prospreads.com

[Phylo]

errata - correction

10 basic points - profit added @ Bid = 0.4569 (PS Sells @ 45.69 - PS Buys @ 45.64431)

10 basic points - profit added @ Bid = 0.04569 (PS Sells @ 45.69 - PS Buys @ 45.64431)

 

[Phylo]

May I strike while the iron is still hot and once again call on Prospreads for clarification re E-mini S & P and Soybean Futures.

For the purpose of programming / coding it is essential to establish accurate mathematical structures for calculations.

Reference: Products - Normal Size Products - Indices

CODE: ES
ONE TICK PRICE MOVEMENT / MINIMUM BET SIZE: $12.50
WHOLE POINT MOVE: $50
0-200 SPREAD: 0.2
200 SPREAD: 0.125

if

1. ¼ point move = 0.25 x $50 = $12.50
2. ½ point move = 0.5 x $50 = $25.00
3. ¾ point move = 0.75 x $50 = $37.50
4. 4/4 point move = 1 x $50 = $50.

then, the PS spread values are as follows

1. 0-200 SPREAD = 0.2 x $50 = $10 each side and $20 RT
   
2. 200 SPREAD = 0.125 x $50 = $6.25 each side and $12.50 RT *

* Previous posts also conclude this figure and it appears correct. If not, can ProSpreads kindly advise.

My core question is spread cost on Soybean Futures

Reference: Products - Normal Size Products - Commodities

CODE: ZS
ONE TICK PRICE MOVEMENT / MINIMUM BET SIZE: $12.50
WHOLE POINT MOVE: $50
0-200 SPREAD: 0.002
200 SPREAD: 0.0015

if

1. ¼ point move = 0.25 x $50 = $12.50
2. ½ point move = 0.5 x $50 = $25.00
3. ¾ point move = 0.75 x $50 = $37.50
4. 4/4 point move = 1 x $50 = $50.

then, using the same method of calculation as above .. (*)

1. 0-200 SPREAD = 0.002 x $50 = $0.10 each side and $0.20 RT
2. 200 SPREAD = 0.0015 x $50 = $0.075 each side and $0.15 RT

Although the arithmetic is sound the derived values do not reflect typical costs.

The correct spread values would appear more in line with

1. 0-200 SPREAD = 0.2 x $50 = $10 each side and $20 RT **
2. 200 SPREAD = 0.15 x $50 = $7.5 each side and $15 RT ***

If ** and *** are correct, then the conversion of (0.002 x 100 = 0.2) and (0.0015 x 100 = 0.15) appears consistent with Soybean Futures quoted in cents but contract value calculated in Dollars.
This looks correct, however, only certainty is conclusive.

Can a ProSpreads representative kindly confirm values for ** and ***.

Thanking Prospreads in advance and in faith the above is sufficiently clear.
____________________________________________________________________

Consideration: CME quotes Soybeans as follows -1418'2, 1418'4, 1418'6 ..

'2 or .2 = 1/4 of a point
'4 or .4 = 1/2 of a point
'6 or .6 = 3/4 of a point

However, this notation should not impact the above calculation (** and ***) as it is not used by ProSpreads.

 

[A Dashing Blade]

Tbh Phylo, if you don't understand their comm structure then maybe you either email them directly or ask yourself if you should be trading futures?

 

[Phylo]

PS email system is a hit and miss affair.
An email response is of no benefit to future enquirers.
Posts demonstrate comprehension and elucidation .
Time a priority, I must of necessity, deal surgically and directly only with stated objective.

 

[fibbinstarchi]

I agree with phylo. Questions should be public, its a slow moving thread anyway so no matter. I found their spreads when including commissions far to much for my liking, and you get slipped on top.

 

[MrLeverage]

Time a priority, I must of necessity, deal surgically and directly only with stated objective.

Other deliberations detain me at present and I am more intent on establishing first due diligence.

 

[Johnny7]

I have been testing the Prospreads demo platform, I can't find anything about a user predefine stop loss order in points. Very hard to do it quickly with preciseness using the quick trade ladder. How have you guys solved it trading with them? A good and very fast platform but the lack of automated stop loss feature seems to be the platforms weakest point. Have I missed out on some important platform feature in this regard?

So true, tried their demo. What is the point of a Dom ladder when you can not predefine your loss automatically. You loose you edge to the pros

 

[rawrschach]

pffft no prop trader I know uses predefined stops

ladder is **** tho

 

[gle101]

pffft no prop trader I know uses predefined stops

ladder is **** tho

They probably got much more money to waste. No really, without user predefine stop loss you are setting yourself up for a unnecessary stressful situation. If something happens (like the flash crash) many traders can freeze and you will blame you self for not having a simple thing like a stop loss in place.

 

[SimonK]

Ninja Trader allows stops to be entered at time of entry when trading on the DOM.

Screenshot

The other thing is, the jumpy ladder leads to so many fat finger errors, it's like Rocky chasing a chicken.

Prospreads really need to get these problems sorted, otherwise the tax "advantage" starts to fall into insignificance. And at the moment the comparison between the two platforms is like a Skoda vs a Ferrari.

 

[brasil2000]

Ninja Trader allows stops to be entered at time of entry when trading on the DOM.

Screenshot

The other thing is, the jumpy ladder leads to so many fat finger errors, it's like Rocky chasing a chicken.

Prospreads really need to get these problems sorted, otherwise the tax "advantage" starts to fall into insignificance. And at the moment the comparison between the two platforms is like a Skoda vs a Ferrari.

That screenshot looks like the Ninjatrader platform,I thought prospreads stop using them?

 

[rawrschach]

Using hard stops on a DMA platform will cost you much more in slippage than getting out manually. If you're not scalpinnthen you have plenty of time to enter a stop order.

 

[gle101]

Using hard stops on a DMA platform will cost you much more in slippage than getting out manually. If you're not scalpinnthen you have plenty of time to enter a stop order.

Could be, but the stop is there for security reasons and how do you know you have "plenty of time"? In the early days of my trading I lost a lot of money when I thought I was safe in manually entering the stop order.

 

[SimonK]

That screenshot looks like the Ninjatrader platform,I thought prospreads stop using them?

They have stopped using them. I'm just showing how superior NT is compared to Prospreads current platform.

 

[Vasco da Banana]

Wasn't NT the main reason for using Prospreads? I can't see how they keep going with so few clients.

 

[WR1]

id just like to voice my concerns about prospreads after reading the last 10pages

as the latest posts are of some concern, a yr or so one could only find a couple of negative posts anywhere on the internet, now there seems to be many more
so something is not quite right

and the confusion about stops is a nonsense - if one cant place a stop when entering a trade there has to be a marketing / manipulation reason, as even the bucket shops let you place stops on entry

the narrow - widening spreads and one of the major appeals, also now seem up for debate again

i was hopping to use prospreads relatively soon and looks like maybe stuck with IG
especially as prospreads is not even FSA regulated, so possibly too much of a risk all round

if Prospreads could clarify on the stops and the spreads (probably again)
but would be useful to any traders thinking of using them

 

[Visaria]

You can put a stop wherever you like. You can put it within the spread if you like. There are no restrictions such as there has to be a minimum distance. You may not be able to put a pre determined stop i.e. once you enter a position an automatic stop is created.

Spread is the same as the underlying futures market i.e if March FTSE is trading at 5950-5950.5, then that is what you see on the platform. If the underlying market spread widens to 5949-5951, then that is what you see on the platform.

 

[Visaria]

Wasn't NT the main reason for using Prospreads? I can't see how they keep going with so few clients.

How many clients do they have?

 

[A Dashing Blade]

id just like to voice my concerns about prospreads after reading the last 10pages

Quite . . . you missed the other 70 pages then . . . .

and the confusion about stops is a nonsense - if one cant place a stop when entering a trade there has to be a marketing / manipulation reason, as even the bucket shops let you place stops on entry

You can. So that negates that point

. . . especially as prospreads is not even FSA regulated, so possibly too much of a risk all round

So you were "considering" using them without doing due diligence? WTF? Do your research regarding the reciprocal arrangement between Gibraltarian FSA & UK FSA before making such statements. Should take you all of . . . . oh, I dunno, 10 minutes tops.

 

[WR1]

A Dashing Blade - do you work for Prospreads - you seem abit put out for some reason?

Visaria seems to of made the main points above, so no need for beer and turkey induced posts

besides ive done plenty of due diligence, some in part was reading the latest posts on here, and read back many pages before, so no need to re-read again as they are now old

i've spoke to prospeads in the past (around 12 months ago) and there was no arrangement mentioned
all i was told is its Gibraltar regulated, nothing about a FSA arrangement?
obviously i will need to speak to them again, as hear say from a forum member is not due diligence or clarification

and if there is 5 or so pages with confusion and concern about stops - then maybe there is something to be concerned about, especially as its our last line of defense,

still dont like the idea of not being able to move a stop once a determined stop is in place which is likely any trade we forget to add one on entry - so will have to see,

all brokers are bucket shops of one degree or the other - its a matter of finding the least worse as im sure you and others are well aware of - so there's always reason to be concerned
especially after a few high profile names have gone under in the last 12 months or so, leaving some out of pocket

anyhow calm down its christmas