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I am looking to try out ninjatrader and am somewhat confused by what is needed.
Is a data-feed alone enough or is it necessary to have both a data-feed and a brokerage account seperately?
I have seen some who said that just a kinetick data-feed is sufficient while others have mentioned of the datafeed and brokerage accounts.
If a seperate brokerage account is needed, why is there a need to have another data-feed subscription from another company especially when brokerages also have their own data?
Can you help answer these questions from other members on NexusFi?
All you need is NinjaTrader (free for sim trading) and a (compatible) data feed. EOD Kinetick data is included already, intraday data you would have to get, I think ZenFire have a 30 day trial.
For live trading you obviously need an account too, and you need to pay for NT to enable live trading.
Depending on your broker, you can get a free data feed and a "direct edition" of Ninjatrader which you can trade live with for free. The direct edition does not allow you to use strategies or ATM strategies and in some cases the chart trader, but all other functionality is there.
So to trade live using Ninjatrader, there is a need for a data service and brokerage. I do have a few questions.
- Is Zenfire a data provider or a brokerage provider?
- Does Kinetick provide brokerage services ?
- Do brokerage companies like TD Ameritrade and Mirrus Futures provide live data? If they do, why is there a need to subscribe to data feeds like Kinetick?
Several reasons why one might subscribe to a data service like Kinetick in addition to their brokerage feed.
- Back up --> In case the brokerage feed goes down
- Brokerage feed might not provide all the data a trader might want. Zen-Fire for example, does not provide stock data and Kinetick does
- Data quality, some brokerages like Interactive Brokers filter/throttle their data, Kinetick does not so a trader might have a need for unfiltered data
- Type and amount of data available, some brokerages like Interactive Brokers do not provide historical tick data, Kinetick does
