I've been spending tons of time trying to figure out which software will help streamline my trading. Now that I've done some research, it's time to ask for advice on figuring out what is best for me. And I really do need advice. Currently, I am trading on Fidelity's website. I use yahoo's most active list (highest % gain) to show me potential swing trades for the day. Once I find something, I check out the realtime chart on fidelity's website. If it looks good, ill try and time a pullback and jump in. As I become more and more of an active trader (right now im doing 8-10 trades a day), I am realizing that clicking the refresh button for the intraday chart while looking at a level 1 quote, and a 15 minute delayed "most active' list.......well, it just isn't cutting it. So, I've set out to switch brokers and find some software that will accommodate my needs. Currently I'm working with about 16k in capital and so far no margin. I trade stocks exclusively on the nasdaq, nyse, and sometimes on amex (when i feel like getting ripped by the MM's). Charting is very important to me. Obviously level II quotes will become an important tool as well, once i have access. (Fidelity won't give me level II access until i have 72 trades for the year and 25k of capital.) So far in my research, my main candidate looks to be IB, I've downloaded TWS, and it looks very promising (in fact, I'm in the last stages of my application for a Margin account at IB). I've also downloaded QuoteTracker, but I'm not sure why I would use it's features if I have TWS. Maybe someone could explain how they compliment each other. I have yet to check out TradeStation 2000i, even though it sounds like what I'm looking for. Scottrade, TD Ameritrade, and CyberTrader and their respective platforms have been moved to the backburner, but I still would give consideration if someone posed a compelling argument. Because I'm looking for momentum trades, I've also looked into trade-ideas and eSignal, but I'm not sure what i need. It would probably depend on which new broker/platform i get into. In the end, i need to see the trends much sooner than i currently do, and be able to track a streaming chart while having access to the ask/bids on lvlII. Then, and this is very important, i need to be able to *quickly* setup my order along with an automatic stop loss when i do decide to take a position. I'm looking forward to reading your recommendations/advice.
If you don't need historical data and back testing ability, you don't need Tradestation as there are plenty of cheaper ( and even free ) alternatives. IB TWS is a great free feed, but their charting is not great. Quotetracker has better charting & supports lots of different broker feeds.
I've downloaded TWS, and it looks very promising (in fact, I'm in the last stages of my application for a Margin account at IB). I've also downloaded QuoteTracker, but I'm not sure why I would use it's features if I have TWS. Maybe someone could explain how they compliment each other. People like to use QuoteTracker with the IB TWS because QuoteTracker has very good real-time charts that are better than the real-time charts available through the TWS. I personally like to use QuoteTracker because it's very easy to enter a list of stocks that I want to watch, and set alerts for when there's news or other events for a particular stock. I have an account with TDAmeritrade, which provides my news feed for QuoteTracker. Then, and this is very important, i need to be able to *quickly* setup my order along with an automatic stop loss when i do decide to take a position. You might take a look at BracketTrader. It enters orders into the TWS as bracket orders, i.e., with a target order and stop loss bracketing the position you're attempting to take.
I second that. TWS + QT + BT is a great setup. You could do somewhat better for more but just remember millions were made in the markets with what would now be considered old school junk.
At this stage, I don't need the most expensive setup. Besides, I'm not that new trader that thinks spending thousands of dollars on training, books, and the most expensive software will make me better at trading. I own John Murphy's "Technical Analysis of the Financial Markets", and I want the best price/performance ration for my broker/tools that I can find. I am definitely going to check BT out. As far as spotting potential trades that *arent* on my watch list, what would best compliment the TWS + QT + BT setup,? Or are there scanners that are useful in one of these tools? Thanks guys, your feedback is already helping.
In my IB account setup, I selected Level II quotes for 20 bucks a month. Is there a better/cheaper alternative to this?
Or are there scanners that are useful in one of these tools? TWS has a built in a scanner. Choose create scan page and fill in your criteria, i.e., biggest percentage gain, volume, and etc. and the TWS will list the results on a scan page.
if u spend a little time with booktrader (TWS's DOM) you will find that you can program bracket orders with it as well, and ime it is faster than bracket trader. i thought bracket trader was decent, but booktrader can do the same stuff, generally speaking.
I hate BookTrader's bid and ask. hit the wrong button too many times. Brackettrader has it spelled out Buy or Sell. Makes things a bit cleaner when you are in a hurry. Also with Brackettrader's Sim function, you can test out some of your trading concepts, and have a record to show.
you can do that with booktrader too, just use your simulation account i mostly use DOM's for scalping futures. and it at least APPEARS to get the order in the book faster. i like bracket trader, but i just didn't see it as giving anything extra vs. booktrader to justify a cost, plus the added software overhead, and the slower execution