Is there a [I]direct access broker[/I] that is [I]regulated for US client[/I]s, provides [I]MT4 platform[/I] with[I] free data feeds[/I], [I]low commission[/I]s and a [I]deep inventory of shorts[/I], who also offers [I]e-mini futures[/I]? I’m also interested in good [I]market scanning[/I] and [I]news feed[/I] services.
Any thoughts on this wish list?
You mean for stocks and futures?
For MT4, the best you can usually do is CFDs, and they are horribly expensive compared to trading the underlying security.
Stick to platforms that are designed for stocks and such… MT4 isn’t that good for non-fx…heck, MT4 isn’t even that great for some types of execution models within FX for that matter.
that’s what I’m afraid of and I love to program my own indicators. So I like Ninja Trader and TradeStation. Ninja has a more advanced script based on C#, but it doesn’t come with live data feed, where TradeStation does and their platform is free with their brokerage service. No one is perfect though. I guess Nadex is also expensive with all the ad-dons necessary to do business with them. I also liked AMD Clearing, but they have the same problem in that you have to pay for live data feed, charting platform and the like.
A decent multi-asset platform/broker is Thinkorswim, allowing you to write your own indicators and scripts in thinkScrip (which is kinda like javascript.) They aren’t expensive, but they also aren’t cheap… about middle of the road here.
Another decent multi-asset platform/broker would be InteractiveBrokers’s TWS. They have an API and plugins to connect through to NinajTrader for free charting (that is, the data feed you pay for with IB can be fed into NJ for charting and such, just not execution unless you want to pay for the NJ license.) IB is cheaper than thinkorswim by far but their platform isn’t as user friendly and they have monthly data fees for the markets you subscribe to (which aren’t that expensive and quite a few of them come for free with minimal account activity.)
For just futures, AMP Clearing isn’t bad, and you can use them with a few free platform options such as MultiCharts (just without scripting, or you can buy a software license for MultiCharts if you want to use scripting, or NinjaTrader with scripting if you don’t mind the platform fee.) There are many other decent futures brokers that offer the same platforms as well…
In the end, there’s nothing stopping you from using a broker’s demo fee for charting and analysis and another broker’s cheap platform package for execution.
Hope that helps.
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Personally, I like using a broker who focuses on just one product and does it well. And I really don’t mind paying platform or data fees if I can justify it as apart of a profitable strategy that incorporates said markets…
For the equity markets, it’s very hard to find a broker who will provide free real time streaming data since the exchanges charge them quite a bit for the feed themselves (or if not the exchanges, then data providers who charge on a per-user basis.) Most of the time the free quotes and depth only come via snapshots online (like, not quite real time, just refreshing a quote on a webpage.)
But, this is where thinkorswim kinda stands out a bit, they don’t charge for streaming real time data for equity markets if you have a funded account with them. You’ll end up paying for it indirectly with how their commissions are structured (not that they are hella expensive, just more so than places like InteractiveBrokers and more akin to direct/discount trading firms like TD Ameritrade (ToS’s parent) or the banks’ trading houses.)
I’m going to check into InteractiveBoker’s TWS and see what that’s like. Thanks for the suggestions. Most helpful
I thought MB Trading did a good job in revealing some painful facts about MT4 in these 3 videos:
Part 1: MBT MetaTrader 4 vs. Generic Forex Broker MT4 - YouTube
Part 2: MBT MetaTrader 4 vs. Generic Forex Broker MT4 - YouTube
Part 3: MBT MetaTrader 4 vs. Generic Forex Broker MT4 - YouTube