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Trading: Emini ES, Currency Futures & US Treasuries
Posts: 12 since Nov 2016
Thanks Given: 6
Thanks Received: 5
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.
Can you help answer these questions from other members on NexusFi?
That's what all traders are dreaming of at the start
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.
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.
Trading: Emini ES, Currency Futures & US Treasuries
Posts: 12 since Nov 2016
Thanks Given: 6
Thanks Received: 5
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.
Trading: Emini ES, Currency Futures & US Treasuries
Posts: 12 since Nov 2016
Thanks Given: 6
Thanks Received: 5
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.
