HELP -> Moving off SB . next steps.

[jklondon]

Help sought from some pros on here.

Basically I have been spread betting for about 5 months. I have succesfully doubled the amount I put into my account for margin in that time through going long and short on US/UK indicies , UK Single Stocks and Binary Bets on the DJIA.

I am looking to move out of this arena in a more 'proper' form of trading.

1) What is the best package for realting prices and charting ?
Am I right in saying Sierra Chart with MyBroker is a good package to begin with ?


2) Anyone tried QuoteTerminal ? They are data providers , fairly new http://www.quoteterminal.com/

3) Anything else ...?

Many thanks - I know that theres already a lot of info in the forum and I am mining it as I write ...!

JK

 

[Trader333]

£89 per month + VAT and exchange fees is very expensive in my view.



Paul

 

[FTSE Beater]

Hi JKLondon

Welcome to T2W

I would go with the Sierrachart / mytrack combination and look to IB as a broker. This should give you the versatility to trade the markets you want

The only other thing I would add is write down your strategy NOW. Everything from holding period to entry and exit criteria, and then use the same method when trading through a broker. You don't want to start over trading and changing a winning formula

HTH

 

[jklondon]

thanks FTSE Beater - slightly confused , isint mytrack also a broker but a British one ??
Does IB allow trading of UK Stocks ?

 

[Trader333]

Yes IB does allow trading of UK stocks and with a program such as Quotetracker, which is FOC to use, you can use the IB datafeed to chart your markets. It doesnt have backfill data so it may be necessary to subscribe to an EOD provider that gives intraday data for the day just passed. Using IB with something like Quotetracker is by far the cheapest way to get realtime quotes and the cheapest way to trade (all in my view of course).


Paul

 

[Glenn]

JK
Not clear why you want to change. If you are making money tax-free, then why change to something else where you pay tax ?
Why not just increase your stakes and carry on with your successful approach ?
Glenn

 

[Rognvald]

Trader 133
Could you give an example of an EOD provider that includes intraday backfill for the previous. I use Sharescope for EOD and am with Updata for RT TA but am considering a change due to cost, quality of data and unavailablityof exhanges I want to trade. I have an IB a/c and logically Sierra + mytrack seems to be the way to go. Thanks for your time.
Ron

 

[salmacis]

you have doubled your money via a SB account.
What the hell do you wanna change for ?

 

[Trader333]

Maybe he would have quadrupled his account using a direct access broker as trading costs are much cheaper than with SB. So even accounting for any tax due, he would be better off.


Paul

 

[Trader333]

Ron,

I use TS2000i that gives me backfilled data but this would not be of use to others, I am not sure who could be used for Quotetracker but it must be possible I would have thought and sorry not to be more use.


Paul

 

[FTSE Beater]

thanks FTSE Beater - slightly confused , isint mytrack also a broker but a British one ??
Does IB allow trading of UK Stocks ?

Hi JKLondon

Yes Mytrack is a US broker, but also a data provider

 

[jklondon]

thanks for the reply guys.

Shall look at IB this evening.

Why do I want to move away from a 'winning approach' - well basically I dont want to change what im doing ( although I am getting more hardened on technical analysis for entry/exits ) but SB is expensive ! It may not look like it - but ive done some analysis and I think IGINDEX are doing nicely out of me !!

 

[Rognvald]

Paul, thanks for that - I'm looking at various options now. I haven't ruled out TS but am a little daunted by the prospect of having to code things up for myself.

 

[JE2000]

jklondon why not just use deal4free. no commission just interest on long positions if held overnite.

 

[Trader333]

Ron,

I am not sure what you mean by "code everything yourself" can you elaborate because I think you may have misunderstood what can do without any coding at all ?


Paul

 

[jklondon]

ok had a chat with the IB guys ..looks reasonable !! bit too reasonable.

I was told

$10 for US Stock / Option / Future and Indicies in real time
£10 for UK equivalent.
(all per month)
Need 1.5K + in an account with them as well.

This all correct I take it ?

 

[Trader333]

IB are very difficult to beat for all round costs. Also as I said earlier if you use Quotetracker you can use IB as a datafeed as well FOC.

Paul

 

[jklondon]

yes - they look pretty good , are the ads that bad ? i.e. did you pay to remove them or just living with them ?

 

[peto]

No they're not bad at all, although if you pay you get an extra couple of days historical charts as well. It's not expensive to remove them from Quotetracker and I payed up after a thorough trial,because it seemed unethical not to

pete

 

[Trader333]

Attached is a Word document with two pages that show the two screens I have for my trading setup with Quotetracker. The images were too large to post on here and it is easier to see them this way I think.

On page 1 I have three charts, two Level II screens and Time and Sales Information.

Two of the charts are a 1 min and 5 min of the stock I am looking at and the third chart is the Nasdaq future. The Level II screens are of the same stock as the chart but one of the Level II screens is the Island Book.

On Page 2 I have my watch list for the day as well as S&P500, Dow Jones and Nasdaq Index.

I am quite impressed with Quotetracker when compared with other packages that are a lot more expensive.

It may be of use to those considering charting packages.

Cheers


Paul