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After months of demoing with NT, I think it is an OK piece of software. Yes, it does give me surprises every 2 to 3 weeks, that's one of the reason why I haven't go live with it.
I only use chart trader to enter my trades, so I really cannot comment about other functions. I think this is the only thing that separate NT from other front end (for manually execution), however, while chart trader is convenience, it lacking too many features. For example, no 1 click entry, no scale out, no add target, *too many options when all you want is right click and place the order.
One of the things I notice what they are doing really great is they are adding partners every 2 to 3 weeks instead of focusing on making their software better. I understand this is a business and making profit is essential to survival, but pushing real traders away is not the way for long term success.
Looking at NT's business model is like looking at my own firm's business model, the business managers prioritize what new features get to develop, but they never use the software themselves and never ask the actual users (aka CLIENTS) for feedback or what they want.
Can you help answer these questions from other members on NexusFi?
I don't think the entry barrier to become a NT partner is very high after examining the list. There are a few well-known rotten apples there among the educational services.
cw30000, the adding of partners has no bearing on the quality of the software or progress of NT7. The programmers have nothing to do with partners and the people handling the approval of partners has nothing to do with development. As far as partner approval is concerned I am a bit dismayed at times with the influx of partners lately but that is entirely up to them. The partner program is, of course, geared towards giving users more options and therefore (hopefully) retaining more users which does = more prospective revenue. That is sound business practice as far as that goes.
The functionality offered by the NT platform more than meets my requiremnets in general. As a usere of th e GOM indicator package I am dissappointed with the approach in NT7 to storing tick data. However, I have a real issue with reliability. Simply put NT crashes regularly. Any signifciant distraction effects my mindset and profitability, a system crash is one such distraction for me. Related to system crashing is the second major issue that I have with NT and this is an issue that one should be aware of whether or not one is having problems with the platform or not and that is that bracket orders are held on the local computer rather than transmitted to the broker/exchnage server. This means that if you are workinga bracket order and my system crashes I won't have a disaster side stop in the market. The answer for me is not to enter bracket orders, simply enter witha stop, or look for an alternative.
With NT in general stop and take profit orders are transmitted to the market, it's only the OCO functionality that is simulated in the pc. This is because not every broker platform supports OCO orders natively.
IB supports OCO natively, and NT do not simulate them locally when using IB.
TT does not support OCO natively.
Here is a listing about where the orders reside. The post is from 2008, but was still cited as a reference by the Ninja guys this month, so the information should be up-to-date.
How do you use 1 click entry with chart trader? I don't see the option. I can only right click and then left click to place order. For add target and scale out, there is no option AFAIK.
Hi cw, I do 1-click entry from Chart Trader by clicking on the BUY ASK, BUY BID... buttons, and scale out by right-clicking on the Chart Trader area and selecting ADD TARGET.
But I prefer to scale out using a custom ATM strategy with the number of targets I want, and then all targets are automatically created as soon as the position is opened, so I just have to drag targets on the chart when I want to scale out.
