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Webinar: Where to start as a trader?


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Webinar: Where to start as a trader?

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  #41 (permalink)
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
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Posts: 273 since Nov 2009
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Mike,

You did mention in the webinar Forex broker providing free platform and data.

What are your thoughts on subscribing to 3rd party data provider such as Kinetic, IQfeed, eSignal, Sierrachart?

I know there's no centralized exchange for forex so datafeed can be off by 1or 2 pips if you opt for a 3rd party feed.

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  #42 (permalink)
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torroray View Post
Mike,

You did mention in the webinar Forex broker providing free platform and data.

What are your thoughts on subscribing to 3rd party data provider such as Kinetic, IQfeed, eSignal, Sierrachart?

I know there's no centralized exchange for forex so datafeed can be off by 1or 2 pips if you opt for a 3rd party feed.

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.

Mike

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  #43 (permalink)
Malaysia
 
Experience: Beginner
Platform: Multichart DT
Broker: MB Trading
Trading: Fx
 
torroray's Avatar
 
Posts: 273 since Nov 2009
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Big Mike View Post
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.

Mike

Mike,

On the webinar you said you trade forex with MBTrading with their platform DesktopPro.

How do you analyze when most of your custom indicator is built on another platform?

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  #44 (permalink)
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torroray View Post
Mike,

On the webinar you said you trade forex with MBTrading with their platform DesktopPro.

How do you analyze when most of your custom indicator is built on another platform?

I don't use any custom indicators any more. And zero indicators with MBT.

Mike

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  #45 (permalink)
Newcastle, Australia
 
Experience: Intermediate
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Hi Mike
Im away on holidays so have not seen your webinar yet.
Why don't you use multicharts. As your forex trading platform?

Neil.

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  #46 (permalink)
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NW27 View Post
Hi Mike
Im away on holidays so have not seen your webinar yet.
Why don't you use multicharts. As your forex trading platform?

Neil.

Sent from my GT-I9100T using Tapatalk

I do use MultiCharts.

Mike

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  #47 (permalink)
Austin Texas/USA
 
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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!

,...Gustav

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  #48 (permalink)
Laramie, Wyoming
 
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Hi Mike,

Do you have any idea as to when the second webinar in your series is coming out?

Thanks for all your time and effort. It is greatly appreciated.

Madelynn Johnson

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  #49 (permalink)
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madelynnjohnson View Post
Hi Mike,

Do you have any idea as to when the second webinar in your series is coming out?

Thanks for all your time and effort. It is greatly appreciated.

Madelynn Johnson

I don't know for sure, sorry. It will be as soon as I can comfortably get to it.

Mike

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  #50 (permalink)
New York, NY
 
Experience: Intermediate
Platform: TradeStation
Broker: TradeStation
Trading: Forex
 
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Posts: 33 since Feb 2011
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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?

Philippe

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