I'm using RealTick to trade with Terra Nova Online, but I'm wondering if there is any other trading platform that people think is better, particularly with respect to order entry capabilities? What are some of the other heavyweights in the trading platform business? Or is RealTick the undisputed leader?
Check out the following site: http://www.daytradingstocks.com It has a few links that will allow you to find what other brokers are available in the direct-access market. It will also list all of the different direct-access trading platforms and which brokers offer those particular platforms. This should help you get an idea of what is available in the marketplace, and then maybe you could contact the companies you like and inquire about a demo, so that you can get a feel for different trading software. Hope this helps.
In my opinion, you probably have the best there is outside of professional circles. I am using IB along with RealTick as my data vendor...you might want to have a look at Interactive Brokers' (IB) Traders Workstation, www.interactivebrokers.com. Some really like the IB order entry interface...others not so much. Personally, it works just fine for me and they are rapidly making real improvements. If you go with IB, you'll still probably have to find a data vendor. Best regards, Jim
The best DAT platforms for order entry are without question the Watcher and platforms designed like it. There are three other platforms similar. 1.) TradeScape'-They have a high end trading platform ( I forget what they call it but its not the one browser based one everyone knows about). 2.) SonicTrading-they have the Terminator which is noncustomizable and not very user friendly but extremely powerful in order execution. 3.) PointDirex-Not the new kid everyone thinks as they have been around quietly as long as the other three. May be the best all around platform of the bunch based on total factors (speed, cost, reliability, availablity etc) Internet version to be ready within 2 months or so I hear. Bottom line is that all 4 of these platforms beat the pants off Realtick as far as order entry/execution go.
I don't consider programs like TWS from Interactive Brokers and the Watcher as trading "platforms". Sure, they might have some decent order-entry features, but to put them in the same category as Realtick would be grossly overstating their capabilities. TradeScape's high end product is the only one mentioned so far that would even be in the same ballpark as RealTick, but since they only offer it to their office-based traders, it's not even an option for remote users.
I've had RT for over a year with no complaints...the only other software I've tried is cybertrade(didn't like it the setup)..and ILX when I was a broker(and I have broker friends that call me now for charts and level 2 quotes) I like RT a lot, seems like it can do every thng you want...execution is good (i mostly use island for fast stocks, arca for slower ) if i hit the bid/offer it executes in about 1 second. Undertrade,undertrade, undertrade.
oh yes.. when using TWS you need to build the rest of your 'trading platform' : other datafeed, charting, scanning, eventually news etc.. TWS is an execution platform. tntneo
Have you actually reviewed the lastest versions of the others mentioned? Sonic's T2 platform is windows based eg has independant customizable windows, etc. So is Point Direx high end platform an dboth have enhanced features similar to TradeScapes and are available now over the web. Agreed they do not give all of the analytical features associated with a RT but again the executions are far better. I figured out the other day that if I get a penny better on every fill doing 500 shares a trade, ten trades a day, that would be like $25,000 in extra profits. While this would obviously not be the case every time, I know I can get a penny or better MANY times trading on one of these platforms vs. Realtick. Having said that, I like Realtick analytics as well so I am keeping it for that portion but will no longer execute off it.
How about Blackwood Trading? I've heard that they have one of the more "high end" platforms. Anyone have any comments on their software or the firm in general?