I think you're right and that this was a very bad decision on NTs end. I briefly tried SC since I wanted to use another brokerage and not be dependent on NT brokerage, but didn't like the platform and decided I didn't want to deal with having to learn a new platform right now. Multicharts was an option, but I had a lot of stuff already coded in NT. I heard some rumors directly from NT that they might open up for other brokers this year and I sincerely hope that to be true. As for cost, $1000 is a bargain, but I can understand how it's a big investment for some people starting out. But I guess the truth is that if you can't afford the software, you're most likely undercapitalized anyway. Alternatives: 1) Lease NT quarterly - More expensive in the long run, but less here and now. 2) Continue using NT for free and use it for charting, but execute through some other software if you use another broker such as AMP. I considered this latter option because because of reasons mentioned above and since I already use IQ Feed for charting anyway, but for now I decided to try NT Brokerage for a while...
Not saying MC is bad in any way, it is just NinjaTrader is great. Btw, what language you code in MC? Ninja gives you full power of c#. Also, you can use other brokers and not just theirs.
I’m running their procedural based Powerlanguage version. MC made so many enhancements to their PL version, way beyond what Tradestation can do, that I’d estimate you can do 99% of anything their .NET version is capable of. I like the simplicity of PL, and it fits my needs. I’ve never tested out NT. Do the newer NT versions allow broker independence, or is it just a matter of what date you purchased your license? Do you feel their automated execution is stable, and if so, are you executing at tick level?
Indeed you are not an hostage of NT. I use NT but not their datafeed nor their brokerage. After about 20 years with Tradestation I wanted to switch and NT was for me (much) better than MC. Depends of what you exactly need. MC is managed by Russian...for me that's an issue. Especially after they could not good me a satisfying answer when I had a question about security issues.
PL won'y work for me for sure. I need power of a full fledged language. They still allow other brokers, just not as much as they used to. Auto execution extremely stable. What do you mean by tick level.
NT is event driven at tick level. I don't know if they can handle multiple strategies running at tick level though. NT7 was quite limited as it was single threaded for multiple strats. Is MC capable of testing order book strategies? Does it allow you to grab and store order book data from DTN IQFeed?
That’s a big problem. Not sure if newer NT is multi-threaded, but either way, the inability to stack multiple strategies at tick level is not good. I don’t operate beyond trade/tick level, but I’ve read about MC users trying to manage order book dynamics. Personally I don’t think it’s viable for that purpose. I do however believe it does allow for storage of IQFeed order book bid/ask data.
Why? It’s a standalone install. Your broker has more information about your trades and performance, but they only benefit from commissions and fees if you stay in the game. If you’re making money, focus on that and enjoy life. Looking over your shoulder every minute just isn’t worth it.
Once you’re committed, it’s hard to back out. I’ve read about people writing directly to the IB API, only to later conclude they were a nightmare of a broker for their needs. Invest your time wisely.