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Trading Business Infrastructure
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Created: by MktWiz Attachments:0

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Trading Business Infrastructure

  #1 (permalink)
Just starting out...
Monterrey, NL, Mexico
 
Futures Experience: Intermediate
Platform: Think or Swim
Broker/Data: Think or Swim
Favorite Futures: ES
 
Posts: 8 since Nov 2009
Thanks: 11 given, 4 received

Trading Business Infrastructure

Hello Traders,

Iím in the process of becoming a full time trader and off course Iím treating it as a business and Iím willing to invest a good amount of Money in order to get a good trading infrastructure.
Iíll appreciate your recommendations in the following subjects:
Hardware: PC, Monitors
Internet connection: Wireless, cable, capacity
Charting software
Data feed
Trading Platform
Broker
Also I will like to know if you suggest getting a one-time-shop with those brokers like Trade Station or Interactive Brokers that provide the whole enchilada, the trading platform, data feed and charting software and also have competitive commissions.
Currently I have an account at OptionsXpress and Iím testing a demo account at Think or Swim. I know these two are more ďretailĒ brokers, probably not for those active traders, especially for the high commission they charge.

Happy Trading
MktWiz

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  #2 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received

More important than ANYTHING else is time. Time to understand, time to learn from experience. Time to stop following everyone else and find your own path.

Only experience and wisdom are going to be able to get you where you want to be, you need to have the time and patience to go through 1,000 step program, where every 50 steps or so you feel like you've had a major breakthrough, only to learn you haven't.

In the end, nothing can tell you how to make money trading. The best you can hope for is to learn the best approaches and techniques from various fellow traders, then have the foresight and fortitude to create your own method out of it.

I'm a hardware junkie, so I have tons of horsepower all over. Multiple servers, dual redundant internet connections, fastest/best of everything. But any $500 computer would be sufficient because in the end all you need is not much of anything (tangible). What's important are the intangibles.

- I have four 22" monitors, and a i7 920 overclocked to 3.9GHz with 12GB ram, 4x750GB R0+1 w/3ware 9690SA, (4) Patriot 32GB SSD's, and 7 x64.

- I have DSL+Cable, dual/redundant. Wired connection from trading PC to router.

- NinjaTrader 6.5

- Zen Fire

- NinjaTrader 6.5

- AMP Futures

If you aren't trading stocks I would steer clear of IB. I also think TradeStation is overpriced garbage, but unfortunately NT sucks too, the short answer is they all suck for power users but you don't need to be a power user to make money.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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6)
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  #3 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,030 received



Big Mike View Post
I also think TradeStation is overpriced garbage

TS is expensive for a newbie on sim for 2 years. But if you're making money then $200/month (what I pay for the platform fee + data) is not that much. If you don't know how to program then EasyLanguage is very nice. I still prototype ideas in Easylanguage cause it's faster & quicker for me. I do plan to get rid of TS though, as soon as I can ween myself off this indicator I can't port to NT..

I would recommend Ninja because it's free and sufficient. If you know how to program you can backtest lots of ideas and see how they don't work.

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  #4 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,859 since Jun 2009
Thanks: 480 given, 3,254 received


cunparis View Post
TS is expensive for a newbie on sim for 2 years. But if you're making money then $200/month (what I pay for the platform fee + data) is not that much. If you don't know how to program then EasyLanguage is very nice. I still prototype ideas in Easylanguage cause it's faster & quicker for me. I do plan to get rid of TS though, as soon as I can ween myself off this indicator I can't port to NT..

I would recommend Ninja because it's free and sufficient. If you know how to program you can backtest lots of ideas and see how they don't work.

TS can be expensive if you don't meet their monthly minimums, but if you trade 10+ contracts a month you're clear. You still have to pay for data feeds though. I find the continuous contract support MUCH better than Ninja's lame record/import and merge approach. Also, it's nice that you can bring in stocks, futures, forex, options, all in one platform. Of course, I can do the same thing for free in Thinkorswim, however trades are at higher commissions, and their backtesting environment/features is almost nil though I know a future version will have much-improved strat development features but we'll just have to wait and see, JUST LIKE I'M DOING FOR NT7!

Why can't you port your TS indicator to NT? What's the challenge?

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  #5 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,030 received


shodson View Post
Why can't you port your TS indicator to NT? What's the challenge?

I agree on everything you said about TS. I don't place trades with them cause their order matrix sucks. the NT DOM is 10000x better. Using TS for trades isn't worth $100/month for me.

There is no challenge, the zen-fire datafeed and NT itself do not support upticks & downticks so you don't know if a trade was at bid or ask. This is very useful information.

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  #6 (permalink)
Administrator: Retired Backtester
 Vendor: speedytradingservers.com 
Rennes France
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB/Kinetick
Favorite Futures: Futures
 
sam028's Avatar
 
Posts: 3,366 since Jun 2009
Thanks: 3,572 given, 3,982 received

MktWiz, I think Interactive Brokers is a good choice for you.
Not the best datafeed, not the best trading software, but the commission are cheap, you can trade everything (stocks, options, forex, futures, bonds, ...), you can play with the paper account for years if you want, etc, etc.
Then, you can use NT for charting, it's free is your orders are not sent to the broker.
You can also use Quotetracker, their is a free version, and you can use it to send orders.

About hardware stuff, more important than more two screens (
TraderNinja, we want pictures of your 8 screens ), 16 gb of ram, few Tb of disks, a backup machine is mandatory imho. A basic laptop is enough, but you should be able to quickly close your positions is something goes wrong with your main workstation.
I'm using three 20"/22" screens on my main trading workstation, but two is fine.
For the proc/ram, a basic dual-core (E8400 for ex.) with 2 gb is enough. But it's for trading. For backtesting complex strategies with large amount of data, etc, you'll need more ghz/cores/ram.






Success requires no deodorant! (Sun Tzu)
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  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received

TraderNinja,

Can you link the stands for me? Do you have any idea if they support 22's in portrait mode?

Nice setup. Pics of my desk w/4x22's are here. As you can see, I am in needs of stands

Mike

P.S.: Too bad I didn't dust first before taking those pics, lol.

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #8 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,030 received


TraderNinja View Post
Hey Sam!

You want to see ? Here it is!

But I disagree. Don't use software like quotetracker. In my opinion this is nothing for professional trading. IB is ok but not if you only want to trade futures. There are much better brokers out there like Mirus or AMP.

So guys it's 10pm here in good old Germany and I'm out for today. Have a nice evening!

I can't imagine watching that many screens. My brain would be fried.

I agree about QuoteTracker. I used it for a while. I use IB for swing trading where I don't need a DOM, keeps my swing trades separate from my day trading. But I don't recommend swing trading for newbies so I also suggest Mirus (or Amp). It's free so why not?

One other point to consider, futures have high leverage. Not good for beginners, especially those who don't have the discipline to trade on sim for 6-24 months. In that case it's much safer to trade a few shares of SPY instead of 1 ES contract. And for that IB is good.

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  #9 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
cunparis's Avatar
 
Posts: 2,563 since Jun 2009
Thanks: 1,157 given, 2,030 received


Big Mike View Post
TraderNinja,

Can you link the stands for me? Do you have any idea if they support 22's in portrait mode?

Nice setup. Pics of my desk w/4x22's are here. As you can see, I am in needs of stands

Love the wallpapers Mike. Makes me feel like I'm trading on the beach.

I have two 24" side by side and I get a sore neck. I think portrait mode is the way to go. I'm thinking one 24" landscape and 1 24" portrait on each side. I need landscape cause I do a lot of photography and I need my images to fit on the monitor.

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The following user says Thank You to cunparis for this post:
 
  #10 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received



cunparis View Post
One other point to consider, futures have high leverage. Not good for beginners, especially those who don't have the discipline to trade on sim for 6-24 months. In that case it's much safer to trade a few shares of SPY instead of 1 ES contract. And for that IB is good.

This is true, and also helps make sure they are properly capitalized (to meet the 25k day trader requirement).

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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