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Post by rambling on Dec 8, 2015 7:11:10 GMT -5
Hi all, I'm just getting started with setting up my platforms. I've been looking mainly at 3 options: NT with FXCM data, Prorealtime, MedvedTrader (formerly QuoteTracker) with IQFeed. I noticed there are significant differences between charts of different packages, even between NT7 and NT8 with the same data provider (same login even). But the most disturbing is the difference between ProRealTime and NT, the charts are completely different. Can someone enlighten me what's the deal with that and how best to approach it? Thanks! NT7:  ProRealTime 70 ticks:  ProRealTime 140 ticks (looks more like the NT FXCM chart):  |
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Post by traderAllen on Dec 8, 2015 10:35:07 GMT -5
It's due to the fact that unlike the stock market the Forex market is decentralized, meaning each broker since their own price with their own unique data feed. FXCM for example uses a data feeds from 10 different sources combines it to show the best bid and ask. When you create your chart, start with following FPAS method. Set up one chart with a one minute data feed. Then set up a tick chart and adjust the ticks till they BestMatch the one minute chart. That will give you a good starting point.
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Post by rambling on Dec 8, 2015 11:16:47 GMT -5
It's due to the fact that unlike the stock market the Forex market is decentralized, meaning each broker since their own price with their own unique data feed. FXCM for example uses a data feeds from 10 different sources combines it to show the best bid and ask. When you create your chart, start with following FPAS method. Set up one chart with a one minute data feed. Then set up a tick chart and adjust the ticks till they BestMatch the one minute chart. That will give you a good starting point. Sounds like you're not overly concerned about those differences between the various feeds. I can understand this in the context of some of the setups such as BB and RB, which should be similar across different feeds. Also in terms of the general location of the setup and the underlying trend. But what about setups that depend on candle shape, such as DD? Some feeds may print dojis at a certain location and some won't. To bring it back into the practical realm, do you just stick to one data feed and forget about this issue trusting that over the long run it will smooth/balance out or do you have a different approach to this? Finally, did you post anywhere your current setup in terms of tools, data, s/w, broker etc. that I can refer to? Thanks. |
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Post by traderAllen on Dec 8, 2015 12:18:27 GMT -5
As long as you're going with a major broker you should not have an issue. Recently my account was switched over to tradeKing. Their data feeds was horrible and unusable for scalping. So yes there is some concern. I don't like paying for data feeds when you can get them for free from FXCM and others.
As far as my set up I have a lifetime, multi-broker license with ninja trader (keep in mind I'm profitable so I can spare the expense) I use ninja futures for the futures contracts I trade and I now use FXCM for my spot Forex trades. If you're just starting out you want to keep your expenses to a minimum. An example would be you can open a account in the US with TD Ameritrade for I think $2000 deposit and use their thinker swim platform which has a 133 tick chart. While not perfect it does work well enough to get you started without having to occur monthly fees or paying out of thousand dollars, for a method that may not work for you. Once you are profitable and your trading your method every day then it's time to spend the money on a platform like ninja trader which is excellent it makes your job easier and convenient. I recommend doing this in the way I did it. I paid for my ninja trader license with profit from my account therefore I've never taken money out of my pocket.
It takes a long time to learn how to scalp the Forex markets. There are lots of participants the more you know about other participants and how they trade the better you will be at placing your trades in front of there's so that their orders run yours to profit.
Any computer that was purchased in the last year is sufficient. I do not recommend Windows 10 it's very slow stick with Windows 7 or eight. You only need one monitor keep your method simple you have to quickly determine where the buyers where the sellers and which one is in control. You can do that if you're looking around at different monitors, or listening to music or have other distractions.I do a large part of my trading on a surface Pro three over a 4G LTE hotspot.
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Post by rambling on Dec 9, 2015 8:00:36 GMT -5
Thank you Allen for taking the time to reply in length and all your advices. I'll go with FXCM data feed in NT.
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Post by maxmnn on Oct 29, 2016 15:30:21 GMT -5
Hi all,
I wonder if there such thing as "last traded price" in FX tick feeds at all? Or are they just bid & ask, either top of the book or maybe with some depth?
Anybody here with ProRealTime or IQFeed or Kinetick? What FX option do you use - basic or advanced?
The reason for my questions are probably easy to guess. I'd like to try myself at Bob's FPAS method. As a complete novice, I won't be trading full-time, will use a very small position size, just above the paper trading. So I wouldn't like to pay more than necessary for the feed. On the other hand, I'm concerned of obstacling my own learning path with a poor feed.
@ Allen, thanks for running your encouraging web page and taking time for explainations in forums
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Post by traderAllen on Nov 2, 2016 0:06:26 GMT -5
Most charts are in bid, some platforms let you chart in ask. But it is not needed and confusing. Open a small account with TDAmeritrade if you are in the US. You can get free data. Do not pa for anything at your skill level. I use NinjaFXCM which is Kinetick data. forex does not have depth of market, there are too many "market makers".
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Post by photize on Nov 4, 2016 9:42:39 GMT -5
You can also trade Volman with MT4 and a $40 plugin, I have posted it then you can open accounts from $50 or good low spread from $200 like Pepperstone 0.0 to 0.3 spread generally and a small commision.
enjoy
Pho
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