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Which platform did you start with?
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Which platform did you start with?

  #1 (permalink)
Trading Apprentice
New York NY
 
Futures Experience: Beginner
Platform: Sierra Charts & ThinkorSwim
Favorite Futures: Futures & Stocks
 
Stylez777's Avatar
 
Posts: 26 since Mar 2014
Thanks: 32 given, 17 received

Which platform did you start with?

So I am basically trying to figure out which platform makes most sense to start with once I go live trading futures.

I've been demoing NinjaTrader and xtrader. I like NinjaTrader. I like the ATM and chart trading features. The charts are good for me too, but the Dom is weak. Starting out first time going live is it worth it to jump in the whole for $1,000 to buy it? I also rely on the DOM along with charting so while xtrader DOM is superior it charts are bleh. No to mention X_trader is even more than NinjaTrader! So at the start if I'm doing 50-60 trades a month that same price to lease NinjaTrader, which in the long run isn't the best option. I like the Jigsaw or 9g DOM option but that even more $ at the start. I also don't like the stripped down NinjaTrader version either.

So where is the best place to start? I'd like to limit my start up cost and get some profit going before dropping $ for preferred software. So what other options are out there for brokers / platform / data feeds that limit start up costs but has a functional DOM with volume profile & decent charting software. Any advice or guidance will be helpful. Where and how did you all start and what would you choose if starting up today?


Last edited by Stylez777; April 11th, 2014 at 04:26 PM.
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  #2 (permalink)
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  #3 (permalink)
Elite Member
London + UK
 
Futures Experience: Advanced
Platform: Proprietary Analytics
Broker/Data: Multiple broker + Multiple feed
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They're all basically the same (in basic features I mean in that they'll let you execute). What I'd advise is using one that you've trained with and know the features well and has tools you consistently use. As you are a beginner I'd advise using something that is free to start with, and trade up as you learn more about the industry.

In the beginning its best just to pick a tool, and to get stuck in and learning (in my opinion). Both those you mentioned are decent starting places, but its your view that matters at the end of the day, same as with with trading itself.

Have a look at the forums for the various brokers and data feed reviews, they're all there and present different cost/service benefits. Make a list and ask lots of questions upfront before selecting, and you'll see who are the ones that say they provide great service and those that really do!

good luck to you.

Sand.

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  #4 (permalink)
Trading Apprentice
New York NY
 
Futures Experience: Beginner
Platform: Sierra Charts & ThinkorSwim
Favorite Futures: Futures & Stocks
 
Stylez777's Avatar
 
Posts: 26 since Mar 2014
Thanks: 32 given, 17 received

Sands, thank you for the reply. I have read a ton of reviews on brokers and data feeds, and I came away with the confusion that lead me to posting this.

After watching the "Where to start as a trader" webinar here on futures.io (formerly BMT) and also reading many many posts the same point always sticks out. It's not about how much you can make at the start, but can you stay in the game and limit your losses? (Risk management). So that leads me to why only risk management when it comes to trades? Shouldn't software costs, data feeds etc all fall into that category for the new trader?

I am pretty sure picking a good reliable broker that offers a good data feed is very important, and that it may even be worth paying a tad more in commission fees to go with the better service because in the long run it will pay off. Then that circles back to the platform question. What low cost or free options are out there that are not bad to start off with? I know OEC traders platform is not bad and has some decent features like chart trading, ATM and a DOM similar to NinjaTrader but it can only be used with Open E Cry data feed and supposedly that isn't as accurate with it's data as other options (according to some reviews here).

I know I won't be able to find the "best of both worlds" without paying up. I don't mind eventually paying up either for the tools that I prefer best once I know I can "stay in the game" and not get KO'd. It's just the getting off the ground to start that I'm having trouble figuring out and hoping the community here can shed some light on what they started with or if they were going live tomorrow what they would choose to start.


Last edited by Stylez777; April 11th, 2014 at 01:22 PM.
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  #5 (permalink)
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Russia, St.Petersburg
 
Futures Experience: Advanced
Platform: Sierra Chart
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hi
I tested many platforms, in your case I recommend NT

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #6 (permalink)
Trading Apprentice
New York NY
 
Futures Experience: Beginner
Platform: Sierra Charts & ThinkorSwim
Favorite Futures: Futures & Stocks
 
Stylez777's Avatar
 
Posts: 26 since Mar 2014
Thanks: 32 given, 17 received


Jonson View Post
hi
I tested many platforms, in your case I recommend NT

I understand people love NinjaTrader. I do too. The problem is for a beginner starting out, it is not cost effective at all. $60 a month to lease or $995 to buy a lifetime license doesn't seem cost friendly right from the start.

There has to be low cost or free platforms out there that offer a decent DOM, decent charting for a beginner to get started on. I am surprised there isn't more opinions on this subject. Do all beginners just drop the $ for NinjaTrader and figure to make it back? Doesn't seem practical to me. Coming from the risk management standpoint, why spend more upfront than you need too when getting started? Shouldn't you be able to prove to yourself you can can become profitable and stay in the game before investing in expensive tools and other fancy things?

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  #7 (permalink)
Elite Member
Russia, St.Petersburg
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: AMP/Rithmic
Favorite Futures: Futures
 
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Posts: 242 since Jan 2011
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Stylez777 View Post
I understand people love NinjaTrader. I do too. The problem is for a beginner starting out, it is not cost effective at all. $60 a month to lease or $995 to buy a lifetime license doesn't seem cost friendly right from the start.

There has to be low cost or free platforms out there that offer a decent DOM, decent charting for a beginner to get started on. I am surprised there isn't more opinions on this subject. Do all beginners just drop the $ for NinjaTrader and figure to make it back? Doesn't seem practical to me. Coming from the risk management standpoint, why spend more upfront than you need too when getting started? Shouldn't you be able to prove to yourself you can can become profitable and stay in the game before investing in expensive tools and other fancy things?

i use free license on ninjatrader for charts and rithmic trader platform (free for use too) for trade with dom

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #8 (permalink)
Elite Member
London + UK
 
Futures Experience: Advanced
Platform: Proprietary Analytics
Broker/Data: Multiple broker + Multiple feed
Favorite Futures: Currently European and US equities
 
sands's Avatar
 
Posts: 432 since Dec 2013
Thanks: 223 given, 205 received


Stylez777 View Post
I understand people love NinjaTrader. I do too. The problem is for a beginner starting out, it is not cost effective at all. $60 a month to lease or $995 to buy a lifetime license doesn't seem cost friendly right from the start.

There has to be low cost or free platforms out there that offer a decent DOM, decent charting for a beginner to get started on. I am surprised there isn't more opinions on this subject. Do all beginners just drop the $ for NinjaTrader and figure to make it back? Doesn't seem practical to me. Coming from the risk management standpoint, why spend more upfront than you need too when getting started? Shouldn't you be able to prove to yourself you can can become profitable and stay in the game before investing in expensive tools and other fancy things?

You can use ninjatrader for free with some brokers. So definitely worth a look to see if it's off you.

Otherwise I completely agree with your point on proving to yourself you have what it takes before spending money on this, that, and the other tools. But most tools have free trials and a good tradesman should always try all the tools.

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  #9 (permalink)
Elite Member
Portland, OR
 
Futures Experience: None
Platform: tos
Favorite Futures: NQ, SB, 6J, CL, GC
 
Massive l's Avatar
 
Posts: 1,458 since Mar 2011
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I've tried pretty much all of them and still prefer the one I started with, thinkorswim.
The commissions may be higher but that data and platform are free.
Some complain that it's slower than others but I've been trading it for 5 years
and have not had an issue. I'm going on three years of profitable trading.

Psychology > Strategy ≥ Money
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  #10 (permalink)
Elite Member
Portland, OR
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: CL
 
Posts: 82 since May 2013
Thanks: 17 given, 50 received


Here's a recommendation from left field: TC2000

I've moved on to NT, but I'm still very fond of it for many reasons. It's lightening fast and VERY intuitive and overall just seems like an incredibly cohesive bit of code. A very dumbed down version is available for free at freestockcharts.com if you want to have a look.

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