Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Thank you, very well thought out response. And I 100% agree that first I should learn the concepts behind order flow. There is so much out there that I’ve got lost, everyone is selling something and it all looks and sounds amazing.
I want to wire my brain, so to speak, the correct way for day trading futures. I had to unlearn somethings to become profitable at swing and portfolio and it took years. I don’t want to make those mistakes again. So I’m conscious to get it right from the start. Hope that makes sense.
FIO has helped me a lot, genuinely I’m so grateful for such an amazing community.
Thank you for your response, it’s very much appreciated.
Unfortunately, this is the common problem every new trader faces these days - Information Overload. There is an assumption amongst many that the more blinking fancy indicators trader has on his screen, the better chance he has to succeed. This is simply NOT TRUE. I have learned over the years that finding reliable patterns on the chart (yes, you can use Order Flow for this) and being able to recognize them is far more important than timing your entries based on some sort of an indicator or level. Keep it simple, use clean chart so you can recognize what you looking at and understand what drives the market auction. Use whatever tools you feel comfortable (OF may be ne of them).
Hi. I use Jigsaw, and Dave, the owner, is always responsive. It's very good platform and is of great value. Unfortunately, Jigsaw is transitioning to a stand alone platform. It' called DayTrader. I have never used it. I still use NT7, and the Jigsaw software is nearly flawless. There is a NT8 platform but it is missing some elements that are in NT7. When Jigsaw completes the NT8 platform, I would definitely purchase the Jigsaw platform. Good Luck.
You mention you are new to trading. First rule I have learned: is not the tool, it’s the trader.
If you are “tool-biased,” you are looking at a $10,000 tool chase; and, you will never get there.
The best tool there is, is between your ears. Learn to use that tool first with whatever free software you find. Ninja is got tons of tools you can use.
I use nt8. It has all the order flow tools. The only drawback is you have to purchase the life time license. Nt8 has so much 3rd party indicators and is an open source program so you can create your own programs.
It has cumulative volumes of DOM, VWAP, Volume Imbalance Footprint, Deltas, MAs, Volume Profile, POC, Time&Sales, Block Trades, Tick Chart, Range Chart, Time Chart with custom seconds.
Once you are familiar with the tool, but you find the scrolling data to be too fast to comprehend, Metatrader5 programming language MQL5 will provide you with all the live data into your program so you could write your algorithm and automate your trades.
All of the texts and graphics disappear during live trading to remove the extra load on the cpu. In live trading I only have my program (written in MQL5) and a simple 1-min chart with no indicators.
I've used Rancho Dinero for order flow going on 2 years. About 10 years ago I used Market Delta.
My personal opinion is keep it simple, pick a tool and stick with it. I would base the solution on NinjaTrader so you have flexibility.
In terms of competitive advantage, I like the Flowdometer approach which is similar to heatmaps of the order book. Rancho has a lot of configurability, so it takes time finding what you like and how you interpret what you're seeing. They don't offer much in terms of HOW you use their tools. e.g. setups. But that's all up to you anyway as there are too many variables. They provide enough to get started.
