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Direct MessagesDate/Time: Mon, 06 May 2024 00:37:23 +0000
Post From: Multiple Accounts with SierraChartOrderRoutingServiceWithData
| [2019-04-22 11:26:16] |
| patrader - Posts: 92 |
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I was actually thinking about Dorman. I have two small accounts with them (and could add a third) and I would switch those to the new service first. The flexibility of trading multiple accounts in the same instance of Sierra without incurring manother datafeed cost is an enticing feature of the new service. My Dorman IB tells me that I can't tade multiple Dorman accounts using the same CQG login at Sierra (I have my doubts if that is true) so at the moment I'd have to pay for additional SC datafeeds (attempting to do it DTC is above my head) in multiple instances of Sierra and have multiple trade windows open. Far from ideal. Hence my continued interest in the new service. My only hold-out is the charging of the per side routing fee. I'll switch the smaller accounts to the new service if you can get Dorman to agree to bill the routing fee through statements like they do for CQG. I'll think about ADM after seeing Dorman do it. Once one FCM agrees to do it, it would surely become an issue of competitive advantage or disadvantage for the others. For volume traders the difference in who charges the routing fee is a tax issue. My understanding is that having it done by an FCM auto adjusts the 1099 figure for year-end gains or losses as opposed to trying to have it accounted for outside of 1099. With no misc. itemized deductions for "investors" anymore, only those qualifying for "trader status" could try and have it deducted outside of the 1099. It's the main thing keeping me using CQG at this point. A number of traders have more than one account (e.g. a main one and an IRA) and this is a big selling point of the new service. But having Sierra charge the routing fee is tax inefficient as compared to the FCM doing it.
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