The best software for scalping ? Instaquote 6.3b ? Realtick 7.7 ? Tradestation 7.2 ? ( the new matrix ( like j-trader ) is good ? ( other platform are welcome ) Thanks : Exscume for my english
I personally use TradeStation 7.2 for my scalping, but I havent used any other advanced platforms such as the ones you mention so I cannot really compare features. I find TradeStation as a platform is great for my trading style. I can also say that I find the new Matrix features for fast order entry and management is absolutely fantastic and has really improved my trading. My trading style is ultra short term - I trade the ES off 1 min charts and 233 tick bars, for trades usually lasting only a few minutes. I take roughly two or three trades a day and only trade for the first two hours of each trading day from the open, 9.30 - 11.30 EST, my trading objective being to bank just two points a day before I stop.
All you really need is TWS and a good connection. If you want a chart there are several that work off IB data. Im sure there are others but I cant comment on them as this is the only thing I have ever used and have never seen any reason to switch.
I should have deleted that post. I have a bad habit of not reading original posts carefully and my answers are offtrack. I only trade futures and the poster does not specify what hes trading. I have never traded stocks with IB and so I dont know how it functions with these. I have done some scalping in the past and execution was never a problem. I wouldnt call what I do now scalping as my trades usually last at least several minutes. I do have a 1 minute chart running but dont pay much attention to it anymore. I am coming to the conclusion that charts will drive you nuts. Much simpler to just watch the price.
A lot of users say the Hammer platform offered by Assent is the best scalping platform. Never used it myself. I think you need a third party charting app with it however.
I find it interesting how different traders define the word "scalping"... I like to think of myself as a scalper, but I am possibly wrong in this opinion - I trade emini futures only with trades rarely lasting longer than 15 minutes, usually a lot less, trying to take anything from 0.5 - 2 ES points per trade. Is there a generally accepted definition of this term? I have spoken to other traders who class a scalper as someone who is a trying to take a tiny fraction of a point profit by arbing the spread between the ES and the SP markets - and other traders who think holding stocks for anything less than a day is a scalp trade... I'm a bit off topic with this, but I suppose its worth knowing what we are all referring to when we discuss scalping, esp in the context of recommending a platform to scalp with - the original poster might not mean what I meant by the word
Hey - Do I know you from somewhere? I agree on the (futures, not stocks) scalping with IB feed - works absolutely fine and fast (I've been scalping Eurex DAX with it lately). And with a DOM-plugin that features volume-pressure and a simple tick-chart, like ButtonTrader, there is no real need for charts anyway. I just open several grids of correlative markets (like Bund, CAC40, ESTX in Europe or NQ, ES, YM, ZN in US) and that's it. Well, I use a tape as well, though, and unfortunately Button doesn't feature a tape. So I gotta use a charting platform. From hearsay, I've heard that Hammer is supposed to be pretty good for scalping, too, as well as openEcry - I've never tried either however. From what I've used, X_Trader is my absolute favorite - If anybody knows a platform that beats it - Please tell us! S
I think you aren't scalper, but momentum player and not ready to give back any money to market what makes you trading safe for 2 hours a day. Scalpers usally trade most time of the trading day.
Xoomtrade has come up with a feature called U-turn order, where you can us it when move goes against you in a fast moving market if scalper If you are long 500 share and you want to be short 500 shares now, you simply sell 1000shares. Does Instaquote, hammer or any other software can do that?