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Do I need Level II data


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Do I need Level II data

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  #1 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received

Hello everyone, I have a very basic question. Am still finalizing on my platform / Data feed. I want to make this call before I invest hundreds of hours in mastering the platform. Once decided, no turning back. Having said that, am currently leaning towards NT8 / Kinetick combo. With regards to this, I would like to know if I really need Level II data. As part of my setup, I will be using Volume Profile, Footprint and other usual suspects like MACD, Range bars, etc. Am not ready to use a DOM yet. To start with, I will be placing trades off of the charts. Can someone advise if I need Level II subscription for $20? I know I get Tick data as part of Kinetick. Do I need Level II as for the bid / ask split for the Footprint?

Please advise.

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  #2 (permalink)
 choke35 
Germany
 
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pipsmart View Post
Once decided, no turning back.

That's what all traders are dreaming of at the start


pipsmart View Post
I would like to know if I really need Level II data. As part of my setup, I will be using Volume Profile, Footprint and other usual suspects like MACD, Range bars, etc.

Esp Footprint without Level II doesn't make any sense. With VP it depends: For historical VPs, Level I is enough, but if you want to
e.g. compare short-term Volumes Profiles with Market Depth (== another kind of "tape reading") you will need Level II Data.

For the other stuff (MACD etc.) Level I will last.

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  #3 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received


Thank you.

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  #4 (permalink)
 xplorer 
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London UK
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
 
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pipsmart View Post
Hello everyone, I have a very basic question. Am still finalizing on my platform / Data feed. I want to make this call before I invest hundreds of hours in mastering the platform. Once decided, no turning back. Having said that, am currently leaning towards NT8 / Kinetick combo. With regards to this, I would like to know if I really need Level II data. As part of my setup, I will be using Volume Profile, Footprint and other usual suspects like MACD, Range bars, etc. Am not ready to use a DOM yet. To start with, I will be placing trades off of the charts. Can someone advise if I need Level II subscription for $20? I know I get Tick data as part of Kinetick. Do I need Level II as for the bid / ask split for the Footprint?

Please advise.

Hi pipsmart

Is this your first platform?

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  #5 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received

Xplorer, am test driving few platforms. I haven't started trading live yet. Once I zero in on a platform, yes, that would be my first.

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  #6 (permalink)
 xplorer 
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pipsmart View Post
Xplorer, am test driving few platforms. I haven't started trading live yet. Once I zero in on a platform, yes, that would be my first.

Ok thanks. The reason I asked is, obviously I don't know you and I don't know whether you have previous trading experience or not.

If you do, great.

But I have found that sometimes people with little trading experience focus too much on the trading platform instead of focussing on the trading itself.


In those cases it would be a bit like thinking that a set of cooking utensils over another set will determine whether you're a good chef or not.


Not directed at you because, as mentioned, I don't know your situation, but since you were concerned with mastering the platform I thought I'd point this out.


I second what choke35 said regarding Level 2, especially if you don't feel ready to look at the DOM.


Also my own view is, there is no one platform that is perfect. All platforms (like all SW products) have pros and cons. I think you just need to identify which one you think has the most pros that suit you.

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  #7 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received

Xplorer, thank you and your concerns are noted. Having said that, yes, I have put in enough hours towards learning trading methodology. May be couple years before am thinking about starting to trade live. I am not very good but, I have good feel for price action, very few indicators, a select few Candle stick patterns, how the market reacts during certain news (planned vs unplanned), what time frame works for me, etc. Now that I think am ready to start, I just want to do my due diligence before I commit any money towards a platform. That was the reason why I asked.

Thank you.

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  #8 (permalink)
 xplorer 
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Experience: Beginner
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pipsmart View Post
Xplorer, thank you and your concerns are noted. Having said that, yes, I have put in enough hours towards learning trading methodology. May be couple years before am thinking about starting to trade live. I am not very good but, I have good feel for price action, very few indicators, a select few Candle stick patterns, how the market reacts during certain news (planned vs unplanned), what time frame works for me, etc. Now that I think am ready to start, I just want to do my due diligence before I commit any money towards a platform. That was the reason why I asked.

Thank you.

No problem. Bear in mind that there are platforms which you can also use for free or for relatively low monthly fees.


My own setup is a CQG platform that has a 40 USD/mo cost as well as a NT7 which has a free license available.

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  #9 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received

I agree. I would be glad to go with that setup except I heard CQG is not routing orders through Interactive Brokers anymore. Am a client of IB. So, am kind of leaning towards NT8 or Investor RT.

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  #10 (permalink)
 sam028 
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pipsmart View Post
... I heard CQG is not routing orders through Interactive Brokers anymore...

When and where did you heard CQG was routing orders though IB??? AFAIK this never happened.

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  #11 (permalink)
 pipsmart 
Toronto, ON / Canada
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IQ Feed
Trading: Emini ES, Currency Futures & US Treasuries
 
Posts: 12 since Nov 2016
Thanks: 6 given, 5 received

Hi Sam028, I wanted to subscribe for Market Delta. I heard from Trevor that they don't support IB anymore because CQG can't route to IB as CQG has their own internal routing network. So, I went on a chat with IB. They said they are not aware of this. I went back to Trevor who confirmed again that MD cannot route to IB because of CQG. If you look at MD website, there is still an article that talks about connecting MD to IB dated couple months back. I guess this all changed recently which Trevor confirmed they need to be taken away. I know few clients of MD that either switched Brokers to stay with MD or switched charts to stay with IB.

Hope this helps.

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