Multibroker License Key Questions

[bltdavid]

bltdavid below are the responses I've received from [email protected] regarding Rithmic

You will need to contact TopStepTrader regarding this inquiry as NinjaTrader Brokerage does not manage these accounts.

The Multi-Brokers license key will allow you to connect multiple brokerage technologies at a time. The accounts or amount of accounts under one login is subject to the broker. In this case that would be TopStepTrader. If you would like to know more about Multi-Broker license keys please reach out to [email protected].

And from [email protected] ....;

There can only be one active connection to Rithmic at a time in NinjaTrader. To be able to connect to multiple accounts through Rithmic at the same time would require running NinjaTrader on multiple computers with separate license keys

The part at the bottom in red is false.

[EDIT: Uh, arguably, being false depends on how it is read. After I reread it, an 'active
connection' probably means 'a singe connection to one brokerage account'. Rats. Ok,
well, from that point of view, the statement is true.]

[EDIT-2: My explanation below can be summarized like this "Yeah, but that single connection to
one brokerage account can actually have multiple accounts associated with it. That is, multiple
accounts under one set of login credentials is possible with NTB+Continuum and NTB+Rithmic,
but not TopStepTrader+Rithmic, since their mgmt doesn't allow that, so you may want to consider
a competitor, Leeloo+Rithmic, which does allow it".]

I'm not quite sure how you worded your inquiry, but NinjaTrader Brokerage accounts
can use Continuum or Rithmic as the data provider. You just have to tell them which one
you want (they don't usually ask you, Continuum is their goto default) and Rithmic is (I think)
still an extra monthly fee (maybe $10/mon, last I knew), which is bad juju to mention when
finalizing a sale, thus if an NTB customer wants Rithmic, they have to speak up and ask for
this directly when talking to their NTB broker.

What I mean is,
The advisement to contact the "orders" email address was if you wanted to use their
NTB+Rithmic combo, since, presumably, you must agree to the extra Rithmic fee thus
making it a billing update (aka, a product 'order', from their sales dept point of view)
to your account. Thus they advised I contact the 'orders' dept to setup Rithmic on
my NTB account.

Now, let's be clear, If you were asking NTB folks about Topstep, that was a waste of time.

TopStepTrader is a completely separate brokerage company, so the NTB folks don't
want to answer your TopStep questions (technically, they're not supposed to, esp
since NTB and TST are competitors in the brokerage world), so they'll advise you to
ask TopStepTrader directly. Besides, they work for NTB, not TST, so they probably
don't know (or care to know) the answers to your TST questions. Answering TST
questions is not their job.

Ok, let's now consider two basic facts,

Fact #1: TopStepTrader accounts use Rithmic.

Fact #2: The Rithmic technology platform supports multiple accounts under one
set of login credentials. (Yep, this is true.)

TopStepTrader, however, does not allow multiple accounts under a single login. This
is a business decision that their executive management has made -- probably for
reasons of risk management, or whatever, but they've simply decided to deny (or hide)
this feature from their customers. Hide? Well, perhaps this option is only revealed to
their top performing customers, or perhaps no customer ever enjoys this feature, I dunno,
but my point is, the properties of your Rithmic connection is 100% at their discretion.

If you want multiple accounts under a single login, and you want NTB+Rithmic, just
contact NinjaTrader Brokerage and set it up, and yes, perhaps you'll need to contact
"orders" to finalize it, or whatever -- perhaps to agree to an extra monthly fee -- but
I'd say skip all the email and just speak to a warm-bodied human -- they have plenty.

If you want multiple accounts with TST+Rithmic, like I said, you'll need to contact the
TST folks, but they have a right to say "no" -- and you'll just have to live with it.

But, you don't have to live with it.

You can have multiple accounts at Leeloo, which also uses Rithmic. Leeloo is a brokerage
funding company that competes directly with TopStepTrader. Multiple Rithmic accounts
using one login is a feature that makes Leeloo+Rithmic an option worth considering, esp
if this happens to be something you're looking for.

[bltdavid]

I contacted '[email protected]' and specifically asked about a single
login with multiple NTB accounts using Rithmic as the data provider.

Their exact response was this:

"This can be done on CQG or Rithmic with Dorman as the FCM. If you use
Phillip Capital it can be done on CQG."

As I alluded to my previous post, I'd recommend the Multi-Broker license so that
you can achieve something like what I call the 'ultimate configuration', which is,

Multiple accounts with NTB+Continuum under a single login.
Multiple accounts with Leeloo+Rithmic under a single login.

The Leeloo approach is like TopStepTrader (ie, using other people's money), but
it has an enormous advantage of allowing multiple accounts under a single login.

Let me repeat that:
For the truly successful trader, this multi-account feature of Leeloo is a massively
serious advantage, offering some tremendously epic potential.

How so? Using Leeloo means you can use a Trade Copier, which means you can leverage
your profit making skills by focusing on trading (manual or automated) just one account. You
designate this particular account the 'leader' account -- this is the only account you focus on.
The point is, using multiple accounts under a single login, you can tell the Trade Copier (an
NT8 Add-On) to watch your 'leader' account and let it automatically replicate all 'leader'
trades into each 'follower' account.

Why is that an advantage?
Because when you get really good at trading, you can add more profits with absolute ease
by using another account with a Trade Copier. The advantage is: it is zero effort and requires
zero change -- you still focus on the exact same style of trading in the exact same account
using the exact same comfortable number of contracts you have always traded. Ie, some
people can do well at 1-3 contracts, but can freak out when moving up to bigger positions
of, say, 10-20 contracts -- the larger amounts of money can be emotionally distracting to
trading. One way to avoid that is to add additional accounts, rather than additional contracts,
and let a trade copier replicate your trades to your additional multiple accounts.

But wait ...
so, now close your eyes, and imagine both. You, with your highly successful trading skills, with
an emotionally stable trading psyche, taking large positions of 10-20+ contracts, and all your
trades replicated across half dozen or even a couple of dozen or more 'follower' accounts.

This is your OMG 'wow' moment. A light bulb should be shining brightly in your head.

Increasing the number of contracts is often cited as one way to increased profits. But my point is:
Imagine combining that concept with increasing the number of replicated 'follower' accounts, and,
well, the potential rewards of the combined setup can get pretty enormous very quickly.

Finally, to come back to where this thread started, you'll need to setup multiple accounts under a
single login in order to achieve some kind of ultimate configuration for yourself.

Good luck!

[MoreYummy]

This feature request is still not yet put in?
It should be standard feature. connect to 2 different rthimic broker or whatever 2 accounts at the same time on one ninjatrader, it is very incoveniece to have to switch between 2 accounts.

[bltdavid]

This feature request is still not yet put in?
It should be standard feature. connect to 2 different rthimic broker or whatever 2 accounts at the same time on one ninjatrader, it is very incoveniece to have to switch between 2 accounts.

More good reading here and here.

Submit your +1 vote for SFT-4923 here.