Futures Brokers - MAN?

[mcdirt]

I know that MTP are forming an alliance with TerraNova, but I'd prefer to keep my ca$h in Australia and don't like US$ accounts. Anyone use MAN and MTradePro to trade futures?

They claim to be the world's largest Futures broker - any problems/complaints or reasons not to use them?

rgds McDirt

[Gene]

Hi McDirt,

Please remember the differences between a FCM (Futures Commission Merchant) and an IB (Introducing Broker), especially the biggest - a CFM needs to be certified by the COMMODITIES AND FUTURES TRADING COMMISSION . MAN is a FCM, one of the biggest names in Futures. MAN is the clearing company for my trading.
Terra Nova is an IB, registered a few years ago, a small company - I have no idea if is good or bed.
It is important what clearing company is used by an IB, broker's reputation, costs, quality (speed and accuracy in execution, customer service, reliable platforms. reliable servers, etc).
The big names (FCM or IB) you always can see around - here in USA - are REFCO, Lind-Waldock, MAN Financial (Futures is one of their divisions), ALARON, RJO Futures, ZANER, XPRESSTRADE. TRADESTATION (but...you know probably the specifics for TS) and a few other companies. Only for electronic trading (not outcry pit) you can add INTERACTIVE BROKERS.

Always check with NATIONAL FUTURES ASSOCIATION, www.nfa.futures.org
if an IB is registered with them, reputation(complains), etc. The same for CFM. See COMMODITY FUTURES TRADIG COMMISSION's Administrative Sanctions in Effect List, at www.cftc.gov
See if the broker is member of some exchanges and how many.
See also what traders think. Example www.elitetrader.com

You have to decide for yourself, based on your situation, what you need and what you want. But I guess is important dealing with a broker having a serious experience in busineess, financial power, stability, excelent track record. The alliances are generally good for the parts involved, not necessary for others. Generally - not with reference to Steve (we appreciate him for his software) - do you believe that someone will start an alliance just to help you or me, not for promoting his/her own business at the lavel they can afford/have access?
Have a good trading using MTPredictor - a software with good tools for advanced trading.
Gene

[mcdirt]

Gene,

Thanks for the feedback - I'm going for MAN Financial. I would assume that the purpose for an alliance between MTP & TerraNova would be to provide a win-win for all parties, including clients.

rgds McDirt

[Steve Griffiths (2)]

Hi Gene,

Thanks for your reply.

Our aim to to help the end users (the traders). The current deal under discussion with TerraNova would enable cutomers to get MTPredictor for FREE. To me that is a huge benifit for the customer, and why we are working on getting this deal right for the end user.

Once finished we may look to extend this as a "tempalte" to a few other slected Brokers.

Again, the main enhpasis will always be on the end user, so that they benifit. I agree, too many companies cut deals that just benifit themslefs and forget the customers. We will always make sure that the customer gets the benifit from any deals we look into.

Steve

[Gene]

Hi Steve,

Your reply mentioning FREE MTPredictor is very interesting. With all due respect, your statement make me laugh. Why? Is from the same category as "Trade FOREX for FREE - no commissions" - and in reality traders pays much more than a regular commission, 2-10 pips for so called "no commissions" trading. Your idea is an old trick.

Steve, you will get paid by brokers, from the fees they charges their clients - unless you decided to be a charity organization, of course, which I doubt.
For "free MTP" traders will have higher costs (commissions) than using other brokers (offering at least the same quality); because the brokers associated with you, will not give you a part of their regular commission - but what they charges in addition, day after day - commission after commission telling their clients the software is for free. On the long run, for this 'free" software traders will pay more than the price of MTPredictor software; the real winners are you and your partner brokers - having a steady income, traders having steady expenses for software. In addition, the trader "get married" with a broker or another, not a good idea in this business of trading.

I have a great respect for you indeed, for your god work and continuous support, but I cannot appreciate such statements - free MTPredictor because "the main enhpasis will alwais be on the end user, so they benefit". I have a sugestion based on your statement - give MTPredictor for FREE directly, not using brokers. Well...you will not do this, because what I said above is right.
My answer for McDirt was about MAN and brokers - at his request, not about MTPredictor issues; I tryed to help him in a honet way. Your reply obliged me for this answer, because you underestimates our experience in financial/trading business. I believe you will not continue posting on this subject, but on trading related ideas, allways of interset to me and probably all MTP users.
Sincerely,

Gene

[Steve Griffiths]

Hi Gene,

We are not forcing anybody to do anything, we are just giving a choice. This will suit some people and will not suite others. TN have agreed to reduce thier commisisons (we do not recive anything from TN) for a peroid, this we beleive is a good deal, but will not suit everybody.

If it does not suit you then please keep with your existng Broker, but please do not have a go at us for trying to negiaote discounts for some customers.

As such, any customer is welcome to take a look at this deal and decide if it is good for them. if it is not, then no problem.

Steve