Sharing a conversation - Best Data Feeds, Platform and Good Broker for day trading?

Discussion in 'Data Sets and Feeds' started by jamesblue, Feb 10, 2010.

  1. This is a reprint of a recent conversation.... and I wanted it to get to a wider audience. Read the first part as a response from a fellow ET member when discussing best platforms / trading tools. I responded thereafter to that member. Enjoy!!

    ------------------- This is the original response ----------

    mustardketchup wrote on 01-16-10 12:23 AM:

    Hi James:

    If you are looking for a good stock scanning platform, I dont know much as the basic stock scanners on most platforms are sufficient for me. I trade around a basket of stocks.

    Did you try esignal market scanner with your own GET setups or NinjaTrader?

    Regarding TOS:
    It is good for casual traders, other than that they are crappy for frequent, semi pro or pro traders.

    If you are doing avg of more than 10 round trades per month, forget abt TOS and move on. It is not worth the hassle.

    Issues with TOS:

    *NO DMA (direct access) stock trading, only "Best Route" which is via Citi, Citadel and Merrill and than to the exchanges. Options are still DMA, though.

    *They are taking payment order flow

    *Time and Sales data is very slow and filtered, the coloring is TOTALLY wrong setup on their end. (I had big discussion with Tom regarding this)

    *NO Level ll, their level ll is their own version, it is not Nasdaq Level ll or Totalview. Funny thing is, they do have TRUE Level ll Totalview on their institutional platform thinkpipes

    *No market depth info

    *DOM ladder is very buggy, drag and drop issues.

    *No keyboard shortcuts, only on Thinkpipes

    *The platform is constantly adding unnecessary features, lots of bells but no meat and lots of bloat too IMO, constantly having memory leaks and platform slow downs a lot

    *not tick data, filtered

    If you are serious in trading, do yourself a favor and please stay away from TOS by a mile, and now it is actually Ameritrade, is even making it worst.

    Other options:

    This is what I found so far.


    If you want to trade anything under the sun, API and with direct access route to anywhere under the sun including dark pools and sigma x dark pool (no pun) Rediplus will get the job done. I did managed to a get webcast presentation of Rediplus from GSET.

    I do like what I see, weakness eg. Charts

    If you were to go Rediplus, add Esignal for charts, and you are set.

    --------------This was my response ---------------------------

    Sent on 2/10/10.

    Thanks a lot MK for your detailed response.

    I have experience with most of the platforms you listed and have remained with mixed feelings, even before your response.

    Ninjatrader: I tried Ninjatrader and didn't like it. It can't adjust stops - and seems to be a one-trick pony. Once your positions are in they are locked (until canceled and replaced). I want an adjustable DOM Trader, where you can adjust up or down the bracket (with stop and target) as your stock moves. For me, that eliminates Ninjatrader.

    E-signal: I have tried and received consistently poor customer service from Esignal (E-siginal) data feeds. Also, their feeds max at 200 symbols (a fact they don't disclose when they sell you the feed) or you have to pay extraordinary additional pricing. The lack of transparency in pricing, conceited sales reps and even no call-backs from managers after filing complaints are completely unacceptable. Interactive Data Corporation - IDC has do a complete overhaul of the customer experience of e-signal. Absolutely horrible service.

    Lightspeed: Yes, the charting is lacking and I'm not a hot-key junkie. I tried the platform and found it difficult to learn and become accustomed to. Set-up is generally awkward.

    Rediplus: Difficult for individual investors to get an account on this platform. Goldman Sachs that runs this platform does not give you the time of day when you request info. In watching traders use Rediplus online it appears similar to Lightspeed.

    IB: I agree that IB may be one of the best, but only if you trade small lots. If you trade blocks of 5000 - 10000 shares (like I do), IB is not cost effective.

    TOS (Thinkorswim): Generally, I agree with most of what you said with TOS - they do seem to have their priorities mixed up. For example, although you can place bracket orders (with stops and targets) you can't adjust bracket stops either with click and drop. Their back office has not be integrated with the front-end - and their is no prioritization at TOS to get this done which is the most disconcerting.

    Zerolinetrader is another DOM trader with limitations.

    Amibroker: I know very little - I suspect it is very similar to Lightspeed.

    Tradestation provides no significant advantage and only remains costly.

    Overall, I agree that liquidity is important and the choice of broker is critical to deliver this. However, if you don't have great execution tools and charting software you're only half way there.

    Can you recommend any other Data Feed providers (besides E-siginal)? Realtick ( looks interesting but no trials are available and it runs about $300 - 500 for Professional data feeds. It also doesn't look like anything that TOS can't provide from an analytical standpoint.

    Reuters and Bloomberg data feeds are expensive for an individual trader - starting at + $4,500 / month.