I appreciate your posts. I wonder why your observation seems to differ from that of a few other people who have responded. As I noted earlier, I have not yet opened an account with IB, so I am not in a position to judge for myself. In fact, I was looking for guidance from you folks to determine if it would be worth my while to open an IB account. Basically, I was hoping there would be a consensus. Hmm.
Is IB's Data Good Enough For Scalping?
- Thread starter Thunderdog
- Start date
Presently, I trade the equity indexes on the CME, primarily ES with NQ being a distant second. I am considering adding bonds and notes (ZB and ZN), and possibly crude oil and gold.
In that case, you really can't go wrong with IB. Add Medved Quotetracker(Which is free or $60/yr for added features) and you'll have a nice setup. It's not TT(trading technologies platform). But it's perhaps the best out there retail-wise. You could also get buttontrader to interface with IB's API if you're going to daytrade futures.
I trade pretty much the same add in Spot currency and futures. I haven't traded bonds in years. Have no complaints with IB's futures trades. Can't really complain about Spot forex - it's the wild west.
All in all, I recommend them. Start with a smallish account and see how you like it. There's a learning curve with their software. I recommend using the demo paper trader to get the hang of it first. Be sure to at least browse their user manual. Especially the sections dealing with configuration, trade entry, and trade reporting.
Actually, I have been using J-Trader for a few years now and am quite content with that order entry platform. Therefore, I will continue to use my existing broker. Further, as I mentioned in my initial post, I plan to use Ensign's charting software with IB's data. I don't plan on trading through IB in the foreseeable future, but it will be comforting to have a back up broker should the need arise.
I have scalped, and I have never had a problem that was the fault of IB.
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Tdog;
Trade mostly ES, my scalps are mostly intraday position trades,
which maybe look like they arent trending as well as would like,
so closed them
So yes, provided you follow IB instructions;
have a back up broker/charts. Good advice for any.
Like thier charts, run them about 12 hours/day,& several features others dont have;
plus strange but helpful time measures, like 15 minutes doesnt start @ 8;00 or 8;15 starts @8;07
By way of an update, I am presently using IB's data feed with Ensign's charting software, and it is running smoothly. I'm quite pleased. As I had mentioned, I use the J-Trader order entry platform with another broker and have no immediate plans to alter this arrangement (although it is comforting to have a backup broker if required). This raises a question that I hope those familiar with IB's TWS will take a moment to answer.
Now that I have an account with IB, I also have access to simulated trading whereby I can access TWS via either my actual account or the simulated one. Since I am executing trades with another broker at this time, I think it would be more prudent for me to access market data via the simulated TWS account in order to avoid somehow inadvertently executing an actual order on that platform as it operates in the background. I tried Ensign with both the simulated account and real account TWS, and I have not seen a difference in data performance. Am I perhaps missing something, or would I be just as well served with the simulated account TWS data feed for my charting purposes?
Now that I have an account with IB, I also have access to simulated trading whereby I can access TWS via either my actual account or the simulated one. Since I am executing trades with another broker at this time, I think it would be more prudent for me to access market data via the simulated TWS account in order to avoid somehow inadvertently executing an actual order on that platform as it operates in the background. I tried Ensign with both the simulated account and real account TWS, and I have not seen a difference in data performance. Am I perhaps missing something, or would I be just as well served with the simulated account TWS data feed for my charting purposes?
Bump