Day Trading Platforms (ICE, X Trader?)

[Hbtrad + 1]

Hi Everyone,

I am preparing to embark on the journey of day trading oil. I am looking to highly commit to this, investing in the best resources available. I would be keen to hear of anyone’s opinion on the following:

- Trading platforms I am hoping to use: ICE and X Trader... a friend of mine used both platforms, ICE mainly for the Singapore markets etc and X Trader for the America’s. Has anyone used these platforms, if so, were they costly? And do they require any collateral to access them? Do I need to set myself up as a limited company? Also, does anyone have any differing advice?

- Market Journals.. I have posted about this before, I have decided to invest in Platts on the Net. It’s service as I understand includes information of trades and deals done by the larger banks and trading houses (JPM, Glencore etc) in real time.. my strategy was to use their trades as a guide in terms of following and trading the trades they put through, given their expertise I felt this could be a successful strategy? Does anyone have any experience using platts? And any thoughts on my strategy? 

[Jason Martin + 58]

Hi,

I think the platform won't matter all that much, this question is a bit like "which toilet should I flush my savings down." The answer is: Either will do.

Not that I'm against Day Trading Oil, just pretty sure anyone who actually asks this question is absolutely not ready to Day Trade anything.

[Enthalpic + 1,496]

On 5/25/2020 at 11:26 PM, Hbtrad said:

Hi Everyone,

I am preparing to embark on the journey of day trading oil. I am looking to highly commit to this, investing in the best resources available. I would be keen to hear of anyone’s opinion on the following:

- Trading platforms I am hoping to use: ICE and X Trader... a friend of mine used both platforms, ICE mainly for the Singapore markets etc and X Trader for the America’s. Has anyone used these platforms, if so, were they costly? And do they require any collateral to access them? Do I need to set myself up as a limited company? Also, does anyone have any differing advice?

- Market Journals.. I have posted about this before, I have decided to invest in Platts on the Net. It’s service as I understand includes information of trades and deals done by the larger banks and trading houses (JPM, Glencore etc) in real time.. my strategy was to use their trades as a guide in terms of following and trading the trades they put through, given their expertise I felt this could be a successful strategy? Does anyone have any experience using platts? And any thoughts on my strategy? 

How much money are you planning on using / risking?  Can you honestly afford to lose that money?

I only ask how much money as it really matters.  If you are doing many small transactions the fees can really add up.  Also if you plan in trading in other currencies you need to look into exchange fees. Some brokers won't even allow you to trade with them unless you have a significant amount of money.  They will ask you a lot of financial questions when you try to open an account.

 

I don't use any of those platforms (I use Qtrade and just trade on tsx in CND).  It costs me $8.75 each trade (buy or sell).  If you do more than 150 trades/year or have more than $500,000 in the account it drops to $6.95/trade .  I trade enough they waive the annual fee ($100).

 

My rule of thumb is I buy a minimum of $1000 of any equity / ETF so that it only needs to go up by 1.75% to break even. If you buy some silly small amount like $100 the first 17.5% goes to the brokerage.... and of course you pay the fees even the thing goes down.

 

Best of luck.

[IlonFelt + 1]

The most important to know everything about the trading platform

[Severund 0]

I hope you understand that you are taking a significant risk if you are going to trade oil. If you plan to use your own money, you can afford it,if not, then it's better to forget about this idea. In any case, you must be prepared to take risks. As for the trading platform, I recommend Forex. As far as I know, this is the most liquid market globally, and most importantly, global, unlike ICE and X Trader. On the official website, you will find detailed information and be able to become a forex broker. What interest you will pay for the transaction directly depends on the transaction amount, so I can not precisely answer this question. Anyway, you have an excellent strategy, I wish you good luck.

Edited April 28, 2021 by Severund