Almost everything I've heard so far says that Jigsaw is by far the best tool for orderflow scalping and that it does make a huge difference compared to a standard DOM without all the additional information.
That's why I'm not entirely sure if starting without Jigsaw does give me the correct picture of whether this is for me and how well it works (for me)...
I have however been in contact with the guys at Jigsaw and they told me there is now an early standalone platform called "RapidTraderPro" that comes with their Jigsaw package.
So from what I gather buying the Jigsaw license and a datafeed (might be possible with a free trial feed as well?!) should get me started to try things out for a while.
Because Futures are exchange traded with more regulations. Most people who trade Futures want to trade products that aren't broken down into super tiny lot sizes so you can't get started with say $5 to $100 like you can in Forex. So Forex will always have more uneducated new traders coming to it because of how cheap it is to access.
The following user says Thank You to MichaelFlowTrader for this post:
Yes, Jigsaw gives the most information but that doesn't mean you can't trade depth of market without. There are many pros who don't use Jigsaw who make money. My recommendation is based on you complaining about the cost of Futures because of your list of must haves. If you can get the standalone Jigsaw with free charting or cheap charting then you will save a ton of money.
I have a similar plan, want to learn Orderflow using Jigsaw and have the same setup as you, Tom.
The one thing I did not understand yet is what advantage a Kinetick datafeed has over the Ninjabrokerage Continuum (CQG) one. At the moment, I have both, but couldn't I get rid of one of them?
The following user says Thank You to peterb123 for this post:
Don't agree. I went from forex to futures and then went back ))) You don't like cats? You simply can not cook them Forex is way much more cost effective than futures and way less risky if You know what you are doing and trading with top tier respectable regulated brokerage.
Cost of trading futures - moving from Forex to Futures
Like Trading Tom I should like to make the move from trading Spot Forex to Futures but am very surprised by the fees.
I enquired about the fees that would be associated with using the stand alone or web based Rapid Trader Pro from Jigsaw. Perhaps I have unwittingly made some of the below costs more expensive by not suggesting the Jigsaw 'plug in' version.
In addition to the $400 for Jigsaw (which is fine) I have been quoted the following:
IQFeed Core Service: $78 per month
Real-Time US Futures Fee: $20 per month CME Exchange Fee: $91 per month
Market Depth Level II Service: $20 per month
Although if I go through particular brokers then the $91 comes down to $5 a month. Perhaps I have been quoted fees for a professional trader - I am not, I trade for a second income.
I am a positional day trader and therefore I'd like to have access tools that would help that: market profile, cumulative delta, the GOMi indicator & DOM.
I did wonder whether or not I could access these kinds of Futures information yet still trade from my spot Forex trading platform. Assuming that 6E Eurodollar moves as Eurusd Forex. That maybe a very dumb idea and please let me know if it is and why.
So very keen to become a Futures trader but the costs I have been quoted so far are a hurdle.
Not sure if it is relevant but I am based in UK. Thanks for any help and advice.
Again, no idea why people keep getting quotes on all this stuff. As far as I am concerned, my only fixed/recurring cost is 15 USD for CME exchange real-time feed (that includes Level 2 type access to all the CME exchanges) and I think 32 USD for access to Eurex exchange (that includes Level 2 type access).
If you don't trade European products and only trade CME stuff then IMO you should not pay more than 15 USD/month to get all the data you need.
This of course is for non-professionals.
The following user says Thank You to xplorer for this post: