Corroborating Prices are Accurate

[redart007]

I have a EOD data feed that is pretty accurate and just wondered how others keep check that the prices quoted by SB companies and within their charts bear some resemblance to the truth? - especially in the process of putting a trade on?

I dont rely on their charts as have found major discrepancies between them and what actually occurs.

cheers

Red

 

[Windowsill]

I have a EOD data feed that is pretty accurate and just wondered how others keep check that the prices quoted by SB companies and within their charts bear some resemblance to the truth? - especially in the process of putting a trade on?

I dont rely on their charts as have found major discrepancies between them and what actually occurs.

cheers

Red

Your charts are pretty accurate with what?

If you are with a spread betting company, surely their charts would be more appropriate. I can't see why you are comparing the charts. I won't elaborate as I'm sure you see my point. There may be other reasons you are using other charts, presumably testing a system, but at the end of the day you have to play by the Spreadbetting Companies "rules" so you may as well get used to them.

 

[lurkerlurker]

Hi Red

Depends what you trade. I would advise keeping a live price (or if you can't do that, another SB price) up for the instrument you are trading. Some SB companies bias prices from time to time (market makers do this in order to balance their book by tempting the other side of the trade). Some firms don't ever bias, and some bias from time to time. Sometimes the price can be incorrect as well, which will result in the SB firm breaking the trade with you. It is therefore quite sensible to keep a reference price open, and not deal on a SB price which is biased against the direction you wish to trade, or is too far away from the underlying price to be considered accurate.

I'd suggest OpenTick for US instruments, and the CBOT website for live books for the YG and YM contracts.

Hope this is helpful.

 

[redart007]

Thanks, its helpful.

I have been playing with a Futuresbetting.com demo which gives you live prices and DMA, but will need a bigger account size. However atleast I feel asif the I am Trading against the market and not the Bookmakers Market. Yes i am aware there is a spread in there price, but they make money on the spread so not manipulating the price and everything else in there favour.

Red

Hi Red

Depends what you trade. I would advise keeping a live price (or if you can't do that, another SB price) up for the instrument you are trading. Some SB companies bias prices from time to time (market makers do this in order to balance their book by tempting the other side of the trade). Some firms don't ever bias, and some bias from time to time. Sometimes the price can be incorrect as well, which will result in the SB firm breaking the trade with you. It is therefore quite sensible to keep a reference price open, and not deal on a SB price which is biased against the direction you wish to trade, or is too far away from the underlying price to be considered accurate.

I'd suggest OpenTick for US instruments, and the CBOT website for live books for the YG and YM contracts.

Hope this is helpful.

 

[lurkerlurker]

FuturesBetting is my next destination. I could get an account now, but I'm not ready to commit 10k and full lot sizes to my trading just yet.

Meanwhile, I will trade in the bucket shops. As I understand the FuturesBetting system, you see the real market prices, so if you hit a bid on the Dow at 13455 they say you sold at 13453 if their spread is 4 for example. So do you see the real market price, or their price, in the time and sales?

I should contact them for a demo actually.

Best of luck with your trading.

 

[redart007]

--- so if you hit a bid on the Dow at 13455 they say you sold at 13453 if their spread is 4 for example. So do you see the real market price, or their price, in the time and sales?

Yes as far as I know you can set it to see the live price or the spread price when you mouse over the market, its very fast.

After betting with SB's and waiting for them to give you a price, then someone on the other side deciding whether to except your position - which can take for ages... This is instant, click on the market and your in...you can place orders etc, bring up a ladder and watch the market, buyers and sellers on each side...

-- I should contact them for a demo actually.

Contact, Andrew Woolley, [email protected], there very helpful and will answer any questions, the demo account is unlimted funds and is reset each day so you can try out stuff...which is what you need if you havent traded a ladder system. Think they are packaging a basic chart software at an extra cost, no yet available.

-- Best of luck with your trading.

Thanks - you too..