Hi, I am just getting ready to take the plunge into day trading futures, and was hoping for some recommendations as to which software, data feed and broker I should use. These are my initial constraints:
1) I am based in the UK and would like to start with a balance of around $40,000, risking around 1-1.5% maximum on each bet. I can add to that balance quickly if things seem to be going smoothly.
2) I would like to trade the Mini-Dow and Mini-S&P futures initially, so would like real-time data for YM and ES, including access to historic real-time data for backtesting.
3) I need a charting and/or trading software package which is fully programmable so that it can enter and exit trades automatically without requiring my intervention, and can handle fairly sophisticated entries and exits.
4) The software must allow me to backtest and optimise strategies prior to trading them live, and a simulation mode would also be handy.
5) I would obviously like to lose as little money as possible on commissions/spreads.
So far, the TradeStation software package seems to be most promising - but it is also quite expensive at $100/month - unless you use their own brokerage of course, which admittedly has the advantage of relatively low commissions (about $4.20 RT per contract). On the other hand, there is the currency risk, and any gains will be taxable.
On the other hand, TwoWayFutures offers tax-free gains, is a UK company, but has slightly greater spreads - about $6.30 RT per contract - and I would have to pay extra for the TradeStation software if I were to use it.
A number of other software packages, data providers and brokerages have been praised on these boards, so I am not sure which ones to go for.
My feeling is that sticking to TradeStation for all three (i.e. software, data and broker) will turn out to be the cheapest, though I would appreciate any advice on the matter from anyone with more experience.
Thanks!
- SR
1) I am based in the UK and would like to start with a balance of around $40,000, risking around 1-1.5% maximum on each bet. I can add to that balance quickly if things seem to be going smoothly.
2) I would like to trade the Mini-Dow and Mini-S&P futures initially, so would like real-time data for YM and ES, including access to historic real-time data for backtesting.
3) I need a charting and/or trading software package which is fully programmable so that it can enter and exit trades automatically without requiring my intervention, and can handle fairly sophisticated entries and exits.
4) The software must allow me to backtest and optimise strategies prior to trading them live, and a simulation mode would also be handy.
5) I would obviously like to lose as little money as possible on commissions/spreads.
So far, the TradeStation software package seems to be most promising - but it is also quite expensive at $100/month - unless you use their own brokerage of course, which admittedly has the advantage of relatively low commissions (about $4.20 RT per contract). On the other hand, there is the currency risk, and any gains will be taxable.
On the other hand, TwoWayFutures offers tax-free gains, is a UK company, but has slightly greater spreads - about $6.30 RT per contract - and I would have to pay extra for the TradeStation software if I were to use it.
A number of other software packages, data providers and brokerages have been praised on these boards, so I am not sure which ones to go for.
My feeling is that sticking to TradeStation for all three (i.e. software, data and broker) will turn out to be the cheapest, though I would appreciate any advice on the matter from anyone with more experience.
Thanks!
- SR
