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When trading spot forex, you need to use your brokers data feed because it will be the only one that has the correct and valid price for them as an ECN.
When trading currency futures on the CME FX, if your broker doesn't provide the backfill or quality data you wish, you can use DTN IQFeed (compatible with all major platforms), or if you use NinjaTrader then Kinetick which is IQFeed rebranded and less expensive for NT users. I've used eSignal in the past and would recommend DTN instead, but do your own homework and reach your own conclusions.
As I said in the webinar, some platforms take on the duty of giving users historical backfill. Sierra Chart is one. NinjaTrader does as well, but only for Zen Fire customers unfortunately (not TradingTechnologies customers). Sierra Chart provides quality backfill to all Sierra customers regardless of broker, a nice bonus.
I know that I am late to the party with this response - but so what!
When I started out, I was looking for the Perfect Instrument, The Right combination of charts, the Best combination of indicators and backed tested every indicator in my collection to give me the Optimum settings.
After doing this for a couple of years (I can be a slow learner), I began to realize this approach was getting me nowhere.
I hired a teacher. The teacher taught me a lot - it was worth the cost - but I was still not satisfied.
So I decided to try something different.
I picked an instrument, ES (I like the volatility and volume)
I played around with charts - and eventually realized it doesn't make too much difference what you decide on - I use a 104 and 416 tick chart.
I realized that I like short term predictable trades, so I decided to Scalp.
I used a simple indicator - an EMA
And then I started.
I watched my charts and began to understand what the Market was doing.
I became intimate with ES
I began to understand my EMA.
In other words I just committed to something and worked it.
Since then my understanding has grown exponentially - and I am finally becoming a successful trader.
The best advice that you could give a trader - is to start somewhere, anywhere and just work with your decisions. Ask questions; what is the market doing, why did my trade fail, is my Risk/Reward balanced correctly for current activity (who gives a crap about the perfect stop, or optimization, or which time frames to use, or whether you swing or scalp or ...)
If you made a profit but left money on the table - So What - You Made a Profit! If a profitable trade turns into a loss - Shame On You - Greed WON! If you miss a profitable setup - learn to wait because there will be more.
When I designed TRex Trader - I really had no idea where to start - so I picked (what I thought was) the obvious place - I designed a chart. Then I installed feeds, then a collection of indicators, then an analyzer - and so on....It all fell into place. I have redesigned TRex numerous times - each iteration better then the previous one.
The only way to refine your trading skills, is to acquire skills that you can refine.
Start somewhere, anywhere, and work from that point - if you have the patience and the smarts, then the questions will become obvious and hopefully you will be able to answer them - if not, you always have Big Mike's Trading Forum!
Hi Big Mike,
I listened carefully to the webinar and actually you did not mention from which company you lease you remote server (you read this question at the end saying that you had discussed it earlier).
Could you share with us please?
