Dear,
I am spot forex trader and I like to switch into futures trading due to transparency volume with centralize exchange.
However, I have no knowledge and idea to build futures trading account and cost.
May I know, to build an account and costing, the example as below?
One time payment:
Broker deposit - $500
Monthly payment:
Platform - Free or charge/month
Data feed, (CQG/Rithmic/etc) - $60/month
Exchange data, (CME) - $21/month
I want to trade futures currency and micro mini S&P with transparent volume.
For currency futrues, is it only major pair (6A,6B,6C,6E,6J,6N,6S)?
Does futures currency own mirror or cross pair instead major pair?
If so, CME exchange $21/month is it enough for me to trade Micro mini s&p and currency (major + cross currency)?
Please advise, the monthly cost only data-feed and exchange fee, is it?
This cost will deduct from my direct deposit trading account every month, is it?
Hello @Trader.andyng, and welcome to our community. Many traders often wish to switch from OTC (over the counter) to exchange-traded products. But, please keep in mind that exchange-traded products may not always have the liquidity that you may need if you are looking to scalp. In the case of FX cash markets, they are not without merits, and some many give you the liqudity you need.
Please consider contracts such as Micro S&P (MES) or Micro NASDAQ (MNQ) that could be potentially suitable because of their deep liqudity. The CME exchange offers Micro currencies that maybe your own interest. Over time you will explore the right contractor for you. However, the contracts you mentioned (6A,6B,6C,6E,6J,6N,6S) maybe a bit too leveraged for your account size ($500).
For your platform, we recommend Optimus Flow With Rithmic data.
The only data cost is $10 (This is CME only, which covers currencies and stock indices. Please read this article because it would help you understand the costs of the CME:
We hope this helps you. Let us know if you have additional questions.
Hello Matt,
glad to hear your great information and advise above.
Many thanks for your support.
Noted that Micro (MES) or Micro (MNQ) does not a problem for $500 starting, but currencies futures (6A,6B,6C,6E,6J,6N,6S).
May I know Micro currencies also capture same information or volume from those mentioned (6A,B,C,E,J,N,S)?
Does it mean just only position can be smaller (micro currencies) position than regular, the information or volume capture output is same as (6A,B,C,E,J,N,S), am I correct?
The correct setup process shall be:
*Optimus Flow - $20/month (Charting platform)
Rithmic data - Free (from Optimus Flow)
CME data - $10/month (MES and Mirco currencies)
Broker (Optimus) - $500-$1k one time deposit
*Optimus flow professional plan ($20/month) does it own footprint imbalance, Delta, delta profile, Level 2 and so on?
$500 is a very small account, but we understand that all traders need to start somewhere.
I just suggested something would be smaller as far as contract size.
At the moment the notional value of something like MES is $5 a point X2,800 (estimated) which is $14,000, or MNQ $2X8500(estimated) which is $17,000. Compare to Currencies where you trade amounts larger than $100K at times.
Yes, you can use the volume captured on larger contracts to trade the smaller contracts in both the stock indices(equities) or the currencies. However, the smaller contracts are not as liquid as the larger ones so you could experience some difference in prices.
Optimus Flow - Free for Basic Version
RIthmic 10 cents per side added to the execution
CME Data (Currencies and Stock Index)
Deposit- Optimus is an IB, we do not accept deposits.
You would need to deposit with one of FCM, and for your account size, we recommend AMP.
Thank you,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.