Help please !

josker

Junior member
11 1
Hi traders,

I'm new here, and i have a big question for you, so please, don't mind to help me because i'm searching for that since few days.
I'm an african trader, studied in france in financial markets, and get back to africa, and i need to play market as big boys now, just joking!

I used to trade forex, with metatrader 4 and i'm pretty good in that now, but i was pretty good in equity trading, and i want now to add to that, options, and futures.
I'm very oriented in technical analysis, so what i want is a good charting software.
So i made some reseaches, and i found some good brokers and softwares (td ameritrade, Interactive brokers, barchart, tradestation, tc200, e trade, etc) but i think that the fees to get the real time data feeds are huge.
I want to start with an account around 6000 to 10000$, and add 15000$ after if evrything is goind as expected.

I tried on demo the software named Thinkorswim, and that's exactly the kind of stuff i need. Unfortunaly i saw that to open an account with them it's complicated as i'm not us resident, and many reviews said trading forex with them is a scam affair.
What i like in the software is the technical analysis skills, with studies, and pattern recognition, pretty good with my trading style.
I also tried IB, it's exactly what i want, cheap fees, many options in the softawre, but it's not a good looking charting software, it's very limited to the minimum, almost as a basic metatrader 4.
And their minimum starting account is 10000$, and i'm almost sure that my starting capital will be a little less that 10000$ with the wire and stuff i want to buy to take my trading to the next level(screens, keyboard, etc)

Yesterday i found tmxposertream that looks pretty good, but i coulnd't test it, but it seems to have everything i want, and it's a canadian broker

1-But do you know if it's possible to use the thinkorswim software with another broker?

reading many things on the web, i think i understand that i must found a free software or buy one, or found one given by a broker, and connect it to data feeds, right?

2- Can you advise me a solution to trade forex, equities from US, canada(TSX TSXV), options, and futures using a good software, with max a montly subscription of 70$ and no big fees?


Thanks for your Help !
:)
 

T44

Member
57 8
Josker, This is a tricky one because of the range of mkts you want to trade.

As you already said IB is the obvious choice, and it sounds like you have the $10K, so how about open the a/c then withdraw some to buy your hardware.( You will need to check if they will allow you to do this)
You could then use IB s data which you will be getting at a very low cost or free depending on the mkts you want, and use it to drive a Sierra Chart, charting package. SC is a superb charting package and much cheaper than the likes of esignal.

Another option would be to have more than one broker according to the instruments you want to trade....here's a link to SC and the brokers/feeds that they work with:
http://www.sierrachart.com/index.php?l=doc/data.php

Don't forget if you are trading US stocks you will need to comply with the US Pattern Day Trading rule which means if you day trade more than 4 times a week then you need a minimum of $25k in your account.

Good luck!
 

josker

Junior member
11 1
Josker, This is a tricky one because of the range of mkts you want to trade.

As you already said IB is the obvious choice, and it sounds like you have the $10K, so how about open the a/c then withdraw some to buy your hardware.( You will need to check if they will allow you to do this)
You could then use IB s data which you will be getting at a very low cost or free depending on the mkts you want, and use it to drive a Sierra Chart, charting package. SC is a superb charting package and much cheaper than the likes of esignal.

Another option would be to have more than one broker according to the instruments you want to trade....here's a link to SC and the brokers/feeds that they work with:
http://www.sierrachart.com/index.php?l=doc/data.php

Don't forget if you are trading US stocks you will need to comply with the US Pattern Day Trading rule which means if you day trade more than 4 times a week then you need a minimum of $25k in your account.

Good luck!


Thanks a lot for the precious informations you gave. And one of these great infos is the US patttern day trading rule, that i didn't know. So if i understand good, i can with my account size, open 4 trades on US market per week but what does it clearly means? that if i open these trades on monday, they must be all closed before the end of the week, or what? thanks to give me clear infos about that, and is it only applied to stocks or on all king of markets?
 

yellowfloyd

Active member
109 2
Hi traders,

I'm new here, and i have a big question for you, so please, don't mind to help me because i'm searching for that since few days.
I'm an african trader, studied in france in financial markets, and get back to africa, and i need to play market as big boys now, just joking!

I used to trade forex, with metatrader 4 and i'm pretty good in that now, but i was pretty good in equity trading, and i want now to add to that, options, and futures.
I'm very oriented in technical analysis, so what i want is a good charting software.
So i made some reseaches, and i found some good brokers and softwares (td ameritrade, Interactive brokers, barchart, tradestation, tc200, e trade, etc) but i think that the fees to get the real time data feeds are huge.
I want to start with an account around 6000 to 10000$, and add 15000$ after if evrything is goind as expected.

I tried on demo the software named Thinkorswim, and that's exactly the kind of stuff i need. Unfortunaly i saw that to open an account with them it's complicated as i'm not us resident, and many reviews said trading forex with them is a scam affair.
What i like in the software is the technical analysis skills, with studies, and pattern recognition, pretty good with my trading style.
I also tried IB, it's exactly what i want, cheap fees, many options in the softawre, but it's not a good looking charting software, it's very limited to the minimum, almost as a basic metatrader 4.
And their minimum starting account is 10000$, and i'm almost sure that my starting capital will be a little less that 10000$ with the wire and stuff i want to buy to take my trading to the next level(screens, keyboard, etc)

Yesterday i found tmxposertream that looks pretty good, but i coulnd't test it, but it seems to have everything i want, and it's a canadian broker

1-But do you know if it's possible to use the thinkorswim software with another broker?

reading many things on the web, i think i understand that i must found a free software or buy one, or found one given by a broker, and connect it to data feeds, right?

2- Can you advise me a solution to trade forex, equities from US, canada(TSX TSXV), options, and futures using a good software, with max a montly subscription of 70$ and no big fees?


Thanks for your Help !
:)

At the end of the day, recommendations are great but experience is best. Trail a few for a while and pick the one you feel most comfortable with. Everyone’s looks for different things and differs in their opinions. That’s what makes the markets so interesting.
 
 
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