Can You Recommend a Data Feed, Charting Software & Broker?

This is a discussion on Can You Recommend a Data Feed, Charting Software & Broker? within the New to Trade2Win forums, part of the Reception category; The video posted above by zmark-trader is helpful - up to a point. There are a number of reputable futures ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Dec 6, 2010, 12:47pm   #25
The Staff are paid members that perform various roles such as editorial, advertising, support or technical work.
 
timsk's Avatar
Joined Mar 2002
Re: Can You Recommend a Data Feed, Charting Software & Broker?

The video posted above by zmark-trader is helpful - up to a point. There are a number of reputable futures brokers not included which means that the comparison is not comprehensive. More importantly, the advertised commissions listed are much lower than a trader would actually have to pay in reality - as exchange fees and NFA fees are not included which, very roughly speaking, will double the round turn (RT) prices quoted in the video.
__________________
I'm New To T2W - Where Do I Start? - a must read for anyone new to T2W
I'm New To TRADING – Where Do I Start? - a must read for anyone new to TRADING
The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
Please note: I am part of T2W Admin' Staff - I am NOT a Moderator!
timsk is offline   Reply With Quote
Old Dec 7, 2010, 4:44am   #26
Joined Feb 2009
Re: Can You Recommend a Data Feed, Charting Software & Broker?

Quote:
Originally Posted by timsk View Post
The video posted above by zmark-trader is helpful - up to a point. There are a number of reputable futures brokers not included which means that the comparison is not comprehensive. More importantly, the advertised commissions listed are much lower than a trader would actually have to pay in reality - as exchange fees and NFA fees are not included which, very roughly speaking, will double the round turn (RT) prices quoted in the video.
@timsk, Everything you said above is true. But, these are the commissions, and exchange fees are outside of it. No intelligent trader will buy into 75 cents commissions because the clearing itself on the ES is 1.14 per side. When making comparisons, those variables that are constant should not be taken into consideration. What I particularly like about the video that he made the commissions and feed cost factored as one. This was very helpful.

If you use the first example of the broker on the site, it's 75 cents a side, Plus 1.14 per side, plus NFA (1 cents), so your total is 4.00 RT and goes lower if you do more volume.


I think those of us that have traded a little and familiar with firm and ES pricing, this was very helpful.

If I find other material to help traders, I will post it as well.
Zmark-trader is offline   Reply With Quote
Old Dec 7, 2010, 9:22am   #27
The Staff are paid members that perform various roles such as editorial, advertising, support or technical work.
 
timsk's Avatar
Joined Mar 2002
Re: Can You Recommend a Data Feed, Charting Software & Broker?

Hi Zmark',
Yes, I agree with the points you make and, with the benefit of hindsight, I ought to have made them in my last post.

I was just a tad concerned that as this is a FAQ which is read mostly by new and inexperienced members, they could end up with a misleading impression about the cost of trading futures. The video assumes a certain degree of prior knowledge which some/many members won't have. Anyway, between us, no one can be in any doubt now! Thanks for the contribution and do please post any other useful material - as and when you find it.

Tim.
__________________
I'm New To T2W - Where Do I Start? - a must read for anyone new to T2W
I'm New To TRADING – Where Do I Start? - a must read for anyone new to TRADING
The Trading Plan Template - a must read for anyone without a proper TRADING PLAN
Please note: I am part of T2W Admin' Staff - I am NOT a Moderator!
timsk is offline   Reply With Quote
Old Dec 13, 2010, 9:35am   #28
Joined Feb 2009
Re: Can You Recommend a Data Feed, Charting Software & Broker?

timsk, thank you for your help.
I will start, if time allows, a thread about futures trading this week.
In the mean time, I will address the one-off.

Ok, so as far as feed, I recommend RIthmic. RIthmic is very fast for execution and provides very accurate tick data. Also, I have spoken extensively about them with some traders, and they provide very stable infrastructure.
This is their site: http://www.rithmic.com/home.html

If you are trading overseas, you might have an issue with latency and execution.
I hear that some remote areas don't have good connectivity. For those who might experience that, I recommend to use a company like www.steadfast.net
Basically, you will host your trading platform with them and since they are also in Chicago like the exchanges, you will faster have faster access to the market.
Execution in trading is just as important as methodology.

Brokers: ok, this is subjective and you have to find someone who will have confidence in.
my recommendation is www.optimusfutures.com
They are competent, competitive, and provide fast service if I ever need them.
I have been with the "big boys", and essentially there is no advantage over the small and specialized shops, they provide better commissions and service hands down.

As for the platform, my choice is any platform supported by RIthmic feed.
But, I think most guys will either like NinjaTrader, or SierraChart.
I think the brokers I mentioned should have a demo for both.
Google "SierraChart Rithmic" or "NinjaTrader Rithmic"...I am sure you will find a demo.

For the love of...invest in a fast processing computer.
Dont run gazillion programs and your trading platform, sometimes it's better to have your platform on a little laptop for trading only.

Invest in your education. So much free stuff on the net, and in your book stores.
Read blogs like http://traderfeed.blogspot.com it's free and resourceful.

Hope this helps.

Zmark.
Zmark-trader is offline   Reply With Quote
Thanks! The following members like this post: FringFX
Old Dec 14, 2010, 9:34am   #29
Joined Nov 2010
Re: Can You Recommend a Data Feed, Charting Software & Broker?

LucrorFx, they allow hedging and scalping. I use QuestFx for forex signal service...
EricTheTrader is offline   Reply With Quote
Old Jan 25, 2011, 7:51pm   #30
Joined Jan 2011
Can You Recommend a Data Feed, Charting Software & Broker?

If you're new to trading FX in general, don't forget to open a practice account with the broker you plan on using beforehand. This will allow you to familiarize yourself with your broker, their fees, and spreads. Not all brokers are created equal. Be sure to keep an eye out for brokers with large spreads that fluctuate depending on the session. Many brokers are crooks who seek to take the opposite side of the trade, meaning that it is in their best interest that you lose your trade, because this is how they make a profit.

Last edited by timsk; Mar 3, 2011 at 4:28pm.
marketpupil is offline   Reply With Quote
Old Jan 27, 2011, 7:40pm   #31
Joined Dec 2010
Re: Can You Recommend a Data Feed, Charting Software & Broker?

Re: Data Feed and Charting Software.

I can only give you my experience which is in equities. Thomson Reuters Metastock has all the bells and whistles you would expect from charting software. I subscribed at a cost of $500 per year to their End of Day ( not real time) data package. This gave me closing data for all the major European stocks. Very adaptable charts and if you are into program trading lots of 'plug in' features that gave you automatic buy/sell decisions.

The risk is that your computer has to manually download the dataeverynight which worked well in my case for two years. Then got a glitch in the system which would not fix. Hence, I had to move on to a new data provider. My send off from a representative: - 'we have 100k+ customers subscribing' certianly belies a confidence in their system, which I feel has not fully moved on to compete with the web-based data providers ( who allow charts to be drawn online, so missing out the time consuming data download step).

HTH,

AfternoonT
AfternoonT is offline   Reply With Quote
Old Jun 20, 2011, 8:02pm   #32
 
2 Posts
Joined Jun 2011
Re: Can You Recommend a Data Feed, Charting Software & Broker?

I use OptionsXpress for trading online, and there are many resources for researching. On my iPhone I monitor the activity of my stocks with an app called Chaikin Power Tools. Both apps are user-friendly.
amy19355 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Recommend a broker levin Brokerages 9 Jan 29, 2008 11:25pm
Good data feed for strategy testing (custom applications)? mrx333 Data Feeds 1 Oct 26, 2006 10:28pm
recommend futures broker in u.s. politcat Brokerages 2 Jul 7, 2005 8:54pm
Mini account with good platform or any good charts software ? Yanick Forex 8 Dec 16, 2004 9:22pm
E Mini data/Live chart feed/software neil Futures & Options 2 Apr 21, 2002 7:09am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)