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Earl wrote:
> I also took a look at their web page. Found it curious that under
> commissions, only the e-mini is listed at 3.95/rt with 9.75 per
> order. No indication regarding commissions on other contracts.
Turns out that's because their "retail" product is **ONLY** for the
mini. If you want to trade other contracts, the "institutional"
product still has the $2M net worth & other restrictions. (But it
may also have the $4/RT costs that they told me about last fall, so
if you qualify, that may be interesting for you.)
Also, their high margins ($5000 per mini) are firm, and they DO NOT
reduce them for day trading!
Bummer. That really reduces the benefit of the low commissions.
Buying 3 minis and scaling out 1 at a time will work out to
(3*3.95+3*9.75)/3 = $13.70/RT per mini, which is still very good.
But other brokers offer $18 or so RT, with lower margins, and they
don't limit you to the mini, so...
The IB rep said it's possible to use the software through other
brokers that license it, and they may have lower minimums. She said
Refco, EDFMan, Saul Stone and others can use the system.
Gary
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