I have/had both a programming and financial background and went through some of the same decision making a little less than a year ago. I initially looked at a few things but initially settled (so far) on a 2 pronged approach. I may change this at some point. I do have Tradestation, but unless I am mistaken it does NOT allow you to build scans to run against the entire market looking for certain setups or patterns.. You can select a number of stocks to follow, put them into their radarscreen, then build all sorts of indicators against it. It also does not allow you to test a strategy against a bunch of stocks at one time. Therefore, I think that Tradestation is fine for building and running a tested strategy real time if you need intraday trading or are a day trader and going in and out manually. For end of day scanning I selected AmiBroker, and download end of day data for the entire market using their free AmiQuote. It allows you to build powerful scans and has a great back testing feature. If you like, you can hook AmiBroker up directly or indirectly using a product like TradeBullet to Interactive Brokers and get real time data w/ esignal or a few other products but I don't like the graphing and real time intraday features of AmiBroker as much as Tradestation so I tend to use AmiBroker as my scanning/research tool only. I havn't completely nailed down my long term strategy but what I do now is run a bunch of scans looking for certain patterns based on my own programmed scans in the evening in AmiBroker then move that list into Tradestation for intraday monitoring and potential trading. (I also sometimes manually trade through an Interactive Brokers account). I looked at a bunch of stuff about a year ago and felt that right now this combination offered me the best I could put together. I felt the best alternatives to AmiBroker were Wealth-Lab and Investor/RT. Now, if only I could figure out the best scans and stategy.......
My only problem is understanding how all of those things connect together to work. Like, if I were to make my own trading platform, would I be able to trade OTC and Nasdaq stocks? Where would I get the stock data from and how would I know which broker would let me use my trading software? I just don't understand these things.
The interface to your broker will vary depending on the broker. I like IB because they have a good (and free) interface, and there is an active developer community where you can get advice. IB also allows trading stocks, futures, and FOREX from the same account. Most brokers don't have a programmable interface yet, so your choices are limited by that. Most brokers who have an programmable interface also supply data. Some of the testing software, such as Tradestation, can be interfaced to several brokers, usually via third-party tools. You have to shop around to see what's available, and it changes.
I'd need other software to do this I assume. So the question is, what do I look for, how would I program for it? Also, I heard a lot about MB Trader, but they don't offer charts or level 2, but you can use things like QCharts and eSignal. But again, what would I use to backtest strategies and automate trading. These are the things I'm not sure on and don't think I can figure out without help. Just trying to understand all the possible options before I make a decision. Tradestation seems okay, but I also have a little investing group that trades OTC and Pinks so TS is out unless I find some way to do that. Thanks for all the help though, keep it coming, just trying to become as good of traders as most of you are, or will be. ========================= I also read stuff about trading bots. Artificial Intelligence is my main aim in programming. So maybe in the future I'll be able to design my own bot that can trade well. Sounds like fun. This is why I love trading and now that I can use my computer programming knowledge to better myself (I come from a not so wealthy family... actually, very opposite) It is just very exciting.
Have a look at these sites: tradebolt.com tradebullet.com ninjatrader.com zerolinetrader.com trademagic.net esignalcentral.com Runningbear
Here is step one. Stay away from pink sheet and OTC-BB listed companies. If you are like I once was, you are "attracted" to the low price. However, as you will soon learn, the low nominal price of a stock does not equate to a higher potential return; just the opposite actually.
Thanks for those links. It appears Interactive Brokers and MB Trading are the two major players for all of those. Lets say for example, I wanted to use QCharts as my charting application, and wanted to test strategies with Investor/RT www.linnsoft.com and wanted to use MB Trader to use as my broker. Is it possible somehow to make all that come together and work for me? I also liked TradeBullet. Another question: Do all automated systems use text files to execute strategies and trade? If so, couldn't I create a strategy with Investor/RT, then monitor the market with QCharts and somehow place orders to MB Trader. Like I said, the only confusing thing about this, is which software does what and how it all comes together. Do I need one application for doing my research ex: eSignal, QCharts, etc... Then an application for strategy: Tradestation, Investor/RT Then an application to send to my broker the automated strategy: *What would this be?* Then the broker itself: MB Trader I'm just confused as how all this comes together, there are so many different applications it seems I'd have to use. Then there are all the above links that have things as well. There is also NeoTick and QCharts that connects to MB Trader, and that is also confusing, because then how would I be able to do automated trading? It's just so confusing. If anyone can get in contact with me VIA chat, I'd really appreciate the help, very much.
Maybe if someone gave me some real examples of their personal set-up of how they do automated trading, I'd be able to understand by example. Like what software you use, then how you connect it all, the data feeds, then the broker itself. I just need something to help me understand how it all comes together. Not really for bragging purposes, but just to help me understand how it connects together to make a complete automated trading system. Again, any help would be extremely appreciated.
Begin with what you know, and in your case, write your own trading software. Otherwise, do not get into this business.