New guy questions on exchanges... - Beginners and Introductions | futures io social day trading
futures io futures trading


New guy questions on exchanges...
Updated: Views / Replies:3,204 / 28
Created: by TonyB Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

New guy questions on exchanges...

  #21 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received


Big Mike View Post
Only one instance of MC. Can handle multi brokers and feeds concurrently, per chart. Very seamless, works well.

Mike

Mike, thanks for chiming-in. Sounds like multiple instances then are not needed with MC. That being so, if you wanted to transact on a stock and a future, what must you do, if anything, to ensure the right broker is being engaged? Wait, I think I follow you. You mean that when you launch a chart, you can choose the source and broker? If so, that is mighty cool. One chart can be an equity that is at one broker, and another chart, a future with another broker...

Your commentary on MC, and that from others, was influential in my current strong lean toward it. If you've had the opportunity to use SC, how would you compare / contrast the two? If such a discussion exists here, please let me know. I'd like to know the notable differences.

Thank you.

omaha786, I'll ask SC to see what brokers might offer their platform...


Last edited by TonyB; March 26th, 2011 at 01:48 AM.
Reply With Quote
 
  #22 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,597 received
Forum Reputation: Legendary


TonyB View Post
Fat Tails, thanks for reminding me about IB. They were my first choice. Indeed, they seem to be everywhere around the globe. For a newbie, not necessary, but I like the idea that I can grow into the broker's offerings. But, what about the data? You frequent this forum, and I might add contribute a lot (thank you), but I've heard a few times that their data is lacking and makes backtesting problematic. MC confirmed this too. What's the scoop on this topic? I mean, is this overblown, or only true for tick data? I mean, if the data is not reliable or dependable due to whatever reason/s, like lack of time stamps, how does that impact me? As a beginner, I don't speak from experience. I'm just mimicking what I've read, but maybe it should not concern me... I don't know.


Interactive Brokers offers cheap real-time data, which means you pay very little, but it is not top quality:

Real-Time Data

The data is condensed tick data, they do not offer the full resolution. Also the real-time volume shown is estimated volume, it is not real volume. This means that some indicators which rely on real tick-data, such as RealTime Stats, Delta, Cumulative Delta, will not work properly.

Historical Data

They only have minute and daily data, but offer no historical tick data.

Conclusion

In the longer term, with Interactive Brokers you need to subscribe for a professional data feed, such as e-Signal or DTN/IQ. But after all, a broker is not a data vendor, but what matters is order execution, slippage, execution cost and financial guarantees in case that your broker goes broke.

Reply With Quote
The following 3 users say Thank You to Fat Tails for this post:
 
  #23 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received


Correct, you choose the data source for instrument when adding to chart. One chart can even have multiple data sources if you want.

I use MC for charting and SC for execution. MC7 adds execution but not yet ready for prime time. SC also lacks some decent analytic reporting unfortunately, but Velocity has excellent portal that shows everything real time and shows it better than SC does, so I just use that.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #24 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received

Fat Tails, thank you for the detailed response. For what I've needed, IB would be perfectly fine. In attempting to forecast what I might need, I am not sure, possibly not. I envision wanting to backtest an ES strat that I might have and that the desired resolution will not be available from IB. I feel like I'm trying to extrapolate somewhat blindly here, so these discussions helps... I understand that a separate data provider would be ideal, but at this stage for me, I'd like to have a good combo broker with data...

Big Mike, thanks for confirming. As you saw, I found the SC thread. I read there that SC plans to do the same as MC (chart dependent data source). I'm really leaning toward SC now. I'm not sure if you are into backtesting, but if so, any noteworthy differences?

Reply With Quote
 
  #25 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received

Have not tried backtesting in SC. But MC is excellent, I mean the platform has been focused solely on automation until just recently to give you an idea.

Just get trials for both and see what speaks to you. Both will work with any major broker and feed.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #26 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received

That's what had me sold on MC, but let me ask the SC guys before I decide...

Reply With Quote
 
  #27 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
Favorite Futures: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,651 since Mar 2010
Thanks: 4,226 given, 25,597 received
Forum Reputation: Legendary


TonyB View Post
That's what had me sold on MC, but let me ask the SC guys before I decide...

You cannot compare MultiCharts and SierraChart for several reasons:

-> size of user base of Sierra Chart is limited, few 3rd party tools and development available
-> MultiCharts gives you access to TradeStation indicators and strategies
-> don't see that SierraChart has Portfolio Level Backtesting & Genetic Optimizer

For further information, you can also look at

Charting Software: What is the Best Charting Software?
Software

or have a look at the 2011 Reader's Choice Awards from the TASC magazine.

Then, most important, spend some time to evaluate the support forum.

Reply With Quote
The following 2 users say Thank You to Fat Tails for this post:
 
  #28 (permalink)
Elite Member
Italy (IT)
 
Futures Experience: Advanced
Platform: ATAS, R|Trader, NT8
Broker/Data: Rithmic
Favorite Futures: CL, Brent, GC, TF
 
LukeGeniol's Avatar
 
Posts: 1,501 since Apr 2010
Thanks: 408 given, 974 received


Fat Tails View Post
You cannot compare MultiCharts and SierraChart for several reasons:

-> size of user base of Sierra Chart is limited, few 3rd party tools and development available
-> MultiCharts gives you access to TradeStation indicators and strategies
-> don't see that SierraChart has Portfolio Level Backtesting & Genetic Optimizer

For further information, you can also look at

Charting Software: What is the Best Charting Software?
Software

or have a look at the 2011 Reader's Choice Awards from the TASC magazine.

Then, most important, spend some time to evaluate the support forum.

I'm not so agree, SC has a lot of user (look how many guys are on support forum), and is growing and developing fast, has a lot of features, one of the best is the overlay functions etc, is small and fast. Support team is great.
Anyway i'm agree that a platform is a personal choise.

Take your Pips, go out and Live.
Luke.
Reply With Quote
 
  #29 (permalink)
Go Bears!
Bay Area, CA - US
 
Futures Experience: Beginner
Platform: TOS, TS & MC
Broker/Data: TDA & TS
Favorite Futures: Stock, Options and now Futures (ES)
 
TonyB's Avatar
 
Posts: 514 since Dec 2010
Thanks: 227 given, 134 received


Fat Tails View Post
You cannot compare MultiCharts and SierraChart for several reasons:

-> size of user base of Sierra Chart is limited, few 3rd party tools and development available
-> MultiCharts gives you access to TradeStation indicators and strategies
-> don't see that SierraChart has Portfolio Level Backtesting & Genetic Optimizer

For further information, you can also look at

Charting Software: What is the Best Charting Software?
Software

or have a look at the 2011 Reader's Choice Awards from the TASC magazine.

Then, most important, spend some time to evaluate the support forum.

I believe SC does not offer options. I guess I assumed that it would. I like options, so I'm re-thinking this all again...

Thanks for that link. I will watch those videos later this evening. Bottom line, as you said, I need start playing with these! Maybe I should consider to keep using ToS for my options. Much to sleep on....

Reply With Quote

Reply



futures io > > > > New guy questions on exchanges...

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Guy Adami says... shodson Traders Hideout 2 March 4th, 2012 10:40 AM
London, Toronto Exchanges Poised to Combine Forces Quick Summary News and Current Events 0 February 9th, 2011 03:20 AM
Exchanges Learning to Love Electronic Trading Networks Quick Summary News and Current Events 0 September 16th, 2010 09:10 PM
SEC Proposes Ban on Allowing Exchanges to Flash Stock Orders Gary Traders Hideout 2 September 18th, 2009 11:31 AM


All times are GMT -4. The time now is 01:58 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-11 in 0.15 seconds with 19 queries on phoenix via your IP 54.226.34.209