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Data feeds and execution - CQG, Rithmic, Tradovate (and more?)

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Data feeds and execution - CQG, Rithmic, Tradovate (and more?)

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  #11 (permalink)
Los Angeles, CA
Experience: Advanced
Posts: 42 since Nov 2019
Thanks: 42 given, 13 received

ales19 View Post
Hello, this is my first post here (excluding intro) so hopefully I will not mess up too badly and break too many rules
I have searched the forums and read the threads on the topic I am going to ask about but the info I found was not sufficient for me to get a clear understanding, so here it goes:

I am basically trying to determine the best data feed to use when I go back to trading live and I am trying to get my head around the different facets I need to consider to select the best solution for me. To give context I am focused on scalping and have no automation/algo involved (except an automated stop loss and take profit order entered by my trading platform upon execution). I use Jigsaw Daytradr.

So far I am considering the following 3 data feed providers (CQG, Rithmic, Tradovate) and this is what I found out about them so far:

CQG: solid all-round solution with cheap round-turn fees of $0.20, shows 10 price levels and 1 month of historic tick data, can suffer lags/freezes when market spikes occur, like after a Trump tweet or news event
Rithmic: highly reliable but "expensive" solution at $0.50 round-turn fees, shows entire order book (20+ price levels) but only 1 day of historic tick data, performs great even under high data flows due to news events.
Tradovate: cheapest solution if monthly $199 flat fee adopted (only exchange, clearing and routing fees owed), shows 10 price levels and 2 weeks of historic tick data (as far as I can tell), reliability in high data flows due to news events is unknown

So, from a price point of view Tradovate seems to be the best, however I do not know how they hold up as far as reliability goes.
I know there are other providers like TT, CTS, IQ but they all seemed more expensive without offering any advantage from what I could tell.

Also, I am unclear how execution is affected by the choice of data feed provider?

Any help sorting this out (and correcting any mistakes I made above) would be greatly appreciated.

This is a great post. Thank you for such an articulate and well laid out question with good prompts. I look forward to reading the responses.

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  #12 (permalink)
 forex jim 
Princeton NJ, USA
Experience: Advanced
Platform: Bookmap, Volumetrica
Broker: AMP futures
Trading: NQ
Posts: 10 since May 2019
Thanks: 16 given, 15 received

I am not sure why you quote execution costs, but in terms of data-feed, I would go with Rithmic. They are super professional and their feed is super fast and accurate. As far as i know it is the only provider that has the full order book + Market By Order data + tagged iceberg and stop orders.

In terms of oder execution: I think Rithmic is also the winner here in terms of speed and reliability. As I said, they are super professional. Hedge funds use them.

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  #13 (permalink)
 Zytrade  Zytrade is an official Site Sponsor
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Posts: 8 since Jul 2020
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Many traders have preferred Rithmic data but went with CQG for the cost. We are excited to now offer Rithmic at the same transaction cost as CQG.

Risk Disclaimer: There is a substantial risk of loss in trading futures, options and forex. Past performance is not necessarily indicative of future results.
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  #14 (permalink)
Minoqua Wi USA
Posts: 113 since Sep 2019
Thanks: 65 given, 66 received

Someone once told me "don't trip over pennies on your way to making dollars" so I would recommend Rithmic like many here have already for all the same reasons. Quality always costs a little more. I, however, use CQG because I found no reason to switch over. Personally I never had any lagging issues with CQG and I think it's also fast and reliable compared to Rithmic. Tradovate, I'm not so sure about. Tradovate uses CQG as you now know but, I've heard there are additional connection and platform fees on top of their standard commissions plan... I'm just saying.

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  #15 (permalink)
W.Coast, USA.
Experience: Intermediate
Platform: Anything
Trading: Emini
Posts: 157 since Jul 2017
Thanks: 60 given, 116 received

What are the benefits of MBO (unfiltered) data over MBP for retail traders? I personally do not find much use in seeing the full order book since the levels far above and below the current price can change anytime and doesn't seem useful for TA. Is MBO mainly useful for order flow analysis? Is there anything else?

Also, I'm using a demo version of Rithmic and with 30ms roundtrip, I still experience a delay with order execution and confirmation. It also takes about 60-120seconds to establish a connection, while on CQG (live) it is almost instant (sometimes with a few seconds of delay).

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Last Updated on December 19, 2021

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