recommendation of reputable data feeds for beginner

B

Birdman74

Hello, can anybody out there please recommend a relaible data feed for trading futures/currencies? I am considering Transact data as a data source however as this is my first time setting up an account, I am a little over whelmed with the amount of information out there. I would love to hear it directly from real traders who understand the difficulties when commencing. I would really appreciate any feedback from traders out there...

Sincerely
Birdman
 
For currencies, I would recommend that you use your broker's data. If your broker isn't a true ECN, the behavior of the data at the fine-grain level will be dependent on them. If you need a lot of historical data and your broker doesn't provide it, Dukascopy is good (and free).
 
Thanks Deep Algorithims for your reply, I am in the process of setting up an account with IB and I am of the understanding they are an ECN Broker. I hear they cater for the professional trader so I opted for them.
Regards,
Birdman74
 
Hey Bird,

Don't you still have the problem of IB giving you snapshot data and lousy charts? Or is that for stocks only?
 
xandman said:
Hey Bird,

Don't you still have the problem of IB giving you snapshot data and lousy charts? Or is that for stocks only?
More...

IB is still snapshot (either 1s or 5s, I think), so you get condensed ticks. Is this a problem for forex? Maybe, but probably not. I think that some charting programs may not process this correctly (sorry, I don't have a good example - I just know this has been brought up), but a lot probably do. There is not a central exchange for forex though. So what is a good alternative? For example, you could go with DTN.IQ, but then you will get FXCM and TenFore data. This may not (won't) match IdealPro. I would stay with IB.

For futures or stocks, then a better data source may be worth it, for longer historical ranges, actual tick data, and no backfill throttling. For stocks, QuantQuote is good.
 
Hi guys,

thanks so much for the feedback as you can imagine what its like trying to configure the optimal setup for your trading. I do like the look and feel of Ninja Trader, interface looks quite friendly and integrates with IB. Essentially I want to focus on global indicies and forex and would like the best data feeds for these instruments. Whats the consensus around the Ninja Trader Platform amongst traders?

many thanks,

Birdman
 
Birdman74 said:
Hi guys,

thanks so much for the feedback as you can imagine what its like trying to configure the optimal setup for your trading. I do like the look and feel of Ninja Trader, interface looks quite friendly and integrates with IB. Essentially I want to focus on global indicies and forex and would like the best data feeds for these instruments. Whats the consensus around the Ninja Trader Platform amongst traders?

many thanks,

Birdman
More...
You have decided on IB as your broker, which is an excellent choice. You previously were well advised to use your brokers feed for forex and futures. It is also just fine for equities. It may be insufficient for long term analysis on equities, but there are alternate low cost options as I mentioned in other posts.

IB has an integrated charting platform MC-TWS/IB. Initially you should just use that. If MC isn't to your liking, you can always try Ninja later.

A word to the wise. IB is an extremely good brokerage, however their TWS platform can be overwhelming and daunting at first so you should spend time learning how it works before you go to any third party platform or order entry/API known as a "front end".

IB's Sim is excellent as well. Best way to learn the platform is by reading the manual completely, configuring TWS and Sim trading with it.

When problems arise, which will happen on occasion. You need to know how to manage a trade from the brokers platform, be it close positions, hedge etc...

So my recommendation would be to wait on any third party API solution until you are thoroughly familiar with your brokers platform first. There will be plenty of time to choose alternate, supplemental/augmenting programs after.

I commented on other threads regarding data feeds for your historical requirements. To avoid excessive repetition you can drill down links from the following:

http://www.elitetrader.com/vb/showthread.php?p=3970904#post3970904

In a nutshell. To keep initial costs down, IB real time data for order entry and short term analysis, then a web based charting platform for longer term analysis. Save your money to build your account and/or for commissions when you go live. Then use profits to upgrade your tools as required.
 
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