Hey Chris, Could you make a video on how futures/future options trading in US markets taxed in Canada? And what tax documents does IBKR provide --i mean is it just a capital gains statement or T5008 uploaded directly on CRA account?
Thanks for the video idea. Some brokers provide tax documents like IBKR. Futures brokers from what I've seen typically don't provide end of year tax documents and you just declare the profit or loss from the account. Consult your accountant for the precise details. I think it might just be a T5008 like you said.
18:05 You mention to piggyback to ride the trend of these big firms but how do you do that actually? How do you "see" what they're doing? What concepts do I need to learn?
Market context, sentiment, and reading the order flow that is driving the market movement. Understanding how participants tend to behave and how they can be forced to enter or exit the market.
Do you have a video for setting up future trading in the Interactive brokers platform? If you have it, could u please share the link?? Thank you so much
My understanding of futures is limited at the moment, but I’m curious as to how you form your thesis when placing a futures trade. Is it the same methods you used when trading stock options? Do macroeconomic events play a major role in your moves? Honestly have a ton to learn on this side.
Take your time to study and learn about different ways that traders form their trading strategies. Every trader has their own unique edge and way that they approach markets. The trading products (options vs futures) do make a difference. Macro events can play a big role for some and a smaller role for others.
Great info thanks Chris currently paper trading currencys on IB FX platform from Australia starting to learn when there is liquidity and not, yes some days the market wont give you alot but its all about learning to be successful at this game thanks for the informative content.
Thank you for all the great videos! Is it better to convert CAD to USD for futures trading in IBKR? Do you need to set the base currency to USD or better leave it at CAD for tax purposes?
It is not necessary to change the base currency and like you said it might be easier for tax purposes to keep it in your local currency. If you're not holding trades overnight then you don't need to convert currency to trade futures. If you do hold them then you will incur some interest for holding negative cash balances overnight. if you want to avoid that interest you could convert the currency over to USD but then remember you are also exposed to the value of USD.
Yes as stated in most of my recent content, Ironbeam is the clearing firm I use to trade futures. I primarily trade futures when it comes to my active trading. I use my IBKR accounts for long term positions and one is a margin account for shorter term trading stocks & options.
Hi Chris, what platform are you using to trade futures and can you attach the DOM to a chart? My other request is would you be able to make a video to show us how you decide to enter a trade, what indicators, etc are you using? Thanks
Regarding the first question, sierra chart and yes there is a dom that can be added to the chart. Regarding the second, my trading has many levels of depth with the market context combined with the short term price action and order flow nuances. I will not really be covering this in any free videos soon but it is possible.
Been following you and just wondering if you still trade Futures Micro since one of your video said you're not being profitable with it. Can you please update us what's your progress on your Future's trading and what broker/platform you're currently using? Appreciate your response.
The margin (capital required) tends to be higher for futures trading with interactive brokers, that is one of the reasons. 2. Yes they do have the level 2 data, you need to subscribe to it.
Do you have any videos using TWS for futures w/ navigating and executing on the platform? Ive been wanting to trade futures because Ive only been trading QQQ etf shares, so it makes sense for me to switch. However being on TD ameritrade, I know people have complained of very high commissions. However, I love the platform and support. But I cant get an idea of how to navigate TWS for futures.
Hi Verrillo, would you say Sierra is better than Ninja Trader 8? I am looking for a platform for Future trading. I like Ninja Trader but it is quite expensive if I want the chart trading they offer
I never used Ninja but I never really heard great things about it. Some traders use it exclusively. I'd say Ninja doesn't touch Sierra but that's my opinion.
Quick question for you on jigsaw...... If a trade is going in your favor and you're using a strategy with say a 10 tick stop....... and say you're up 10 points on the trade and take profit....... is there a way to also cancel your stop? It seems my stop is always just there on the DOM as a resting order. I have to manually cancel it.
I have not used jigsaw as my platform for some time at this point but you need to make sure that your profit and stop orders are an OCO (bracket). In this case, when your target is filled the stop will cancel or adjust itself to the correct amount. In Sierra Chart there is more advanced functionality like supported scale in/out. You can submit a separate order to reduce or increase your position size and it will adjust existing targets and stops to the amount of your remaining position.
fifo applies to stocks too. can be changed to lifo though and some other options, but depending on the country. not all the options are available for everyone.
You would need to ask a broker/clearing firm if they can open accounts in New Zealand. The minimum (margin) is another question you would ask the broker. Thanks.
Hi buddy do u have any idea to use the iron beam from Canada, currently using IB only for option and not able to trade futures because of huge margin requirements
@@VerrilloTrading have not traded them, but am studying the charts on different tick and time frames. They are quite liquid based on the DOM & make big moves in the 3-10 ES points range
Does Sierra chart allow you to program your own charts? I have a couple of charts I have in TOS that I would like to use in Sierra. 1 is an absolute strength histogram and the other is WILDERS moving average indicator "modified".
Hi Chris, thanks for your really great videos! Do you have funds in Ironbeam, Sierracharts, and TWS? Why use all three? I’m Canadian and day trade with TWS. Thanks and keep the videos coming. GUYS WATCHING, GIVE THIS GUY A THUMPS UP!
Thanks for the kind words. Bare with me here cause this can be a little tricky to understand, I probably should do a video explaining this clearly. Sierra chart is a trading software, they offer the services of market data and software for trading. In order to trade futures you need to open an account with an FCM/broker because they are an essential part of how the business works. The FCM is responsible for collecting margins associated with the orders being placed by customers, and all of the back end statement processing etc. In short, Sierra chart is a software company and Ironbeam and Interactive brokers are brokerage companies. Both of those brokers also have their own software but they are not primarily software companies. Sierra is a software company and offers data and trade tools. In my case I use Ironbeam as my day trading futures broker, IBKR for investing and SC as my trading platform and market data.
Obviously Iron Beam must allow Canadians to trade with them. Why did you switch over to them from Interactive Brokers? I find Interactive Brokers to be OK. All I have known.
Sierra chart is a trading platform, the answer is yes and it is far superior to TWS. Ironbeam is a futures broker, not a platform however they do offer their own trading platform called Ironbeam app.
Even if I said yes, would you believe me or why would it matter? I ain’t trying to sell you shit bud. This is UA-cam, the void of information and noise. I make these videos cause I LIKE THEM and I think they are better than 95% of other content about trading. Why don’t u go ask Humbled Trader how she makes the majority of her income, ps she won’t answer your smart ass to begin with.
Why is this so important to you? He's just saying his opinion about trading futures. Does he sell some course or something? P.S I saw your answer after I posted.
@@VerrilloTrading I don't have a dog in this fight but I just wanted to say that whether or not someone is profitable does matter though. We trade to make money and the markets are ruthless and notoriously difficult and if someone has found a way to make money I think that does matter. Anyways this is not to fight, I know youtube comments are the land of arguing. I am just having a discussion :)
Almost everything you said is wrong lol. Let me guess. You couldn’t pass the evaluations so now they are soul-less? I literally trade my own money now and I wouldn’t have gotten to the point I am now without the things I learned in them. First off, FIFO has ZERO to do with your place in the queue, idk where you got that, it literally means the first contract you open if when you scale is the first position closed. You can’t scale in and be red on every order except your last one and sell that for a win and hold the losers. 2nd, sierra chart is NOTORIOUSLY unreliable. Multiple disconnects a day for myself when I tried it and most everyone that I’ve talked to. Next, every time I see one of your videos you are trading different stuff and saying you “Mainly” trade whatever is on your screen for that day. Different platforms constantly, different charts, different everything. You can’t be consistent when you yourself are inconsistent. Next HFTs make up the majority of the volume on almost every asset class so I’m not sure why that’s a con for futures, I can’t remember the rest of your points but I’ve said plenty. If you are gonna make videos for new traders, say shit that A) you actually know, and B) that actually helps people. Almost everything you said would actually be detrimental to a new trader and that’s why I’m saying anything at all. I have supported you for a long time but this was way left
Sorry to hear this content did not satisfy you. Actually we do not really care what you think, we make free content and most people appreciate it greatly. FIFO is the matching algorithm used, we are not referring to the FIFO or LIFO that is used when calculating average position price when scaling out of trades. This comment alone shows you lack knowledge. We will also stand firm with hundreds of users who agree that Sierra Chart is by far the most reliable trading software out there in the retail space. Maybe you use CQG, there are common issues with Sierra and CQG disconnects. In reality sierra developed a superior solution for order routing so there is no reason to be on CQG if you use Sierra Chart. (unless for Eurex or Asia markets) We make hundreds of videos that are aimed at helping people, it is a sure chance that at some point someone will disagree. That is not a problem, we like it when people disagree with things.
Since he is marketing for a particular futures trading company, I would stay away from his advice. The big ones make more sense. He is trying to grow his business. fake news.
What is he marketing? Sierra Charts? If so from what I've seen it sounds like he is just passionate about trading and shares his opinion. He didn't come off as marketing to me at least
Structured and to the point, good presentation of info. Stay the course with good work 👍🏽
Thanks, will do!
Hey Chris, Could you make a video on how futures/future options trading in US markets taxed in Canada? And what tax documents does IBKR provide --i mean is it just a capital gains statement or T5008 uploaded directly on CRA account?
Thanks for the video idea. Some brokers provide tax documents like IBKR. Futures brokers from what I've seen typically don't provide end of year tax documents and you just declare the profit or loss from the account. Consult your accountant for the precise details. I think it might just be a T5008 like you said.
18:05 You mention to piggyback to ride the trend of these big firms but how do you do that actually? How do you "see" what they're doing? What concepts do I need to learn?
Market context, sentiment, and reading the order flow that is driving the market movement. Understanding how participants tend to behave and how they can be forced to enter or exit the market.
Do you have a video for setting up future trading in the Interactive brokers platform? If you have it, could u please share the link?? Thank you so much
Here is a video that goes over some futures trading with bracket orders in TWS: ua-cam.com/video/ICZH89GdUGQ/v-deo.html&t
My understanding of futures is limited at the moment, but I’m curious as to how you form your thesis when placing a futures trade. Is it the same methods you used when trading stock options? Do macroeconomic events play a major role in your moves? Honestly have a ton to learn on this side.
Take your time to study and learn about different ways that traders form their trading strategies. Every trader has their own unique edge and way that they approach markets. The trading products (options vs futures) do make a difference. Macro events can play a big role for some and a smaller role for others.
@@VerrilloTrading can you please tell Sierra or Ninja ?
@@sofifys3448 He is using Sierra Chart.
Great info thanks Chris currently paper trading currencys on IB FX platform from Australia starting to learn when there is liquidity and not, yes some days the market wont give you alot but its all about learning to be successful at this game thanks for the informative content.
Glad it could help!
check commissions of Optimus and platform is good too..
Thanks for sharing.
Thank you for all the great videos!
Is it better to convert CAD to USD for futures trading in IBKR? Do you need to set the base currency to USD or better leave it at CAD for tax purposes?
Did you find out about this? I have the same question I am trying to get an answer to now.
It is not necessary to change the base currency and like you said it might be easier for tax purposes to keep it in your local currency. If you're not holding trades overnight then you don't need to convert currency to trade futures. If you do hold them then you will incur some interest for holding negative cash balances overnight. if you want to avoid that interest you could convert the currency over to USD but then remember you are also exposed to the value of USD.
I thought you traded with InteractiveBrokers. But, in this video you are promoting IronBeam. Does it mean that you trade with both of them?
Yes as stated in most of my recent content, Ironbeam is the clearing firm I use to trade futures. I primarily trade futures when it comes to my active trading. I use my IBKR accounts for long term positions and one is a margin account for shorter term trading stocks & options.
Nice very informative. See I told you, you are too smart. You are getting there fast dude.
Thanks dude
Hi Chris, what platform are you using to trade futures and can you attach the DOM to a chart? My other request is would you be able to make a video to show us how you decide to enter a trade, what indicators, etc are you using? Thanks
Regarding the first question, sierra chart and yes there is a dom that can be added to the chart. Regarding the second, my trading has many levels of depth with the market context combined with the short term price action and order flow nuances. I will not really be covering this in any free videos soon but it is possible.
Question: how do the data and platform fees compare between SC and the wider market?
Been following you and just wondering if you still trade Futures Micro since one of your video said you're not being profitable with it. Can you please update us what's your progress on your Future's trading and what broker/platform you're currently using? Appreciate your response.
Hello, I responded to your question in this new video: ua-cam.com/video/A_bW-or8ZQY/v-deo.html
Hello, Thanks for the information. Can I ask why you are not use Interactive broker future for trade in future? and can I find order book in TWS?
The margin (capital required) tends to be higher for futures trading with interactive brokers, that is one of the reasons. 2. Yes they do have the level 2 data, you need to subscribe to it.
IRONBEAM!
True!
Do you have any videos using TWS for futures w/ navigating and executing on the platform? Ive been wanting to trade futures because Ive only been trading QQQ etf shares, so it makes sense for me to switch. However being on TD ameritrade, I know people have complained of very high commissions. However, I love the platform and support. But I cant get an idea of how to navigate TWS for futures.
Thank you, we will consider this for a future TWS video. Is there something specific you wanted to see regarding the trading of futures on TWS?
Hi Verrillo, would you say Sierra is better than Ninja Trader 8? I am looking for a platform for Future trading. I like Ninja Trader but it is quite expensive if I want the chart trading they offer
I never used Ninja but I never really heard great things about it. Some traders use it exclusively. I'd say Ninja doesn't touch Sierra but that's my opinion.
Quick question for you on jigsaw...... If a trade is going in your favor and you're using a strategy with say a 10 tick stop....... and say you're up 10 points on the trade and take profit....... is there a way to also cancel your stop? It seems my stop is always just there on the DOM as a resting order. I have to manually cancel it.
I have not used jigsaw as my platform for some time at this point but you need to make sure that your profit and stop orders are an OCO (bracket). In this case, when your target is filled the stop will cancel or adjust itself to the correct amount. In Sierra Chart there is more advanced functionality like supported scale in/out. You can submit a separate order to reduce or increase your position size and it will adjust existing targets and stops to the amount of your remaining position.
Best derivative product
I might agree Cap'n.
fifo applies to stocks too. can be changed to lifo though and some other options, but depending on the country. not all the options are available for everyone.
Thanks for sharing, people should research this if they are trading stocks.
Hey mate great video, do you know if I can trade futures from nz? If so what's the minimum I need for micro? Thanks again
You would need to ask a broker/clearing firm if they can open accounts in New Zealand. The minimum (margin) is another question you would ask the broker. Thanks.
So are you still with Ibkr for futures or switch to Iron Beam?
Ironbeam for futures, IBKR for stocks and options.
Can you trade futures 24/5? If so, what are the best times to trade?
They trade 23 hours a day but are only busy at certain times. Normally around medium to high impact economic data releases.
@@VerrilloTrading do you need to have the bigger maintenance margin balance in your account when trading after hours?
Which platform do you recommend?
Can you trade futures with Tradingview?
I don't recommend a specific platform but if you ask me what software I think is good it's Sierra Chart. Tradingview has built in trading yes.
Is ironbeam good for micro acct 1k under?
Sure I don’t see why not.
Hi buddy do u have any idea to use the iron beam from Canada, currently using IB only for option and not able to trade futures because of huge margin requirements
Yes it's supported.
@@VerrilloTrading thank you
which platform do you use
Mostly Sierra Chart and Interactive Brokers.
is the e-mini and micro emini for S&P 500 more liquid than the SPX?
SPX is an index, there is no trading on the index itself, only derivatives like index futures and options.
What about the vx futures ? Thats a big liquid market. Do you trade that ?
I have not traded them, these are relatively new products on the CME I hear. Have you traded them or taken a look?
@@VerrilloTrading have not traded them, but am studying the charts on different tick and time frames. They are quite liquid based on the DOM & make big moves in the 3-10 ES points range
Does Sierra chart allow you to program your own charts? I have a couple of charts I have in TOS that I would like to use in Sierra. 1 is an absolute strength histogram and the other is WILDERS moving average indicator "modified".
Yes you can create custom charts, custom indicators, anything you can think of.
Thank you for the info! I’m interested. Have used margin before, but not as active trading wise just yet
Glad you enjoyed it.
Hi Chris, thanks for your really great videos! Do you have funds in Ironbeam, Sierracharts, and TWS? Why use all three? I’m Canadian and day trade with TWS. Thanks and keep the videos coming. GUYS WATCHING, GIVE THIS GUY A THUMPS UP!
Thanks for the kind words. Bare with me here cause this can be a little tricky to understand, I probably should do a video explaining this clearly. Sierra chart is a trading software, they offer the services of market data and software for trading. In order to trade futures you need to open an account with an FCM/broker because they are an essential part of how the business works. The FCM is responsible for collecting margins associated with the orders being placed by customers, and all of the back end statement processing etc. In short, Sierra chart is a software company and Ironbeam and Interactive brokers are brokerage companies. Both of those brokers also have their own software but they are not primarily software companies. Sierra is a software company and offers data and trade tools. In my case I use Ironbeam as my day trading futures broker, IBKR for investing and SC as my trading platform and market data.
@@VerrilloTrading Got It….thanks Chris !
Obviously Iron Beam must allow Canadians to trade with them. Why did you switch over to them from Interactive Brokers? I find Interactive Brokers to be OK. All I have known.
Interactive is fine but for futures in particular their margin requirements can be high, that is one of the reasons.
Do sierrachart and ironbeam have hot buttons similar to TWS Chart trader?
Sierra chart is a trading platform, the answer is yes and it is far superior to TWS. Ironbeam is a futures broker, not a platform however they do offer their own trading platform called Ironbeam app.
is your info canada based?
Yes.
Can you swing futures 1 to 12 weeks?
You can.
can you trade futures on a cash settled account to avoid 3 day trades a week?
The PDT rule does not apply to futures. Regarding the account type, this will depend on the broker and what they are able to provide.
@@VerrilloTrading thank you for the reply 👍
What site for charts is finviz ok
We have not used it sorry.
My question to you? ; ARE YOU PROFITABLE
Even if I said yes, would you believe me or why would it matter? I ain’t trying to sell you shit bud. This is UA-cam, the void of information and noise. I make these videos cause I LIKE THEM and I think they are better than 95% of other content about trading. Why don’t u go ask Humbled Trader how she makes the majority of her income, ps she won’t answer your smart ass to begin with.
Why is this so important to you? He's just saying his opinion about trading futures. Does he sell some course or something?
P.S I saw your answer after I posted.
@@VerrilloTrading I always respect your opinions
@@VerrilloTrading I don't have a dog in this fight but I just wanted to say that whether or not someone is profitable does matter though. We trade to make money and the markets are ruthless and notoriously difficult and if someone has found a way to make money I think that does matter. Anyways this is not to fight, I know youtube comments are the land of arguing. I am just having a discussion :)
Thought I would visit but too many ads.
Thank you we will take note of this.
You know what you are saying dam well.
Glad it helps.
TOS is the best charts in the world
Thanks for sharing!
Almost everything you said is wrong lol. Let me guess. You couldn’t pass the evaluations so now they are soul-less? I literally trade my own money now and I wouldn’t have gotten to the point I am now without the things I learned in them. First off, FIFO has ZERO to do with your place in the queue, idk where you got that, it literally means the first contract you open if when you scale is the first position closed. You can’t scale in and be red on every order except your last one and sell that for a win and hold the losers. 2nd, sierra chart is NOTORIOUSLY unreliable. Multiple disconnects a day for myself when I tried it and most everyone that I’ve talked to. Next, every time I see one of your videos you are trading different stuff and saying you “Mainly” trade whatever is on your screen for that day. Different platforms constantly, different charts, different everything. You can’t be consistent when you yourself are inconsistent. Next HFTs make up the majority of the volume on almost every asset class so I’m not sure why that’s a con for futures, I can’t remember the rest of your points but I’ve said plenty. If you are gonna make videos for new traders, say shit that A) you actually know, and B) that actually helps people. Almost everything you said would actually be detrimental to a new trader and that’s why I’m saying anything at all.
I have supported you for a long time but this was way left
Sorry to hear this content did not satisfy you. Actually we do not really care what you think, we make free content and most people appreciate it greatly. FIFO is the matching algorithm used, we are not referring to the FIFO or LIFO that is used when calculating average position price when scaling out of trades. This comment alone shows you lack knowledge. We will also stand firm with hundreds of users who agree that Sierra Chart is by far the most reliable trading software out there in the retail space. Maybe you use CQG, there are common issues with Sierra and CQG disconnects. In reality sierra developed a superior solution for order routing so there is no reason to be on CQG if you use Sierra Chart. (unless for Eurex or Asia markets) We make hundreds of videos that are aimed at helping people, it is a sure chance that at some point someone will disagree. That is not a problem, we like it when people disagree with things.
@@VerrilloTrading 😂
Since he is marketing for a particular futures trading company, I would stay away from his advice. The big ones make more sense. He is trying to grow his business. fake news.
What is he marketing? Sierra Charts? If so from what I've seen it sounds like he is just passionate about trading and shares his opinion. He didn't come off as marketing to me at least
Lies forex is lower cost Open an account with 50
It isn’t a lie that futures have low capital requirements to trade.