A mechanics tools will not do you any good if you're trying to build a house. The point is, in trading you have to figure out how you expect to trade. If you chose chart reading (P/V), then you have no need of tools to create a "system" trade.
If you can simplify things to the point that your trading does not depend on what tools you use (and so you can use even cheaper ones) than you are truly in the biz and you know that your edge is for real. Otherwise, you are just masturbating yourself in public showing off that you are a big guy because you can use expensive tools. It looks to me that for some people expensive tools are just like an extension of their penis... and so there lies the true reason why they use them... Is more expensive always better? I am using ZLT and not NT not only because the former is cheaper but also because compared to ZLT NT lacks some features that make my trading easier. So why should I pay more for less? There is no logic in this.
Also, it really depend on one's particular needs. For example, in my case, I use several inexpensive "tools" as opposed to 1 pricey tool. I have some datafeeds where I pay $25/mo. Others, in the $200/mo range. They all have a purpose and if there is absolutely no difference, then of course I change to the less expensive platform for that particular system/computer. Some years ago US defense for example emphasized quality over the poor quality of their communist counterparts. Now the strategy is shifting somewhat and in many cases they're realizing that to fight this "new" war on terrorism less emphasis is being placed on quality. They're willing to try new techniques with miniscule budgets to see what can be accomplished. You have to adapt. (Note their temporary try a year ago in using the enemy's gun, the ak47). Same thing in trading. Adapt or die.
i can pay something like $120 for esignal, or $7 for sierrachart/IB w/ $20 for historical data question is, is there a degradation w/ use vs. price...for me, there isn't. only a fool doesn't like to save money when he can and knows he's not sacrificing quality.
I would definitely agree that all things being equal the smart thing is to go with the cheaper priced option. It's rare however for all things to be equal Unfortuately, there are a lot of new traders who look only at price and don't factor in functionality of their various options - basing their decision on "yeah it's not as useful but I saved $100" logic - was just trying to point out (as you just did) that choices aren't about cost as much as benefit to your trading - a tool that costs $100/month more than some other but that has features that help you make an extra $500/month clearly is worth the extra expense. That being said, there's certainly no reason to pay for something that you specifically don't need. That's kind of like saying that only REAL programmers code in ones and zeroes. Is a trader only "truly in the biz" if they're trading off just a simple ticker tape? You're implicitly presuming that a trader with a $500 piece of software does not trade better than someone else without it. They may or they may not. Or they may trade better personally with a different piece of software while another trade chooses to eschew almost all tools (which as long as he's satisfied with his results is a perfectly valid choice). The sole factor is whether any particular trader trades better with certain tools or not.
.....But to simplify and so that all can really understand..... It's not the price of the software; it's the trader AND the style of trading. P.S.--Andrasnm, if you think Prophet is giving away free real time data, you are in for a big surprise.
Well so far I am getting it. I will ask them of the details...after I can just see a broker who actually has data bundled, like IB....
to make it simple so you all see my point. In the old days of mining for gold, merchants and Levi Strauss got rich of miners, hookers and gambling saloons also got also rich of miners. Some miners hit the "mother load" by bumping over, in a drunken stupor, a big rock filled with gold ores worth half a million. Some had to spend thousands and found nothing but mud. Some got killed or died of hard labor. Trading is not building a house or a tangible thing. Tools are important to a point depending on your style and needs. So while tools are important it is your brain and discipline that will make or break you.
A surgeon cannot operate with his bare hands, without nurses, without electricity, without other doctors, without equipment costing $millions in some cases. Same thing in trading. It's not just the trader/brain, it's the TOTAL package. Your argument makes sense only if you expect trading to be a losing proposition or you have no expectation of becoming profitable.