Hey guys...novice trader here. What are you guys using in terms of analytical software, broker, platforms etc... What do big trading firms like SMB capital etc. use? I use ninja-trader and IB. I want to try something more powerful and efficient. Any recommendations. post pics of your desk! happy trading.
I just wanted to know what professional traders use. In other words, is there software/platforms out there that are not accessible to the mainstream that they might be using? and if there are, what are they and what can they do that mainstreams can't?
I think a very high % of pro-traders use X-Trader to place orders. It's by far the best platform I've seen over the years as far as execution and data streaming goes. A lot of that has to do with how fast your connection is though, I'd think a T-1 line would be the norm.
Are you making consistent profits with your present setup? If not, then you need to concentrate more on creating and/or refining your trading strategy and less on your platform, broker, etc. So many new traders think that by having the most powerful, professional tools, it will greatly increase their chances of being profitable....NOT !! I use Ninja for futures trading, handling over 13 client accts, including my own. I could easily get more professional tools to use, BUT I dont need it. Hint! Hint!
Big Investment banks and major Hedge Funds develop their own trading platforms from scratch. They have a bunch of super smart quants who specialize in developping strategies. They use tools like R / Matlab to do stat modelling. They usually have custom libraries in C++/C#/Python to allow quants to rapidly prototype and backtest their ideas. They have another bunch of really good programmers who specialize in execution. Usually this is done in C++ and those programmers are expert at creating heavy duty, failsafe, multithreaded engines. Small prop shop who don't have enough capital to invest in a fullscale infrastructure will usually use a mix of professional programs and custom made apps. As for retail traders, whatever platform we use, we have to be aware that we are fighting against very clever guys with big guns. The only advantage we have is that we can use low capacity strategies and have the freedom to take long breaks if needed.
i use scottrade elite. the only thing i would like to do is get better order execution and a better idea of what sell orders and buy orders are coming in when. i.e right now if i sell 500 shares elite doesnt always show a sell of 500 shares and how it effects the stock price it mite show 5oo shares plus someone elses order at the same time or my sell might show up as a buy and sometimes not at all. it makes me wonder how many orders are being executed driving the stock price without me knowing it, or buy orders showing on the screen when they are really sell orders dragging the price down btw...my desk is my bed or sitting on my couch with my laptop on a folding chair, so...... lol