I've never traded FOREX before (just futures) but decided to move into one looking for a kind of diversification + time zone issue.
I'm with IB but use Kinetick as a primary data feed for Ticks (NT7). I also use Kinetick as the 1-st connection as I need Nq and ES UpDown volume and issues indexes that IB does not provide data for.
I'm confused with the thought of Kinetick's FOREX data. I've heard that FOREX is OTC market. I trade with IB as a broker. Will Kinetick's data correspond to IB's quotes? (IB does not have spreads, they use commissions instead).
In other words, Is it wise to have Kinetick as a primary data source for FOREX?
No, when you trade a decentralized market like spot forex, you need to use the same data source as your execution broker.
Depending on your exact requirements, you might consider micro-future currencies (M6E) as an alternative to spot forex. They are still on the regulated and centralized futures exchange, and Kinetick data would still work.
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.
The following user says Thank You to Big Mike for this post:
That's the best way to go, however it depends what you need the data for. your IB quotes will reflect the liquidity posted by IB and its LPs, so will reflect accurate data as far as checking your stops on the chart, and pricing related to your execution with your broker. Most often data vendors merge different OTC providers creating kind of average data, little more effective to apply some basic technical analisyst.