someone explain datafeeds to me like I'm 6

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IronFist

I'm pondering opening an AMP futures account.

I see they have multiple datafeeds from which I have to choose.

In the past, I have had a TDAmertrade account (didn't require a datafeed/provided its own datafeed), Scottrade (didn't require), and OEC (didn't require). Why do I need to choose a datafeed and does the datafeed matter?
 
some brokers give you free live data.
some give you free delayed data only.
some give you live data after you pay $$$.

Hope this is simple enough.
 
Imagine you are renting a house, the house owner tells you I will secure water for you through the pipe system installed in the house, you need to pay a monthly fee for that. That's the brokers who get you the feeds themselves and you only have to pay for the feed charges they tell you about.

Now suppose you are moving to another rental but the house owner this time tells, mate, sorry, I don't have a water source to feed the house, you have to strike your own agreement with a water provider. The pipe system is there, but you need to get it filled yourself. The pipe system will support a handful of water providers standards, so here is a list.

This is where your broker doesn't provide you a data feed and requires you to take care of it yourself but has the pipe system in place supporting multiple providers.

Hope this appeals to a 6.
 
narafa said:
Imagine you are renting a house, the house owner tells you I will secure water for you through the pipe system installed in the house, you need to pay a monthly fee for that. That's the brokers who get you the feeds themselves and you only have to pay for the feed charges they tell you about.

Now suppose you are moving to another rental but the house owner this time tells, mate, sorry, I don't have a water source to feed the house, you have to strike your own agreement with a water provider. The pipe system is there, but you need to get it filled yourself. The pipe system will support a handful of water providers standards, so here is a list.

This is where your broker doesn't provide you a data feed and requires you to take care of it yourself but has the pipe system in place supporting multiple providers.

Hope this appeals to a 6.
More...
What does a house mean?
 
IronFist said:
I'm pondering opening an AMP futures account.

I see they have multiple datafeeds from which I have to choose.

In the past, I have had a TDAmertrade account (didn't require a datafeed/provided its own datafeed), Scottrade (didn't require), and OEC (didn't require). Why do I need to choose a datafeed and does the datafeed matter?
More...
%%
It doesnt matter unless you are short term trading.
Its like water/best to have a back up or 2nd source/for any \time frame.
BECAUSE freeze ups happen,like FEB 14 week.
I use monthly+ daily charts.........a lot\but i use paper charts even more than live computer + use both.[Personal= i would consider a broker only feed as a conflict maybe /but that is PERSONAL]
 
IronFist said:
I'm pondering opening an AMP futures account.

I see they have multiple datafeeds from which I have to choose.

In the past, I have had a TDAmertrade account (didn't require a datafeed/provided its own datafeed), Scottrade (didn't require), and OEC (didn't require). Why do I need to choose a datafeed and does the datafeed matter?
More...

What platform are you going to use and what products do you want to trade?
 
You need data for backtesting and research purposes. And yes, the datafeed you choose matter.
 
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