No CMEG Promotion Anymore?

[beko_appa 0]

Hi,

I was about to open up an account with CMEG to go live, but they told me that BBT promo is no longer available with them.
This means that I would need to pay a commission of $2.95/ticket... which is not cheap at all.

Can anyone confirm this?

[Alastair 114]

Correct is has been discontinued unfortunately.

[beko_appa 0]

Anyone gone live with CMEG after they discontinued the promo commission?  

One way trade with no partials already costs $5.90 in the commission alone.  Assume only 3 trades per day.. 60 trades per month... it’s already $354 if I don’t take any partials ever...  

Do I just suck it up and feed CMEG those money? 

[croas0794 0]

Is there any other option available? i'm having the same problem.

[Alastair 114]

Honestly folks, it means you will need to spend more time in SIM and get ur processes and setup as close to perfect as possible.  Which means more SIM fees instead of normal monthly fees plus the high txn costs .

Other option to build to $25+K limit for IBKR standard acct with the 35 cents txn fee (... it could be less....)

It is unfortunate for new traders.

 

[beko_appa 0]

2 minutes ago, Alastair said:

Honestly folks, it means you will need to spend more time in SIM and get ur processes and setup as close to perfect as possible.  Which means more SIM fees instead of normal monthly fees plus the high txn costs .

Other option to build to $25+K limit for IBKR standard acct with the 35 cents txn fee (... it could be less....)

It is unfortunate for new traders.

 

What’s point of staying in the sim forever? I’m pretty sure people choose CMEG over IBKR mostly because of the PDT rule.  I have spent 6 months in the sim so far and felt ready to jump into the real world with small accounts. Just can’t afford $25k into this for some personal reasons. 
 

Honestly I don’t understand CMEG’s change to discontinue the lower fees. It will shoo away many interested new traders, especially from BBT community alone.  

[aranda630 0]

On 8/4/2021 at 11:21 PM, beko_appa said:

What’s point of staying in the sim forever? I’m pretty sure people choose CMEG over IBKR mostly because of the PDT rule.  I have spent 6 months in the sim so far and felt ready to jump into the real world with small accounts. Just can’t afford $25k into this for some personal reasons. 
 

Honestly I don’t understand CMEG’s change to discontinue the lower fees. It will shoo away many interested new traders, especially from BBT community alone.  

Following, I am in the simulator stage and plan to get an account with CMEG since I do not meet PDT. Are you going to be focusing on more perfect set ups? and less partials? 

 

[Robert M NYC 3]

I cannot recommend CMEG with the new fees ($2.95/ticket) at all, using a small account.

I use CMEG and I've just spent $1,200 in August on commissions. It was my first month live and I netted only $400 of the $1,600 I made.

When going live I adjusted my trade management and tried hard to hold trades and partial only once.

If your account is $5,000 and you work with a fixed risk, you should not risk more than $25 per trade. Your daily goal is 3R ($75)

Assuming you have a 50% accuracy making 2R per winner you need 6 trades to get to goal. (3 loosers -$75, 3 winners +$150)

6 trades with 1 partial each are 18 tickets. Including ECN fees the commissions are ~ $60

So you spend $60 to make $75

The commissions will be better if your account size is significantly above 5k but the closer you get to 25k the more likely I would just wait to go live with another broker like IB

[aranda630 0]

On 9/4/2021 at 2:00 PM, Rob2021 said:

I cannot recommend CMEG with the new fees ($2.95/ticket) at all, using a small account.

I use CMEG and I've just spent $1,200 in August on commissions. It was my first month live and I netted only $400 of the $1,600 I made.

When going live I adjusted my trade management and tried hard to hold trades and partial only once.

If your account is $5,000 and you work with a fixed risk, you should not risk more than $25 per trade. Your daily goal is 3R ($75)

Assuming you have a 50% accuracy making 2R per winner you need 6 trades to get to goal. (3 loosers -$75, 3 winners +$150)

6 trades with 1 partial each are 18 tickets. Including ECN fees the commissions are ~ $60

So you spend $60 to make $75

The commissions will be better if your account size is significantly above 5k but the closer you get to 25k the more likely I would just wait to go live with another broker like IB

I'm starting my account with around the same amount, are you just gonna deal with the commission fees? or move to IB soon? It sucks they removed the promotion. About how many trades on average are you taking daily? 

[Robert M NYC 3]

On 9/6/2021 at 12:57 AM, aranda630 said:

I'm starting my account with around the same amount, are you just gonna deal with the commission fees? or move to IB soon? It sucks they removed the promotion. About how many trades on average are you taking daily? 

I am back to sim right now trying to improve my RvR because at this point it makes no sense. One wrong trade can ruin my day.

I took an average of 6 trades per day in august. I try and limit my partials per trade to 1

[GucciTrader 1]

Yeah its pretty rough when your using a small account. @Rob2021 broke it down nicely above.

[Javier Colon 0]

if you were a client already do you still get the promotion?

[Alastair 114]

On 9/8/2021 at 9:55 AM, Javier Colon said:

if you were a client already do you still get the promotion?

Yes, if u had a low rate prior to change u maintain the low rate.

Its like CMEG does not want anymore customers.  They prob have enough while they fix/streamline other internal issues I assume.  The business decision does not make sense, but I dont see the internals.

 

[Robert M NYC 3]

On 9/6/2021 at 12:57 AM, aranda630 said:

I'm starting my account with around the same amount, are you just gonna deal with the commission fees? or move to IB soon? It sucks they removed the promotion. About how many trades on average are you taking daily? 

I do 5-10 trades per day.

I'm back to SIM for at least this month because the commissions were just too high and I ended up red the last two months.

Consistency and a good solid strategy are key here IMO with such a small account size

[Javier Colon 0]

25 minutes ago, Robert M NYC said:

I do 5-10 trades per day.

I'm back to SIM for at least this month because the commissions were just too high and I ended up red the last two months.

Consistency and a good solid strategy are key here IMO with such a small account size

Agreed 100%