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New to trading , i've been researching a lot about platforms and a bit overwhelmed at the moment. There are so many options plus brokers. I've been doing a lot of research and read about DOMs, that's an important feature for me.
I recently purchased the jigsaw package with the "lifetime liscense" for 580$, however it's not up to my expectations, and there's actually a monthly fee. I have little desire to pay that much for just a DOM on top of the other fees. I actually purchased that because i read some advice that said it was good for beginners with the tutorials. However, i don't think someone who's new should spend that much on a good DOM with bad charts and poor tutorials and a subscription fee. I'm considering a refund.
Other research i've done has told me to use Trading Technologies platform. I've heard this platform has a good DOM as well as good charts. I'm just a bit confused on their pricing.
Other options i was considering:
Motivewave ? How is their dom ?
Sierra charts? (this seems popular , but im not sure it's for me)
Bookmap? The heatmaps look useful, but im not sure it's a needed feature.
There's also Lightspeed? not sure if this has a DOM?
I'm also concerned with execution time. I heard TT has the best execution time?
TLDR: Which platform should i use for scalping with charts + DOM (w/ volume profile). If you could recommend a broker that would be helpful as well.
Can you help answer these questions from other members on NexusFi?
TT is mega expensive. Sierra Charts is a good option however the platform has a higher learning curve. In terms of speed Sierra Charts is very fast you can watch comparison videos on youtube and decide for yourself. If you're new Multicharts could be another good option which is free with some brokers. Sierra Charts was free but now you have to pay a monthly fee.
Since you want to use the DOM and scalp nothing will beat bookmap for that. If you would like to incorporate volume profile to graduate away from scalping to more of intraday swing trading then sierra charts would be great for that. Preferably bookmap on one monitor, sierra on another. And also since you want to scalp you will need a broker that will let you pay a monthly fee for no commissions and tradovate will be good for that. And you can trade with tradovate through bookmap. Keep in mind the monthly costs for all this will be expensive though.
The live license for Jigsaw is $50, and only required for "real money" trading. You will start on sim anyway and if you can't cover $50/month when trading a real account then you unlikely to be consistently profitable.
Surprised that you say that despite being new to trading the Jigsaw tutorials are poor. There is hours of videos and webpages in a beginner's section and three part order flow course.
I agree the charts aren't the best, but then they are still in Beta. They have lots of the standard indicators and will eventually be decent enough. Prop shops start people on the DOM anyway and only add charts later for some larger big picture context.
TT was/is the professional choice for prop firms and so on. That has never been free and had a high monthly cost though I think some brokers now offer it subscription free but with an additional round turn fee, not good for a scalper. You get what you pay for, professionals understand you have to pay for good products.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
No one who wants to be a DOM/Price Ladder trader will ever be happy with NTs DOM, they also wouldn't settle for chart trader. I'm a fan of chart ladders, but if this guy wants to learn DOM, then he needs to learn DOM on a quality ladder.
OP. Why not just stick to Jigsaw? You already spend your money? They have tons of education? The platform supposedly has charts now (I haven't used my jigsaw license in awhile, but I might give it a run because there are some things I wanna to test again (I use TT))) You also only need to pay the $50/m if you go live. If you are this new, then you prob should wait to go live. TT is also $50/month + around $0.30 aside.
