I have done some searching on this and have found lots of subjective opinions about good cost structures/what works for one and not another, but I have a general question that maybe I could get a poll on. First of all, is there a brokerage / historical data service that is affordable to someone just starting? I do not expect the best of the best, but something that can keep me from losing my shirt while I gain knowledge and have a fighting chance. I have been suggested Ampfutures with opentick historical data. I have also heard that IB has cheap historical data but I cannot find this on their website. Transact looks good and openecry for what I want, but no explicit price quotes on commisions. If I could get some suggestions for the following criteria I would appreciate it: 1. historical data for at least 15-30 days for use on constant volume charts 2. Relatively cheap brokeraging. I will be taking anywhere probably on average 8-10 trades a day. 3. Ability to trade most indexes (nq,es,er2, ym minimum... if possible foreign such as dax) Will do a thorough search this weekend on the forums to see if I can dig up some info as I must admit I'm new to this stuff. Thanks all.
IB has only 6 months of historical data on daily charts. Im a daytrader so thats fine for me. US data is free if you make $30/m in comms. Get quotetracker and zerolinetrader if you go for IB since their own software is pretty bad. Both of these plugins are simple and very effective, if you dont need to program in your own indicators etc. IB has great low commissions but bad customer service, but i trade ES futures mostly and have zero problems so havent had to ring them yet. I heard ppl have problems with some US stock quotes though sometimes, but i have traded ES, FESX, YM and CL with no problems. EDIT: DAX and FESX data is 12 euros a month extra that i pay. Thats all I pay since US and HK data is free
Just call Dean or Ryan over there. They will set you up with a seat lease and lower commissions if your doing enough volume. When I switched from TradeStation they were able to beat what I was paying.
Thanks a lot. I don't know why most brokerage websites are so difficult to navigate... That's all I need. It looks like zerolinetrader is both a frontend and charting software. I noticed that unlike ninjatrader, though, it didn't have graphical order capabilities. (ie, click on a chart to make order) But, on the other hand its literarily 10 times cheaper. Thank you for the heads up. Also, I am guessing T+S and DOM comes with the data?
Is that for OpenECry or Transact? The only reason I don't want to go to a high volume broker initially is i dont want to feel that I *have* to put on trades. Plus, could I really get a discount trading 1 lot 8-10 times a day?
I second what BlackBison said. If you're just starting out, keep the cost down to minimal. IB+QT+Zeroline Trader (ZLT) is all you need. IB for data, QT for charts, and ZLT for both simulation, and real time trade executions. QT, and ZLT (simulation mode) could be had for free, so even if you don't do real trades, your cost is only $10 a month for IB. Then down the road, when you graduate, you could get them fancy data feeds, platforms, multiple 30inch LCDs, maids...etc. Happy trading Schaefer
Thanks guys. I am under the wrong impresion though that ZLT has charting as well? Luckily I've got an old CRT monitor in my closet still haha. I will trade off of my 19 inch dell monitor and my 15 inch crt LOL.
They should both be approx. $4RT for no volume commitment. I use TA through Pro Active Futures and I am overall quite happy with them. Great trade desk support and great support on in-house trading app.
Bumping this thread once more for a last question. Someone told me that Ninjatrader for basic functionality including chart orders is free (to go live, not just on sim). Has anyone pulled this off with ib?