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CFD/Depth and sales platform, help wanted.
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CFD/Depth and sales platform, help wanted.

  #1 (permalink)
Brisbane, Australia
 
 
Posts: 95 since Mar 2018
Thanks: 72 given, 26 received

CFD/Depth and sales platform, help wanted.

Hello I'm attempting to learn the order flow scalping method of trading which requires a platform that has a good DOM displaying the market depth and sales/order flow, I also have little capital and wish to trade CFD's to start out, does anyone know of a trading platform (and CFD broker) that displays the market depth and sales?

I have been recommended: Sierra chart, CQG Qtrader, within the demo of Sierra chart there is a list entitled "CFD" but I'm not sure on the brokers that offer them through the software and how exactly to get it all set up, I am starting to get headaches so I thought that perhaps some people on here could help?


Thank you.

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  #2 (permalink)
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  #3 (permalink)
Liberec, Czech Republic
 
Trading Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Dorman/CTS
Favorite Futures: ES
 
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Posts: 11 since Dec 2014
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CFDs are usualy traded with broker which is market maker and therefore is no market depth

You can use official exchange futures data and trade CFD equivalent based on futures data with market depth

Sierra offer CME globex data for

$33 sierra fee
$25 data providing fee
$42 CME Globex data

https://www.sierrachart.com/index.php?page=doc/SierraChartRealTimeFuturesStockDataFeed.php

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  #4 (permalink)
Brisbane, Australia
 
 
Posts: 95 since Mar 2018
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skepsi View Post
CFDs are usualy traded with broker which is market maker and therefore is no market depth

You can use official exchange futures data and trade CFD equivalent based on futures data with market depth

Sierra offer CME globex data for

$33 sierra fee
$25 data providing fee
$42 CME Globex data

Hmm that is an excellent idea but I'm not sure if the dynamics of it would work very well for scalping, what about placing limit orders and moving stops fast etc? I suppose if all I needed to do was market orders it would work quite well, any experienced order flow scalpers here? are you using market orders very much or?

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  #5 (permalink)
Market Wizard
Tallinn, Estonia
 
Trading Experience: Beginner
Platform: SC
Favorite Futures: NAS100
 
lemons's Avatar
 
Posts: 895 since Nov 2010
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CFD spread it too wide for scalping.
Example if we take West Texas Oil spread is 7, if we compare it to futures CL then disadvantage is 70 $ for CFD.

Oanda spreads https://www.oanda.com/forex-trading/

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  #6 (permalink)
Brisbane, Australia
 
 
Posts: 95 since Mar 2018
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lemons View Post
CFD spread it too wide for scalping.
Example if we take West Texas Oil spread is 7, if we compare it to futures CL then disadvantage is 70 $ for CFD.

The spread is too wide? as in say spread at 0.20c per contract, I buy 1000 contracts and the market price moves up a maximum of 20c bringing me to breakeven paying off only the spread of my purchased contracts? or do you mean something else?

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  #7 (permalink)
Market Wizard
Tallinn, Estonia
 
Trading Experience: Beginner
Platform: SC
Favorite Futures: NAS100
 
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Revan View Post
The spread is too wide? as in say spread at 0.20c per contract, I buy 1000 contracts and the market price moves up a maximum of 20c bringing me to breakeven paying off only the spread of my purchased contracts? or do you mean something else?

You are learning and have little capital and you want to buy 1000 contracts.
Go for it


Last edited by lemons; March 26th, 2018 at 03:38 AM.
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  #8 (permalink)
Brisbane, Australia
 
 
Posts: 95 since Mar 2018
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lemons View Post
You are learning and have little capital and you want to but 1000 contracts.
Go for it

It is an example.


My query stands, if anyone would care to explain, thank you.

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  #9 (permalink)
Market Wizard
Tallinn, Estonia
 
Trading Experience: Beginner
Platform: SC
Favorite Futures: NAS100
 
lemons's Avatar
 
Posts: 895 since Nov 2010
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Revan View Post
It is an example.


My query stands, if anyone would care to explain, thank you.

20 c to breakeven in futures market CL contract you will be ca. 195 € in profit ( depending in commition size ).

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  #10 (permalink)
Elite_Member
Wiltshire, United Kingdom
 
Trading Experience: Beginner
Platform: Jigsaw daytradr
Favorite Futures: US Equity Index Futures
 
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Posts: 694 since Sep 2013
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With futures markets you pay commission on every trade however you enter. With a futures platform if scalping you can try to buy the bid instead of hitting the offer with a market order. For crude oil the spread is usually 1 tick, which is $10 on one contract and an easily available commission of $5 or less per contract. Therefore one could get in on a trade paying only half a tick in commission and also entering on the favourable side of the spread for a good proportion of trades with limit exit orders working in the market.

From Lemons' Oanda example he gives the West Texas Oil spread as 7 ticks. There is a thread in Elite Trading Journals called the Scalper's Journey where people talked about taking 5x5 trades, ie banging out 5 tick scalps on five lots ($250). They were taking profit at five ticks whereas with a seven tick spread you wouldn't even be at break even on the trade.

Scalping is very difficult for most people to do consistently well and beat their costs or not have lots of small winning days punctuated by occasional much larger losing days which makes their overall expectancy negative. Trying to scalp on a platform where the broker earns their money from the spread would make it much harder still.

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