I know a bloomberg terminal is most likely the best data source but Im not prepared to spend 2gs a month for one. What is the second best way to get data. Im a macro guy so a macro oriented data source would be preferred but the bottom line is detail. is anything comparable to the bloomberg terminal?
Best data source?
- Thread starter mags29464
- Start date
Well, this primarily depend on your budget
First, I strongly recommend you put more effort on using Google to find out about the available market data providers, and then search for review about them
To summarize what I know about data providers so far is
- Some data providers provide historical data only
- Some provide both real time and historical
You should ask about the granularity of the historical data
-How far back do they have end of day data (end of day data means one record per day which include the Open, Close, High, Low prices)
-How far back do they provide one minute data
-How far back do they provide tick data
From what I've seen, most provider have so many end-of-day data, usually only one year tick data, and on average 3 years of minute data
Some of course have more, some less
When checking Real time or streaming data
- you should check if they provide level 2 data
- You should understand what is level 2 data and if you need it
Generally there is also the question of filter and unfiltered data
Some provider filter their data, some say to provide raw data
Personally i dont really understand the difference, and i have seen so many arguments online that favor both, so i really cant tell which is better (maybe other more experienced trader can inform you more about this)
IQFeed, is generally regarded as the best provider of data for retail trader, they cost around 90 USD per month
There is also many provider who cost around 500 USD, for example Nanex (nanex and iqfeed belong to the same parent company) and dxfeed (dxfeed seem interesting but they are a lot less popular on this forum than nanex for example, so i would be skeptical about their quality)
many brokers like Options Xpress and TDameritrade allows you to access their data streams programatically for free if you have an account with them, you should surely check that too
And there is also the question of how will you consume the data feed?
- if you will use excel, you need to make sure the add-in you will use or know how to use support the datafeed you will subscribe to
- same goes for any other software you plan to use, like sierrachart or multichart, you need to know the datafeed they support
- if you will program your analysis, you need to know about the available APIs, many providers offer C# only
Also its not 100% accurate that blomberg provide the best data
This basically sums up all i know about this topic
First, I strongly recommend you put more effort on using Google to find out about the available market data providers, and then search for review about them
To summarize what I know about data providers so far is
- Some data providers provide historical data only
- Some provide both real time and historical
You should ask about the granularity of the historical data
-How far back do they have end of day data (end of day data means one record per day which include the Open, Close, High, Low prices)
-How far back do they provide one minute data
-How far back do they provide tick data
From what I've seen, most provider have so many end-of-day data, usually only one year tick data, and on average 3 years of minute data
Some of course have more, some less
When checking Real time or streaming data
- you should check if they provide level 2 data
- You should understand what is level 2 data and if you need it
Generally there is also the question of filter and unfiltered data
Some provider filter their data, some say to provide raw data
Personally i dont really understand the difference, and i have seen so many arguments online that favor both, so i really cant tell which is better (maybe other more experienced trader can inform you more about this)
IQFeed, is generally regarded as the best provider of data for retail trader, they cost around 90 USD per month
There is also many provider who cost around 500 USD, for example Nanex (nanex and iqfeed belong to the same parent company) and dxfeed (dxfeed seem interesting but they are a lot less popular on this forum than nanex for example, so i would be skeptical about their quality)
many brokers like Options Xpress and TDameritrade allows you to access their data streams programatically for free if you have an account with them, you should surely check that too
And there is also the question of how will you consume the data feed?
- if you will use excel, you need to make sure the add-in you will use or know how to use support the datafeed you will subscribe to
- same goes for any other software you plan to use, like sierrachart or multichart, you need to know the datafeed they support
- if you will program your analysis, you need to know about the available APIs, many providers offer C# only
Also its not 100% accurate that blomberg provide the best data
This basically sums up all i know about this topic
Not enough information
Platform, discretionary, HFT, swing, intra, scalp, historic, EOD, real time, tick, etc...
To follow are links to my previous post regarding Data comparison. [retail]
http://www.elitetrader.com/vb/showthread.php?s=&postid=3647588&highlight=data#post3647588
http://www.elitetrader.com/vb/showthread.php?s=&postid=3570910&highlight=data#post3570910
http://www.elitetrader.com/vb/search.php?s=
Platform, discretionary, HFT, swing, intra, scalp, historic, EOD, real time, tick, etc...
To follow are links to my previous post regarding Data comparison. [retail]
http://www.elitetrader.com/vb/showthread.php?s=&postid=3647588&highlight=data#post3647588
http://www.elitetrader.com/vb/showthread.php?s=&postid=3570910&highlight=data#post3570910
http://www.elitetrader.com/vb/search.php?s=
Looks like OP is looking for a live feed. What is wrong with something like google finance? Google does have live streaming data and has a average lag of maybe 1 or 2 seconds. There's no reason to pay for data unless those 1 or 2 seconds makes a difference for you and you need to see book depth info.
Most of the $2k for Bloomberg isn't for the data. The value added of Bloomberg is all of the other useful info they provide (quite a bit of macro data as well).
Most of the recommendations above are just for the data which google can handle perfectly well if don't need huge amounts of speed. Why spend the money if you don't have to?
If OP just wants a cheaper Bloomberg, I would look into Thomson Reuters. They have been trying hard to compete with Bloomberg and as a result, they are pricing to undercut Bloomberg. It really isn't an inferior product either.
Finally, if OP wants historical data, I previously purchased from QuantQuote and found the data to be good (https://quantquote.com/). They offer live data too, but it is mean for machine, not human consumption.
Most of the $2k for Bloomberg isn't for the data. The value added of Bloomberg is all of the other useful info they provide (quite a bit of macro data as well).
Most of the recommendations above are just for the data which google can handle perfectly well if don't need huge amounts of speed. Why spend the money if you don't have to?
If OP just wants a cheaper Bloomberg, I would look into Thomson Reuters. They have been trying hard to compete with Bloomberg and as a result, they are pricing to undercut Bloomberg. It really isn't an inferior product either.
Finally, if OP wants historical data, I previously purchased from QuantQuote and found the data to be good (https://quantquote.com/). They offer live data too, but it is mean for machine, not human consumption.
Bloomberg gives convenient access to info like, GDP, unemployment numbers, rates, etc.
Google doesn't offer any streaming market data for machine consumption, but if just want to look at prices and basic charts by eye, it is certainly good enough for that.
although reuters is trying to compete w/ bbg it's not that much cheaper than bbg - if you have enough money to get reuters you have enough money to get bbg.
there is a huge diff in data feeds - just compare an ib chart to a iqfeed (or kinetick which is rebranded).
paying $50 or $100 a month for data seems expensive compared to zero until your "cheap" data feed ends up costing 100x an iqfeed one.
there is a huge diff in data feeds - just compare an ib chart to a iqfeed (or kinetick which is rebranded).
paying $50 or $100 a month for data seems expensive compared to zero until your "cheap" data feed ends up costing 100x an iqfeed one.
It depends a lot on what type of trading you are doing. I run some algos and for that, I'm now using the TickView feed from QuantQuote and paying several hundred per month for it on top of the professional exchange fees. For fast trading, the lower latency and more comprehensive data is worth the extra $$.
I also make some longer term macro bets and trade on special situations. For that, there would be little to be gained going from Google Finance to Bloomberg.
This is really what im looking for. Im not a scalper or day trader so I dont need access to deep stoick data or fast quotes. Ive lve already had iqfeed and such. Im into macro ideas. I need things like european bond rates and gdp. gdp deflator ,savings rate, money supply, etc.
is bloomberg the only data provider that offers this type of data?