I just found out from my broker that the RealTick platform fee is increasing by over 25% next month. I usually don't pay a platform fee, as my trading volume is large enough that my broker rebates the cost - but they also informed me that the threshhold for getting that rebate is increasing too. So the bottom-line is I may be looking at an added expense.
I like RealTick, I have been using it for years, and it does everything I want. But, I thought I would use this news as an opportunity to evaluate what everyone else is using. If you are using a direct-access broker, I would like to hear from you. Please leave a comment regarding your platform and broker, and your thoughts on the functionality and reliability. All comments are appreciated!
edit - I should clarify...RT is what I use for charting, and it is integrated to my broker. I am looking for feedback on what you guys are using for your real-time charting, as well as feedback on your broker. But I am most interested in the charting - the functionality, flexibility, toolset, et cetera. Thanks!
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I don't use a direct access broker. I just use a discount broker in Scottrade. I feel that I have never needed a direct access broker. The execution is a blink of an eye so a few milliseconds difference doesn't affect me because I am not a scalper and prefer to make as few intra day trades as possible.
Cyber has always worked well for me. Been using them for a few years now, and there are problems now and then but for the most part nothing major.
kc - thanks for the feedback. What charting software do you use?
How much would you have to pay for realtick monthly without the rebate? Just curious.
I just use Scottrade's charting software. They basically have 2 platforms, Scottrader and ScottradeElite. I have always just used Scottrader since I don't care to look at Level II, use Trade Ideas, or anything of that nature. My needs of streaming charts with price bars is satisfied.
You can take their free tour at
http://www.scottrade.com/ if you want to check on their platforms and see how it is.
If you decide to go with them, I'll have to give you my name so I can get 3 free trades out of it.
I use Quote Tracker to chart with the feed coming for Interactive Broker.
QT is free. The 'no-ads' version is available with a funded Ameritrade account.
I am currently trying out QT. It is OK, but I found the following a little bit annoying: QT is “portfolio driven.” What this means is that in order to view a chart, you have to first have the stock symbol into a given portfolio, and only after the symbol is in a portfolio you can open the chart. In other words, you cannot change the symbol for a chart that is already open. The workflow is: create a portfolio, add stock to an existing portfolio, display that portfolio, choose the desired symbol, open the chart, and backfill the chart data. That is a long way to get a chart open.
I like better the software that allows you to go to the stock symbol in the chart itself, change it, hit enter and boom, you can view the chart right there. So if you are flipping through many charts throughout the day (as I do), then QT is a bit inconvenient.
anarco
To change the chart quickly in QT you can just type the symbol in an opened chart window. You can also set the option to auto-backfill so you won't need to request a backfill on each symbol.
Prosperity
I use scottrade it just plan and simple. Works for me even if I trade intraday. Don't use indicators at all except maybe a 20 sma as my guide.
QT hogs down your computer so I don't use it. It really slows things down. Its for the novice trader. Many years ago QT was ok and did not slow computer.
Hello.
Like your Blog, keep up the good work.
I use QuoteTracker for charts (with DTN-IQ feed) and IB for broker.
I haven't had any probs with QT in terms of CPU usage or performance. And one of features I do like is their "paintbar" concept where it marks on the chart a NR3 , NR7 bar or example so makes it easier to visualize.
Thanks
Thanks
hi tom,
I use metastock pro real time v9. the advantages are that you configure the thing left right and centre there are absolutely no limits on how you want to set it up. if indicator fetish is your thing well...welcome to chubby land big fella. Aside from that there are a number of other features that i can go into if you are interested. the big thing that you would probably like is the explorer which does a market scan based on the criteria you feed into the exploration file. i would describe it as the britney spears of market/charting/scanning applications - does everthing, sings, dances, kisses madonna, dosen't wear panties etc etc
Cost wise, at the moment i buy a data feed from esignal which for 200 symbols and an exchange fee of 7 for the London exchange and 4 for NYSE and Nasdaq and a base of 125 per month. The 200 symbols are for what you want to feed and store locally on your hard drive. if you don't want to do that you use the direct feed from esignal as long as you don't have 200+ charts open simultaneously. The only draw back of using the direct feed is that the scan take longer.
My Nasdaq database has 700 equities in it so a standard gap scan will take about 8-10 minutes. With the 700 feeding locally it takes about 8 seconds.
The other draw back is initial cost its about 2000 to buy but i was lucky and picked a genuine second hand one off a burnt out futures trader for 300 bucks.
Aside from metastock you can still hook up with esignal direct and use their own charting package which doesn't look too bad. The scanning faciltiies looked a bit crap to me (and expensive) when i trialled them and comparing them to real tick which i briefly tried, RT scanning looked superior.
There is a eurpoean outfit called pro-realtime which has a really attractive charting package and a few other nice features. if you want some more info holler.
Anarco,
As Anon said, in QT just start typing on an open chart window and a popup will appear to change the symbol.
Never had CPU problems with QT and it has some of the best charts out there.
Hey Tom,
Real Tick is the best. Unfortunately, it's way too pricey here in Canada, so I'm using Esignal which is a close second. My broker is IB (no frills) so I have to pay for my charting package approx. $150/mth depending on the exchange rate.
I tried QT, but there's too much fidgeting required to add/remove studies. Also, found that using IB as my datafeed resulted in a lot of inaccurate charts when compared to Esignal and Stockcharts.com, the latter two of which were identical.
I don't want to trash QT, as I know a lot of traders love it, but when you are used to driving an expensive car, a....... just won't cut it for you.
Good trading!
I appreciate the detailed comments so far - they are very beneficial! I will let everyone know what I do.
If anyone else wants to add, please do so.
for the way you trade... I don't see any reason why you wouldn't love Quotetracker.
im not the most tech saavy guy, but CT worked pretty well for me. i bolted with the switch to scwab & have never really settled anywhere else. ive used IQCharts for years for swing trading with discount broker - i would NEVER try & daytrade off their intraday feed; ive watched their feed vs RT time & sales.
i use DTN with QT for a DA acct(been working alot for months now & havent been doing much scalping), and i have a discount broker account for LT positions. i really like RT platform, but i still get into long stretches of working my biz, so i try to keep overhead low. when work slows, ill probably switch - QT is free & tech/customer support is great, but paying for a superior platform is cheaper in the long run.
has anyone written scans for trade ideas to scan for specific set-ups?
doesnt RT have a middle of the road platform service for like under $200?
a word to the wise (newer traders). direct access is the way to go... you can get trades at $.0025/share, so if you are scaling in or out, the savings REALLY add up and you dont have as bad slippage. if you ever get RT "time & sales" and compare it to the L-I bid/ask that you are now trading from, you will have an epiphany! wait until we get into REAL volatility and you arent really seeing where the market is, and you cant get out or get "order queued" message. im not disrespecting anyone, thats been my experience.
I'm not sure if tradestation is available to you but I have recently switched to them and like the platform and price point. Nice charts w/ the ability to not only link windows but to link intervals as well. I ended up choosing tradestation because the platform is basically free to active traders (you pay and choose your data through them). Overall it's a fully custimizable platform with all the tools you could need. In my search I read many good and bad reviews of all and ended up very confused but in the end I went w/ the cheapest option for me. What ever you choose I wish you luck and appreciate the time you put into the blog.
qqqball,
Where do you get $0.0025 per share trades ?
Nice blog - I use tradestation and Schwab(was cybertrader) - I like schwab as they are always updating and charts are on tee. I have used them for 5 plus years, they switched from cyber to scwab in december - same platform.
GreyTrader,
sorry, i just saw your Question. i'd like to email the info to you, i dont wanna get in deep poop somehow with the broker. post a temporary email address & ill contact you.
Tom,
Did you ever maker a decision on your trading platform?
Vic.
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