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I'm hoping to really get a few simple answers here. I have been in contact with Sierra Charts and unfortunately they do not have the GREATEST customer service or access in terms of email/chat/phone number to call to just speak to someone.
I have reviewed and gathered as much information as possible regarding charting and data feeds for Sierra Charts.
Currently I am looking to just use Sierra for charting. I have used their trial of 15 days and love every bit of what they have to offer. As of now I am looking for Service Package 10 + Denali Data + $10.40 CME data feed.
I have been using market profiles, market Depth Historical graph and foot print charts and large order indicator. I will NOT need to execute on Sierra Charts as I am only using it for charting.
Questions I need answered:
1) Market Depth Historical graphs are detecting MBOs, do I require the Service Package 12 with the MBO?
2) Even with Denali Data, i still require the $10.40 from CME because if I don't my data will be delayed. This is more of a clarification question.
3) Am I paying for services I don't require? or Am I missing services for what I want to achieve?
4) I would love to also chart and look at MBO orders for equities, if so do I need to purchase a different data package.
Sorry for the long winded post. Hopefully I won't be "executed" for asking such basic questions.
Can you help answer these questions from other members on NexusFi?
IMHO you are definitely paying for services you don't need. From your post I can feel that you are just starting out, so the wisest thing you can do is to trade for several years (yes I mean years) with a funding firm.... pay 100 to 300 USd per month to trade in a controlled environment and forget about setting up a brokerage account.
If you have never traded live before, you will lose all the money you put in the live account in less than 3 months. Everyone does that, and I did it myself.
Also, if I can suggest anything (but this is just my opinion): forget MBO, forget the DOM and forget the number charts.... these are just details, you should really forget about details.
Trade with some risk management, learn to place reasonable trades with decent RR and trade 1 contract.... it will take at least 3 years to break even with 1 contract.
Don't take the path of looking into DOM, and level two.... forget that! Many traders do this and they spend their life looking into details, they rarely become profitable.
Waaat? I think there are cheaper alternatives to trading a sim account. And sim trading for years is a trap that you never leave because you eventually become too scared to trade real money. Instead, open a $2.5k or 5k account and trade micros doing the same thing you described. Bounce back and forth between sim and live, if you have to. But sim is really only for two things: a) for learning whatever platform and b) occasionally for realigning yourself after a bad period.
I don't think there such a thing as MBO data for equities because there is not a single centralized exchange. Maybe I'm wrong, but I don't think so. MBO data as a product is really just a CME thing.
yes, sim is not that useful but combines are. If you pay 300 USD per month and you have to pay 100USD everytime you break a rule, after some months you learn to avoid doing stupid things. If you open an account with 5K you can as well trade 50 micros (most brokers will allow you to do so), and at the end you will blow up the account.
No matter how small or big the account is, you will always blow it up in few months.
Real accounts traded with micros, for me are not "real"..... you want to believe that trading is about making 50 bucks per day, but once you make 4K in one day you will get hooked and you won't be able to trade micros, and to consider 50 bucks real money.
Of course, in the ideal world you should trade micros and imagine that 50 bucks are 500 and that trading is fully scalable. But psyche is difficult to control.
I blew up 50K account years ago, more recently I opened a 5K micros account... and I also blew it up. The only difference is that a 50K account, trading big contracts you will blow it up in 3 months, a micro account you will blow it up in 3 weeks, because commissions have more impact.
IMHO.