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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
It can be done for less. Kinetick is a white label from NinjaTrader for IQFEED and is some what less expensive. The difference being Kinetick works only with Ninja and only one connection at a time. IQFEED works with many platforms and can be connect to many at the same time. I sometimes do NT8 and NT7 at same time, for example. I always connect NT8 and PriceSquawk to IQFEED at the same time.
One reason I use IQFEED is for the excellent market internals and the ones they calculate too, hundreds and hundreds. Great stuff! You can get data included with many brokers but the draw back in my eyes is the lack of market internals which to me are extremely important and I'm blinded to the bigger picture without.
Only fees for IB is if you aren't trading and have lower than $100k in your account, other than commissions. Otherwise they pay you a tiny bit of interest.
At some point Ninja will have they own volume profile tool or tools but they give no timeline.
I feel choosing these 3 party tools is a paramount decision. You want to look for quality programming skills. Code introduced into Ninja basically becomes an integral part of it, and any errors wreak great havoc and cause many nightmares. Choose wisely. For example I use Rancho and Troy is an ex-Microsoft engineer hold software engineering patents and understands a Windows environment well. (Not plugging him just explaining my choice)
Also some brokers have a version of Ninja included I think.
There are many ways one can get set up to trade futures. Can be done with more "bells and whistles " or more streamlined.
What are some of the market internals you benefit from with IQFEED that you wouldn't get with standard broker data? Is IQFEED a data provider that plugs into the CME exchange? So I would be paying IQFEED for access to the instruments provided on the CME?
I think (from my very limited futures knowledge so far) that I will be heading in the direction of trading directly off the charts with price action and volume analysis. I prefer keeping things as simple as possible and Im not keen on automating anything.
Im still doing research on the most appropriate platform to use for my circumstances and by no means am I stuck on Ninjatrader. It just happens to be the one Ive installed because it seems to have good reviews on this site. What would you 2nd option be if you couldn't use ninjatrader?
On the ninjatrader site it says '$.53 per contract'. Is this my cost to enter the market and buy a single contract? So a Roundtrip would cost me $1.06 for any contract I wish to trade?
The $0.53 is the NT Brokerage commission, to that you need to add clearing fees, exchange fees, regulatory fees. In total for a lifetime license the commission is $3.62 per round turn for the ES it is more for other contracts. You need to look at the "all in commissions" on the NT web site.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
Here is a quick video I made for you on my internal from IQFEED...
and here is an example of my data I get from them...(made this IQFEED pic for another post that's why I put a rectangle around the market depth info)
Volume at price is infinitely better IMHO ...meaning volume displayed on the y-axis.
Sierra Charts seems good too. I like the lifetime license deal though. IMHO there is no perfect platform and the grass is never as green as it looks like once you jump over the fence to the other platform. Different group of problem than you had in your old platform and now you have to become familiar with these new issues. 6 of 1 half a dozen of another....pick you poison and stick to it..... type idea.
I am a discretionary trader.
Ron
Edit: grammar
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
For clarification, NinjaTrader can be acquired in various ways.
Fully functional simulation only - Always FREE
Basic live trading version - FREE (with NinjaTrader Brokerage account)
Live trading version lease - $60 per month paid quarterly
Live trading version lifetime license - $999
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.