Why do you need Level2 for swing trading? Beats me... I used to swing trade with only EOD charts and I did quite well. Level2 is necessary for daytrading, but why you want to pay for it to swing trade is beyond me. Get QT and IB and start small, when you see that you need more, then get it. Otherwise it makes no sense to pay for something that adds little value to your trading. You may want to check out IQC charts if you want more and still cheap. It is only $35 a month and they offer a two week trial for only $3, so you will have plenty of time to see if that suits you.
Well, as I said I want to take advantage of doing some intraday trades if I so desire (the sec does give me four!) + I want to do intraday position trading as well as swing trading.
The sec will not give you 4 daytrades every day. Do a search on this site about the sec rule. There's something on IB's website as well.
If I remember correctly you get 3 daytrades per 5 business days. But anyhoo, if you're the kind of person who doesn't mind spending $70 per month for Level2 and $20 mor per month for a trading platform, yet you want the cheapest commissions, you should seriously consider trading futures. Commissions and margin requirements are lower, and there is no restriction on daytrades.
Hey Lobster....thanks for the earlier post on my behalf. I admit that I am still a bit in the dark here. I only now (it was quite late last night) just realized that eSignal will be another data feed, so If I am using IB + eSignal, there will be two data feeds, right? Secondly, I am still open to suggestions. I think that IB, notwithstanding the dirt which is ocassionally thrown at them on these boards, is a good fit for me. I want level II and a really well-laid out trading platform (like QT when integrated, or something similar) ....then for charting, I am looking for something that will allow me to do my heavy duty research. A scanner of some sort would be nice both during market hours and after market hours. [I guess that is why I thought eSignal + IB would be good, but I certainly could be wrong with this.] All I want is a fast, reliable (with filling orders) broker with cheap commissions and a charting service that will allow me to use all the major oscillators/ trend indicators, PLUS some oddball stuff like fibonacci. And it would be nice for either the broker or the chart provider to have a decent scanner. As I have said earlier, can program in several languages, so I would like to be able to put those skills to work in creating indicators/oscillators, etc. If I can get this for less than $121/mo (which is what IB ($0) + esignal (the regular equities ($121) package at their special pricing....in Dec it goes up to $171!), I am VERY willing to listen. So...to all you kind-hearted traders. Its the Lord's day and if you can offer me something other than what I have come up with (Lobster seems to think I am paying WAY too much) or some other combination that I have not stumbled upon, PLEASE let me know!!! So....I think the last two paragraphs sum up what I am looking for. Thanks to everyone for your help....you are making my weekend a lot better....I feel like the fog is clearing. BTW, I think the SEC allows 4 intraday (round) per 5 business/trading days. Also, to answer electron again...I may be swing trading, but I want to be able to have level II to trade so I can be precise with my intraday entry and exit points... At least it has been said on these boards that that method is prudent...
No... on second thought, I guess I do not need real time data for my charting (but I would want more than EOD). Still, I am not quite clear on the concept of two data feeds in the first place.....if I was to use eSignal (with Level II) and IB to trade. Correct me if I am wrong, but I would be placing trades with IB based on data I am receiving from eSignal? I have very little direct-access trading experience, but that just seems odd. I mean I know I would almost always use limit orders, but still, I would want to time my orders based on the data I have in front of me, and if eSignal and IB have different data (even if different by pennies), isn't this going to be problematic? Thanks!
why would that be odd? I think you are mixing things up a bit. What datafeed you use will in no way affect how your orders are executed. The quotes are based on executed orders, not the other way around. You are just choosing who is going to provide the quotes. It is definitly a false assumption that the broker through which you are placing trades has the best quotes