in GBP or USD? and is your cash easily transferable to and from your bank account?

Also, Im thinking of maybe using this with Quotetraker with a datafeed i.e. esignal.

Any advice on the above or anything else you suggest would be much appreciated!

 

[Creech]

Think i made a mistake and should have put this post in 'FIRST STEPS'. Is it possible for a Moderator to move it pls?

 

[Skimbleshanks]

First Steps is for complete beginners - what is a short, etc. Your question is more appropriate in General Trading Chat as it covers futures, FX, data feeds, and brokers.

 

[Creech]

oh ok thanks!

 

[Jerry Medved]

Creech,

Quotetracker can be used for data, charts and trading for the securites you want. You can use either IB's own datafeed or eSignal. No problem

Jerry Medved
www. quotetracker.com

 

[Creech]

Thanks Jerry. Might be a a silly question but is it easy to transfer money to and from your bank a/c via QT?

 

[Trader333]

Creech,

Funds are transferred to and from your account via IB and not QT. What QT does is use the IB data to display charts. The transfers are easy and I have never had a problem and yes it is safe.


Paul

PS Commission for trading the YM future (which is the Dow future) is $2.4 per side or $4.8 per round turn.

 

[Creech]

Thanks v much. Also would my money be held in USD or GBP when i trade? And how about FX, did i read right that you need $25k to trade FX?

 

[Trader333]

Your account will be held in whatever base currency you specify. I dont trade FX but you dont need anything like $25K to trade it, that is only required for US stock trading.


Paul

 

[Jerry Medved]

Actually, you do not need $25K to trade US stocks. That is only the requirement if you want to day-trade. Minimum account balances for trading are $2,000 US/1,450 GBP

 

[rossored]

YM comms are actually $2.06 a side : ES is still $2.40 though

 

[Trader333]

I stand corrected, although I did get the information straight from the website for futures commissions.


Paul

 

[frugi]

While the Euro/Usd future EUR is $3 per side. Most unfair!

 

[Creech]

While the Euro/Usd future EUR is $3 per side. Most unfair!

Thanks again for your help all. Frugi is it possibe for you to post the address as im finding it difficult to find all this on IB. Many thanks!

 

[MGBRoadster]

Thanks again for your help all. Frugi is it possibe for you to post the address as im finding it difficult to find all this on IB. Many thanks!

http://www.interactivebrokers.com/php/generalAccount/commission.php