OK Bob.....if I just use TWS and QT to start, will I be able to use lev2 in QT if I do not have a Level II subscription from IB? My initial assumption would be that I would need to subscribe to Level II data to use QT's level II screens....correct? So, now IB is going to cost me 79 for Lev2. Even though I know many of you think my need for level 2 is too "champagne taste" and impractical, for $79 for IB and QT, I would like it nonetheless (it serves an educational purpose to me to some degree). But for $79, I might as well go back to Point Direx platinum for $39.99/mo with $5 trades, and wing it with their charting until QT is adapted to use the PD feed. ?
Wealth-Lab link for QT in English: http://www.wealth-lab.com/cgi-bin/WealthLab.DLL/getpage?page=QuoteTracker.htm QuoteTracker lets you combine data from different datafeeds at the same time. therefore, you can trade through IB, get Level I quotes from MarketFeed, and Level II from Money.net if you want (extreme, but just an example). If you do not want to pay $79 per month for Level II from IB, you can go with one of the other Level II sources for less than half that once you include the exchange fees. Example - you can use IB for Level I quotes and subscribe to Level II from Money.net for $19.95 + $10 exchange fee. Assuming that you make enough trades on IB per month, there is no fee for the Level I quotes. If you don't, they charge you $10 per month.
TWS do have market dept window-try to use it unstead L2, QT-do have some L2 window-but-to be honest-i trade for almost 4 years-never use it. i have no idea,what kind of educational purpose it may have,but-it is up to you. ask J.Medved or find info in QT help-what they L2 window about. for me-it look same as IB market dept. final word-get TWS demo to work, install QT-play with it during market hours. try everything that you can possibly touch or click,read manual, then-if you still having questions-ask ET people.Don't forget J. and click sometimes on ads)))personally-i would hold tight with free soft and data. if you consistently making money but feel like you may have MUCH better results with better technology-then you may spend some on fancy soft. if you did not have experience in trading-you goal for now-to be alive for a while.
Thanks everyone. I appreciate all of the spoon-feeding on some of my questions. Will keep you updated as to how it all turns out.
That's exactly my point Lobster. You did your own research and made your own decision. I did my own research when I was a newbie by reading all the threads on ET and other boards about brokers, data providers, software, etc. Narrowed down my choices, signed up for their free trials and simulators, and made my own decision. I did not start to post very basic, wimpy "Is IB a good broker? I've been struggling for 6 weeks with this decision" kind of questions. As Bob111 stated in his post above, these kinds of questions get really old when all the info is here on this board if one would just do a thorough search. I may sound harsh, but we would all be doing this guy a favor by not spoon-feeding him. What's his next question after he starts trading - "Can anyone teach me a profitable trading system"?
I will continue to defend my contrawise position on this matter. I am not asking for reviews of IB or eSignal or QT or any of the available products, but for someone who is new, there are very few places (in my experience) which explain how everything fits together. If I would have stopped and subscribed to what I thought I needed after my first week of research on the web, I would probably have purchased PD for a broker, Quote.com for a quote provider, eSignal for charting, and Trade-ideas.com for scanning (it was recommended here). I had no idea that, other than the obvious quote.com, each of the other aforementioned companies also have their own data feeds. It is just not that clear! I have read about 6-8 books since last May-June on daytrading/charting fundamentals and have scanned these boards and have learned a lot, however, nowhere does it say in any straightforward manner that data comes in from a "Quote Source" and that this "Quote Source" may be from Quote Provider A which will provide you with your needed quote data, OR, it could be Quote Provider B which is also a broker, OR, you could also use Quote Provider C which happens to quote data and charting, OR, it can be Quote Provider D which in addition to providing a quote data feed, it also serves a a broker AND a chart provider. But Quote Provider D is too expensive, so you could go with Quote Provider B which will be your broker and your quote feed. Now for a "Chart Provider"....let's see, you can use Chart Provider A which does not offer any data, and you need to subscribe separately for that, but be sure to keep in mind that it won't take data from your selected Quote Provider B becasue they are not affiliated, but, don't worry there is also Chart Provider B which has its own data but it will not integrate with your Quote Source B so you will have to place trades with your broker/quote source and check charts as they will be separate applications. And for backdata, there is another source.... Do you see at all how this can get confusing when it is new? When I traded actively on Ameritrade, it was one-stop shopping. I don't mind having to do my own research to see what works best for me, but I do need to know how they work together. I highly doubt that every combination and permutation of quote provider/broker/chart provider, etc. are discussed at length here at ET. I apologize. I know my IQ is well above my shoe size, yet getting a grasp on how to configure all of the modules is not something that is discussed all that often and rarely in a comprehensive format (again, from my experience). I work daily with the Fed. tax code, and have to make inferences from complex information quite often, so I know I possess a modicum of deductive reasoning ability...but when MY money is on the line, I don't want to begin to infer anything, and I don't have the time to call and sit on hold with every one of these companies, who are only going to try and sell me what they want me to buy anyway. I want to know what I am doing, and I would never ask "Is IB a good broker". It seems like every f*cking topic covers that one. This ain't Outward Bound--it does not have to be survival of only those who can spend countless hours trying to figure it out from scratch. I thought that these boards in general were for sharing info, hopefully in a pleasant and congenial manner.
Whoa - somebody's starting to use the F word! I can't wait for you to start trading. We all need more liquidity in this market.
Ok....that was fair. Please note however, that my demeanor was calm and composed -- as indicated by the use of an asterisk which had the effect of blunting the agression and obscenity of the expletive.
Last week on "Mannix"..... When we last spoke, I had decided on IB as a broker. But other than my broker choice, I was still in a quandry over charting. I have done PUH-Lenty of research as to my charting/data options since you guys (lobster, bob111, reg, and others) and I spoke last weekend here on this thread. I took my licks from you and did more homework. Results: After looking at everything, and trying different apps out, I came to the realization that to "jerry-build" (nothing to to with Mr. Medved) a charting application using any combination of QT/Sierra/prophet/nextrend, IB data for intraday,and Mytrack/IQfeed/money.net/Hquotes or other apps/sites from which to cull data for backfill when the app in question required it (and in many instances I would also have to create delineated ascii/.txt files in excel and then upload them into the charting app), and on and on, ad nauseum -- generally spending a lot of time trying to get everything in sync and working efficiently (and I was even going to forego Level II as well in all of this), I found that my costs were going to be anywhere from 45-55/month for just these items, mostly for the data, or for the slightly more expensive--yet not as established--charting apps that had data included. Now, if I was to pay just a bit more (and I will try to see what I can do on the phone with customer service in the way of specials/deals/bargains) I could get a one-stop shopping solution that would make my life easier......eSignal. So, my plan is to go with eSignal...probably the "equities" (or "equities basic" --I have not decided). BUT, I have one outstanding problem.... While I do not foresee trading options a lot, I would like the ability to trade them (for hedging purposes or whatever) if I see an opportunity. Of course, IB will let me trade options, but with either of the two eSignal packages described above (unless I went to the standard eSignal package which I am not inclined to do), options data and charting therewith is not included. So....my question is this (and yes I found a thread on this topic from several months ago (in other words, yes, reg/Bob111, I researched first!!), but it did not answer the question).... Can I use the IB options data feed with eSignal to do charting of any kind, or will eSignal only use its "proprietary" data for charting? If it will use it, will is store the data? Alternatively, if I cannot use IB data with eSignal, and I find a free source for options data, will eSignal allow me to import that data into it to do charting analysis? Or, does anyone have suggestions to get options data/charting cheap outside of eSignal altogether? Thanks to all!!! Parker (your newbie friend and apparent vexation)