Advice You - Finance

I've noticed that many people new to trading are a bit confused about the mechanics of setting up and funding a trading account with a broker. You needn't be, if you can manage internet banking, then establishing and operating a trading brokerage account is a snip.

The first step is to find your broker. As a trader, you are looking for an efficient electronic platform that lets you manage your account and trading activity interactively o

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ver the internet. A few things to look for include:

Low cost of execution for the contracts you intend to trade. Prices are either quoted as a "round trip" or "per side". As a future trade involves two separate transactions - Buy to open, Sell to close, or vice versa - a "round trip" price covers both sides. If you see an advertisement for $5 per side, you know that a trade will cost you $10.

Fast execution o

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

f the orders you enter. By "fast" I mean virtually instant execution of market orders. The trading platform must provide a direct electronic interface to the market. Do not entertain any two stage system where orders are submitted to brokers who then submit them to the exchange.

Support for all common order types. At the very least, you should be able to enter market, stop and limit orders. If you don't want to be ti

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ed to the screen for the full session, you should have orders such as "one cancels other" or "one triggers other" available, so that your strategy can be automated.

A chart is the trader's basic tool for analysis and good brokers supply excellent packages as part of their offering. You should be able to display market information in multiple formats and time frames. The package must support the display of common indicat

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ors and studies on the charts.

Real time data feeds are vital to the day trader. You should be able to watch your charts updating on your screen in real time. You should also be able to see "market depth" information. (This shows the number of orders resting in the market at various bid/ask levels.) In general, there is a monthly charge for this service, which is often waived if you make a certain number of transactio

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ns.

Access to international markets. The move to electronic markets has enabled brokers to provide direct interfaces with exchanges around the world. As well as the US Markets, you want to be able to trade European and Asian markets. This is particularly important for non-US based investors.

24-hour support service is essential. Most of the time you will never need to contact your broker by phone, co

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

nducting all your normal trading activities via the internet. But if something does go amiss, you want to know that there is somebody available to fix your problem immediately. In fast moving markets, time can be of the essence.

Last, but not least, it is useful if your trading platform allows you to trade futures options as well as pure futures contracts. As your trading develops, you may want to utilize option strategi

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

es and it is frustrating if that means you have to change your broker. During my career I have used two futures brokers - Xpresstrade and Interactive Brokers. Both provided excellent service. Xpresstrade uses a browser based trading platform which means that you do not have to download any special software onto your computer. I found it simple to use, with powerful features, and the support was first class.

Interactive Broker

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

s (IB) is my current broker and I am delighted with their offering. Everything is automated, and there are a multitude of different facilities available on their trading platform. For example, orders can be entered through a conventional order entry screen, directly from a "book trader" screen, or by using graphic tools directly on the charts.

IB has excellent support services. However, they cater for the knowledgable trader and are no

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

t into "hand holding" support. A beginner may find their interface more confusing than some others, like Xpresstrade.

As an indication of prices you can expect, Xpresstrade charges $5 per side for common electronic contracts; IB charges $2.40. Both offer discount structures for volume traders.

As I type this I am following the Corn market at the Chicago Board of Trade. Click ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

4/picture-3.png" target="blank_">here to see my simple trading screen.

I have two windows open. On the right is the charting window set to follow the session using 2 minute candlestick bars, with volume shown along the bottom. It is easy to display studies, or draw trend lines on the chart.

To the left is the "book trader" window which displays market depth at various price levels, and permits one click entry of all common order t

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ypes. For example, left clicking a particular price level enters a Limit order, and a right click enters a stop order. Buy/Sell buttons at the top of the screen enter immediate Market orders.

This is a great setup for day trading. Screens are easy to customize; so each trader can have their own setup, according to personal preference and the tools they like to use.

I have noticed that new non-US traders sometimes feel reluctant to ope

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

n accounts with US brokerage firms. Naturally they feel more comfortable and "connected" working with a brokerage based in their own country.

But I advise you to think internationally in this business. The US futures markets are big and the industry servicing them is well established and sophisticated. Look for the "best" brokerage, not necessarily a local one. Remember that your interaction will be totally web based, so it really doesn

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

't matter where their office is.

Another fear I have heard expressed by new offshore traders is that their money is not secure, or may be difficult to access. All that I can say is that in over ten years trading experience I have found depositing and withdrawing funds to be simplicity itself, and absolutely reliable. US futures brokers are strictly regulated, maybe better regulated than brokers in your own country.

The best brokers prov

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ide facilities on their website which completely automates the account application process. Be prepared to spend a bit of time on this because because there are several documents to be read and completed. It can be a bit intimidating the first time you do it; there is a lot of boilerplate ensuring that you understand the nature of various risks involved. You are also asked questions about your assets and prior trading experience. It is i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

mportant to read this material carefully, but avoid becoming too discouraged by all the legal language - the brokerages need to advise you of all worst case scenarios and, naturally enough, ensure that they can not be held responsible for losses incurred during normal trading activities.

Quite soon after submitting your application form you will (hopefully) be advised by email of your account acceptance and provided with details includin

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

g User Id and Password. Login and change the password as soon as possible.

An offshore trader using a US brokerage has a couple of extra steps to go through. You must fax (or email scanned copies of) your passport and a utility bill to comply with stricter security regulations since 9/11. You will also be asked to fill in a W-8 form for tax purposes. If you have no other business activity in the U.S. and live in a country which has reci

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

procal tax agreements, completion of this form means that the brokerage does not have to withhold a percentage of profits for taxation purposes. This simplifies matters, because you only need to declare income and pay taxes in your own country.

Once you have a user account and password, you can log into your account. At this point you need to fund it. This is normally done by a standard electronic funds transfer. Offshore traders may nee

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

d to wire funds, but this is a simple thing to arrange from your bank branch. (In my case, Interactive Brokers provide the facility to deposit funds using the standard Australian funds transfer system which is easily done via internet banking.When the funds arrive in your account, it is activated and you can view your balance on the screen. When you trade, the balance is updated in real time.

Normally there is a facility on the secure we

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

b site to set up details of your bank account. Having done this once, you can withdraw funds whenever you wish with just a few clicks of your mouse.

That is all there is to it. Following these few simple steps sets you up with a brokerage account providing access to markets throughout the world, with software facilities which were once the exclusive province of large investment houses.

Now you are ready to start playing the trading game

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Advice You - Setting Yourself Up For Futures Trading

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