Anybody using ToS for charts/Another platform for trade entry?
I currently have an account with ToS and am opening an account with another broker/clearing firm. Primary reason is due to commissions.
With that said, I have to choose another platform/data feed with the new broker and was kicking around the idea of just using one of the provided platforms that does not have a monthly fee for orders. However, none of these platforms have charts.
So, I was thinking about simply using my inactive ToS account for charting instead of signing up for a platform/charting/data package combination with the new broker.
I am not a day trader in the strict definition, though I am not opposed to getting in and out of trades quickly. Was wondering if any of you might be able to offer some pros and cons to such an arrangement/set up.
I don't know if this is exactly comparable, but I an using NinjaTrader as my charting and decision-making platform, and putting in trades in the CTS T4 platform (using their DOM), for a TsT Combine.
I find it very easy to manage; really there's been no problem at all. Ninja is a very good charting platform, and T4 is not so much, but it's just a matter of which one I click on for a trade.
I have TOS as well, and some experience with it. I would not expect any problem with a similar setup, using TOS for charting and someone else's execution platform. While it is more convenient having everything together, it's not that big a deal, at least for me.
The one simple thing that I miss is that in Ninja (as in TOS), my entry price and resting stops will be automatically marked on the chart, which you won't get if you use another order entry system. Also in Ninja (and I think I remember in TOS), there is a feature to automatically generate a stop and, if you wish, a target order when you initiate the trade. If you are using another trade platform, you will have to do that manually. (I enter separately on the other platform, then mark my charts with my entry and stop points, to give me a reference point.) That's not as convenient, but also not major, at least for me (I have noticed others who did not feel the same, however.)
My bottom line is that having separate charting and order entry systems is not as convenient as having one integrated system, but there is really no hardship to it.
Hope this helps you figure out what will work for you.
The following user says Thank You to bobwest for this post:
No, actually I usually do about 4 or 5 trades a day. Not a scalper, but certainly a day trader.
I don't see using two platforms as having much to do with speed or frequency of trading. It's still just 1 click to be in a trade, one click to be out. Marking up the chart may take another 30 seconds or so....
Edit: And, of course, my entry platform has a grid showing my orders and positions, so it's not like I'm not able to easily keep track of what's going on. Marking the chart is more about convenience and easy visual cues.
Last edited by bobwest; June 30th, 2014 at 08:42 AM.
I also use TOS for charting and IB (Interactive Brokers) account for trading. I actually use both accounts and trade on TOS and IB.
What I do is that in my paper money version of the account I usually take the same trade at the same time as in my IB account where I watch the entire trade and if needed I can simulate all adjustments before taking it in IB. Works well for me so far.
The following user says Thank You to Martzee for this post:
MUST have TOS for charts. Trade in my IB IRA and use Laser direct access with a group. No problems executing orders cause I use 15m charts for entry, so speed no matter. If you do 50 trades/ use 1m charts, its nice to have everything on the same platform.
I'm a swing trader - 3 to 8 trades/day, 90% trades in options. I use TOS for data & charts, TWS for execution, and Multicharts.net through TWS. I pay for options data through Interactive brokers - it's cheap ($30/month) and I can just click on the option I want to order. I'm currently debating with if I actually need Multicharts; I do like using them., they have extensive backtesting capabilities.