it may sounds like a stupid question but why go through IB and buy market feed when it looks like tradestation offers packages where u get everything...i mean, that s what i see on their site. are those package only available for US customers? isnt it possible for a UK resident to open an account with tradestation and get it all (DA, market feed, historical)...
also, has anyone had experience with the E*trade DA platform, if it exists?
A simple answer to your question and that is Cost. Using IB as a datafeed is free of charge with Tradestation 2000i (which is no longer sold in the US). Databull is a one off cost of around £70 where-as the package offered by Tradestation costs a minimum of $100 per month. There is simply no point in incurring greater costs than are necessary and if you treat trading as a business (which I do), then cost reduction is just part of common business sense.
I bought Tradestation 2000i about 3 years ago and when trading futures used the IB datafeed with MeteserverRT and Historybank (which comes with Tradestation) as my downloading platform for filling of gaps in intraday data and is FOC to use but at the end of this year it is being discontinued.
Depending upon what I am doing determines who I use. There are restrictions to using IB as you are only allowed 40 symbols and I need nearer 200. I have more recently been using Quotetracker and subscribed to money.net for $13 per month and I also have a level II subscription for $30 a month. So my more recent costs have been $43 per month but I am always looking at other alternatives.
What you were looking at was TradeStation 7. TradeStation 7 costs $100 per month + exchange fees if you use them as your broker ($200 per month if you don't). You need a minimum of $5,000 in your account to trade equities and $10,000 to trade futures. Don't know how much you need to trade Forex.
The advantage of TS7 is that your data is managed for you and everything is in one package. No grabbing different bits of data from different sources or trying to get various packages from different suppliers working together. It allows you to concentrate on trading.
The disadvantages are that you only get American exchanges and Forex, and the brokerage side doesn't have the same functionality as IB e.g. to trade equities, futures and forex you need three different accounts.
I use TS7 and am happy to answer any specific questions you have about it.
thx mmillar...sounds pretty clear and a good deal to me as i was planning to trade only dax and naz stocks and maybe a bit of forex but i dont mind trading only naz....i must say those tradestation version 7 and 2000 etc were a bit confusing at first! but 100$ overall sounds like a good deal.
do u know how easy it is to open an account with them from here (UK)? any experiences?
i guess another drawback would be the fact they re in the US, so the helpline must be an issue sometimes.
The opening process took some time for me (a couple of weeks) because with a futures account you need to sign and post all the paperwork to the US. They told me that with an equities account you can do it by fax - so in theory a lot faster.
I've only every called the helpline a couple of times. They answered straight away but it can be an expensive business phoning the US. If I have problems I generally just post them on their website www.tradestationworld.com