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Just starting. Do I need a datafeed?


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Just starting. Do I need a datafeed?

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

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)
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
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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)
Lodi, NJ
 
Experience: Intermediate
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: US Stocks
 
Posts: 10 since Feb 2011
Thanks: 4 given, 3 received

Thanks for the response!

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  #5 (permalink)
 
 
Posts: 1,081 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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