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Just starting. Do I need a datafeed?


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Just starting. Do I need a datafeed?

  #1 (permalink)
 AngryNJ 
Lodi, NJ
 
Experience: Intermediate
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: US Stocks
Posts: 10 since Feb 2011
Thanks Given: 4
Thanks Received: 3

Hi Everyone. I am just starting out in the realm of automated trading. I plan on using either Multi Charts or Ninjatrader to create strategies that will be used for trading US Equities and etfs.

The strategies I will be working on to start out with are based on 5 minute candlestick charts.

If I want to do backtesting and use a test/demo account, would I not need a datafeed?

I plan on opening an account with Iteractive Brokers and I am hoping I wont need a datafeed.

Thanks for any tips/suggestions.

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  #3 (permalink)
 
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 Fat Tails 
Berlin, Europe
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
Posts: 9,888 since Mar 2010
Thanks Given: 4,242
Thanks Received: 27,102



AngryNJ View Post
Hi Everyone. I am just starting out in the realm of automated trading. I plan on using either Multi Charts or Ninjatrader to create strategies that will be used for trading US Equities and etfs.

The strategies I will be working on to start out with are based on 5 minute candlestick charts.

If I want to do backtesting and use a test/demo account, would I not need a datafeed?

I plan on opening an account with Iteractive Brokers and I am hoping I wont need a datafeed.

Thanks for any tips/suggestions.

Interactive Brokers offers real-time data and historical data in minute resolution. This is good enough for learning how to use NinjaTrader and MultiCharts. But you will not have access to tick data, so you cannot use range, volume or tick charts.

Also the data quality is not high, as they will not eliminate all false ticks.

However, it is perfectly suited as a start to trading and to test simple automated strategies. You can always add a better datafeed - such as DTN/IQ or eSignal - later.

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  #4 (permalink)
 AngryNJ 
Lodi, NJ
 
Experience: Intermediate
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: US Stocks
Posts: 10 since Feb 2011
Thanks Given: 4
Thanks Received: 3

Thanks for the response!

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  #5 (permalink)
 MetalTrade 
 
Posts: 1,055 since May 2010

If you are sure you are going to Interactive Brokers, please check out buttontrader.com

It's an awesome piece of software, they know the datafeed of Interactive Brokers better than Interactive Brokers themselves!

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Last Updated on March 9, 2011


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