Help me choose software and broker

Discussion in 'Trading Software' started by shark, Jul 28, 2008.

  1. shark

    shark

    Hey. I need some assistance in choosing a trading platform and broker.

    So basically my greatest barrier to just picking one is the fact that I am not so sure of my particular trading style yet, and I will probably only be able to decide on this after days and days of viewing intraday charts, which of course, costs money. So I'll just summarize what I'm looking for:

    -Specifically designed for day trading, scalping, and generally very short timeframe trading.
    -Ability to run on three different computers at the same time, on vista and xp home.
    -Ability to provide quotes as fast as they come for stocks, futures, and forex. My priorities are 1. futures, 2. forex, 3. stocks.
    -Generally good reputation for consistent performance.
    -An easy to work with feel and user interface.
    -Generally good reputation for orders filled as expected.
    -Reasonable fees relative to the quality of software.
    -Works with with a trusted and reliable professional day trading broker.
    -If the platform and broker can trade multiple instruments, instead of only futures or only forex, It would be a plus.
    -Slightly higher than normal commission does not really bother me.
    Please mention any shortcomings with the software you guys recommend.

    Thanks
     
  2. nexx

    nexx

    Brokers:
    Interactive Brokers or MB Trading - Direct Access Brokers and actually fairly low commission cost.

    Software:
    Medved QuoteTracker - Completely Free or $7/mo or $60/yr (to remove ads) you can Trade anything directly from the software Very easy to use also.

    Data Feed:
    IQFeed or eSignal - About $80-$150 / Month

    Screening Tool:
    IQchart - about $40/mo includes great screening tools/ Watch List Slide Show and Technical Indicators

    I added data feed because from what i hear its best to have a separate direct from exchange data feed vendor and have your broker feed as back up but thats only a option you can use your broker if you like. Also screening tool because its best to have something dedicated to screening but again you can also use what your broker provide.
     
  3. shark

    shark

    Thanks. Is the data feed from IB and MB ok by itself if i want to go cheap?
     
  4. Depends on if you need real tick data (time and sales) or not. That would be for scalp-type day trading.

    If not, then IB's data is fine.
     
  5. shark

    shark

    I really need detailed intraday charts that go back several months atleast.

    Also It seems like QuoteTracker favors TD Ameritrade customers, so I am concerned that they will withhold the best features of the program to users of other brokerages.

    What do you guys think about using IB as a broker with an e-signal platform and data feed?
     
  6. RL8093

    RL8093

    I don't mean to be rude but you'll get a much larger sample size (& likely a more accurate representation) if you do a few simple searches on eSig & IB. There are many threads on each with a diversity of opinions - much larger than you'll receive in a thread like this (asking same / similar questions that have been asked many times before...).

    R
     
  7. shark

    shark

    Alright. Thanks all. :)
     
  8. nexx

    nexx

    No they do not withhold any features from other brokers its only if you have a TD Ameritrade account the software is ad free, meaning you dont need to pay the $60/yr is all.
     
  9. There is one difference: TD Ameritrade customers get 20 day intraday charts, all the other paying customers only get 10 day intraday charts.
     
  10. nexx

    nexx

    Yea i just noticed that, i think it was added in on the last update they did. but other then that there the same.
     
    #10     Jul 29, 2008