Is a Bloomberg Terminal a necessity?

[wells]

I trade UK/US/European equities from a day/short term perspective.
I currently use Proquote International with DJ Newswires and AFX
as well as The fly on the wall, for news,data etc.Am I missing a trick by not using Bloomberg,especially for it`s news and analysis?Is Bloomberg simply faster at relaying information?Does anyone use instant messaging and find it useful?I guess what I'm asking is does Bloomberg add enough value to justify the extra cost.Thanks

 

[andycan]

no matter how fast the information comes to you many will already have the info before you.if you trade the news then research which is best for you the institutions will always have an edge over you no matter what you do.
from what i have been told bloomberg is very good but its also very expensive maybe see if you could have a trial and make you own choice

 

[TWI]

wells - No.

 

[JP1966]

I don't think there is a yes or no answer - it depends on your trading style and strategy.

I have market news, bloomberg and reuters. I would feel naked without any of them.

 

[andycan]

equaly i dont trade the news so would not need all that

 

[TWI]

Am I missing a trick by not using Bloomberg

This is what I answered. AFAIK it does not justify its cost for those products. maybe if I was a bond trader...

 

[charliechan]

most people i know who use bloomberg use it for the instant messaging. thats probably its best feature (not including the free spotty 20 year old sales rep who thinks he knows more than you do - well in my case he probably does )

 

[RedDuke]

most people i know who use bloomberg use it for the instant messaging. thats probably its best feature (not including the free spotty 20 year old sales rep who thinks he knows more than you do - well in my case he probably does )

Wow, $1,200 per month for instant messaging. I think it is just industry standard for institutional. I traded at propshop and worked with it, great tool but nothing extraordinary. You would see the economic # before most of the public, but institutions will definitely have advantage over you.