Poor mans Bloomberg Terminal?

[rangerdanger12]

I've used the bloomy in my college years and over a few of my jobs, and now that I work at a prop shop that doesnt have one, I am feeling quite lost.

Its just too expensive for me to swing one on my own.

I've done some research and Ive found some alternatives but the only one that comes close is Reuters 3000 but thats expensive as well.

I have a mac with a huge cinema display screen so that kind of comes close, I just need the software and data feeds, news feeds, analytic etc.

Even though I am trading prop and only focusing on equities, I just need to be in the know at all times and have crudes and nat gas futures, bonds, options spreads at my finger tips in a simple text format.

Any suggestions guys?

 

[Tradesight]

I've used the bloomy in my college years and over a few of my jobs, and now that I work at a prop shop that doesnt have one, I am feeling quite lost.

Its just too expensive for me to swing one on my own.

I've done some research and Ive found some alternatives but the only one that comes close is Reuters 3000 but thats expensive as well.

I have a mac with a huge cinema display screen so that kind of comes close, I just need the software and data feeds, news feeds, analytic etc.

Even though I am trading prop and only focusing on equities, I just need to be in the know at all times and have crudes and nat gas futures, bonds, options spreads at my finger tips in a simple text format.

Any suggestions guys?

Hey Ranger,

I had a Bloomberg terminal for decades. Though I never worked for them, they recruited me to be the lead trader on the design team when they developed their ECN. I'm very familiar with the product. After I left my firm and struck out to prop trade on my own I kept the Bloomberg terminal for years before there was a viable alternative.

It took some time for the Bloomberg competitors to really get in the game but I've found that eSignal is a good charting alternative to the bloomie. They have a pretty good basic package and there are add-ons available to do Gann work and DeMark studies. If you can do some basic programming you should be able to calculate your spreads too.

The "Trade the news" service is really an excellent news aggregator. They have both text and call-out voice options depending on your style of trade. It's very comprehensive and fast--they get all the bloomberg news too.

The piece that is difficult to replace/replace is the fundamental analytic stuff. They really have that part of the market monopolized.

I don't know of any one stop solution but a lot of the different pieces are out there for a fraction of the monthly nut. I think the Bbrg terminals are now like $5k/month for an individual licence and DeMark is now an add-on!!

Let me know if there is something really specific that you need to replicate and I'll try to help.

Rich

 

[sk1105]

I think the Bbrg terminals are now like $5k/month for an individual licence and DeMark is now an add-on!!

Bloomberg is $2k/month.

DeMark charges an additional $500/month - but that is a cost entirely borne through them, not BBG - which is just the platform.

 

[Christian Bailey]

I just signed up for Money.net - $50/mth and supports feeds to Excel.

 

[deco101]

Yes just signed up to money.net testing it over the next few weeks. Used to use Bloomberg and loved it fantatsic platform but for various reasons had to cancel the contract strict exit conditions (which I was aware of so no compliants).

Hopefully money.net will measure up even if it does a tenth of what Bloomberg does.

 

[Trading Spaces]

You can get a Reuters Eikon terminal from www.metastock.com badged as xenith. For $99 or $150 a month depending on data required. When I tried it only a few stories were not available. Otherwise www.money.net is $95 a month including exchange fees.

 

[deco101]

Thank you Trading Spaces, I may check that out. Money.net is very promising giving a good inter-market view although the charting seems a tad primitive not sure of the trial is restricted in any way ? For example I'm struggling to find 4hr intervals....

 

[Pat494]

Probably a silly question but what is so great about the above terminals you mention that you are willing to shell out such a lot of money per month ?

I use the freebie MT4 and it seems OK. Am I missing something ?

 

[deco101]

Good Question Pat, only personally speaking I don't like free software (used to work in IT and free software can be a curse) as I like technical support and updates (I know MT4 probably has this as well). My strategy includes some inter-market work, although I am a fx trader. Also its not that much a year and can be written off as business costs.

So question back at you does MT4 allow you to view Bonds, Commodities etc ? I did use it around 8 years ago but only on a demo so it may have changes a lot since then.

 

[deco101]

Another terminal to consider is Infront looks good need to look up pricing and contract terms

 

[Pat494]

So question back at you does MT4 allow you to view Bonds, Commodities etc ? I did use it around 8 years ago but only on a demo so it may have changes a lot since then.

I can only do forex on my MT4 account. It hasn't changed much over the years.

 

[deco101]

so infront terminal is very good - testing still in progress. Money.net is also good but the charts seem a bit flimsy to me, its nice and cheap .... infront has quite a lot of broker intergations

 

[deco101]

So an update, I decided for the near term to go back to Tradestation as its a rock solid platform, great programming options and a great fx feed....until tonight and found out they are getting out of fx and moving accounts to Oanda. Where that leaves software subscribers like me who knows will speak to them in the morning so I am back to square one.

Will give infront another go again, there Charts were not quite right for my type of use (although they have just released a new version so lets see), everything else I liked about it.

My requirements are an independent non-broker platform (I have two execution accounts) good fx feed, rock solid charts that are easy to manipulate and append to, the ability to organise a quote board on a per currency basis ie show the quotes for the euro and all 7 of its main crosses grouped together and some sort of relative currency strength indication. Real-time News in not that important.

Anyone any thoughts ?

and ideally no more than £200 per month.