Rithmic Trader Pro is a powerful and high-speed trading platfom tailored for futures traders. With its focus on speedy time-based execution measured in microseconds, it provides advanced features to meet the needs of professional traders. In this review, we will explore the key aspects of Rithmic Trader Pro and evaluate its suitability for futures trading.
About
Rithmic is one of the most advanced futures trading platforms available today. It focuses on day trading strategies and offers users all the essential functionality required to stay ahead in fast-moving markets. From robust analytics and depth of market to advanced order types, Rithmic provides a comprehensive suite of tools for advanced futures traders.
What's Unique about Rithmic Trader Pro
Low price of subscription and commissions:
Rithmic offers a free or $20 per month advanced platform subscription, making it affordable for traders.
Fastest order-routing and data feeds available:
Traders benefit from Rithmic's lightning-fast order-routing system and highly accurate data feeds, ensuring timely execution and real-time market information.
Options expiry data:
Rithmic provides options expiry data, enabling traders to make informed decisions based on expiration dates and market dynamics.
Server-side Bracket and OCO Orders:
Rithmic Trader Pro provides the ability to attach Stop-Loss and Profit-Target orders to a bracket order. These orders are OCO (Order Cancels Order), meaning when one order is filled or canceled, the other order is automatically canceled as well.
Customizable Order Parameters:
Traders have the flexibility to specify the number of contracts and tick value associated with each order within the OCO portion of the bracket, allowing for precise control over trading positions.
Market Order Conversion:
Rithmic Trader Pro offers a unique feature that automatically converts profit and stop-loss orders to market orders if they are not met within a specified time frame. This ensures timely execution and helps traders mitigate potential risks.
Pros and Cons of Rithmic Trader Pro
Pros:
Designed by knowledgeable and passionate technicians who intimately understand the futures market.
Affordable subscription and commissions.
Offers essential functionality for day traders.
Fastest order-routing and data feeds available.
Provides options expiry data.
Ultra-Fast Execution: Rithmic Trader Pro excels in providing high-speed order execution, measured in microseconds. This rapid execution enables traders to seize opportunities in fast-moving markets.
Advanced Order Management: The platform's Depth of Market (DOM) functionality allows traders to monitor and manage their orders effectively. The Recent Orders window and Order History window provide comprehensive order tracking and management capabilities.
Customization and Flexibility: Rithmic Trader Pro offers a range of customization options, allowing traders to tailor the platform to their individual preferences and trading strategies.
Integration with R | API+: Traders who incorporate R | API+ into their own trading programs can seamlessly track and manage orders within Rithmic Trader Pro.
Cons:
Primarily focused on futures trading, limiting its appeal to traders interested in other assets.
Steep Learning Curve: Due to its advanced features and technical nature, Rithmic Trader Pro may have a steep learning curve for novice traders or those unfamiliar with futures trading platforms.
Limited Educational Resources: Rithmic Trader Pro does not provide extensive educational resources or research materials, which may be a drawback for traders seeking additional guidance and learning materials.
Getting Started
Open an account with a brokerage firm that offers Rithmic Trader Pro.
Download and install the Rithmic Trader Pro software.
Familiarize yourself with the platform's interface and functionalities.
Connect your trading account and configure your preferred settings.
Begin exploring the various tools and features offered by Rithmic Trader Pro.
Final Thoughts
In conclusion, Rithmic is an excellent choice for advanced futures traders seeking high-quality data feeds and reliable order execution. Its cutting-edge analytical tools, automation features, and low pricing make it a top contender in the futures trading platform market. However, average day traders should consider whether they require a platform solely dedicated to futures trading. Nonetheless, for those who prioritize exceptional data flow and trade execution, Rithmic's industry-leading performance is worth considering. Traders committed to futures trading can leverage Rithmic's platform to maximize their trading benefits and gradually explore its complex interface. While Rithmic may not provide extensive educational resources, traders can find additional support and training materials online.
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