TradeStation - any users here?

[dclinton]

Is anyone here using TradeStation for Nasdaq Level II trading? I am currently trying to decide on a platform and have narrowed my choice down to Lightspeed and TradeStation based on commission charges.

However, TradeStation are unable to offer me a demo to try so I'd appreciate any input from happy or unhappy users.

Thanks,
Doug

 

[TWI]

I used TS for many years, only reason I do not now is because they do not have European exchange data. It is a top platform and I think very reasonably priced when compared to others like CQG

 

[dclinton]

Have you used the lates version? I'm particularly interested in whether their approach to the Nasdaq level II order book is an improvement over the more traditional style, and whether the automated trading is worth anything.

Doug

 

[TWI]

I have used vr.7 but didn't trade Nasdaq level II, so cannot help on that score . Automated trading looked good but all the orders I saw used that way were limit orders so you have to keep an eye on it. I always executed elsewhere so didn't use the automated feature myself.

 

[Naz]

Lightspeed is an excellent Nasdaq level 2 trading platform. i've used it before.I also use Tradestation charts,version 7.2,which i like.Put both of those together and that would be very good.

 

[dclinton]

Hmm interesting. I've got a non-brokerage subscription to TS to try the features before committing $30,000 to an account. I've been using eSignal for a while now and think the TS charts are not a patch on eSignal for features and ease of use. Where TS wins is in its programming capabilities.

I am also very attracted to 'the Grid' in TS which is a unique and, seems to me, useful alternative view of the level II data with the facility to enter trades with a single click. Of course, the real test is in actual real-time trading which I haven't yet had a chance to try.

My contact at E*TRADE has given me access to a demo account for use with LightSpeed but it's not ideal for evaluation. Firstly the data feed often dries up during the day and it is 20-minute delayed which means I can't use it along side any of my other tools in a realistic environment. You also need to connect via a VPN into their network which is an added level of things which could go wrong in a real-time situation and makes me a bit nervous. The LightSpeed software itself looks quite funky and seems to have a lot of power (especially if you get the keys mapped the way you like) but behaves very differently from the windows norm.

It's a tough decision to make.

 

[glamllc]

I have not used Lightspeed, but have been on TS platform for about 2 years. And I live in US. I like TS a lot, especially version 7.2, which allows you to link many open windows so that you can send a symbol to multiple time-frame charts with one single click, 5-min, 60-min and daily, etc. This is the feature that I use most often. Version 7.2 also offers a "Matrix" window, which presents Level II data in left (bid) and right (ask) frames and allows easy order entry (single click) or order parking, a wonderful feature for ultra active trading.

Version 7.2 also has an add-on called RadarScreen, but in my view it is more advanced monitoring and alerting feature, which can be set on technical criteria (MA cross on intraday chart, etc) rather than just price and volume. It is resource intensive if you have large list to monitor. And it costs more. So I dropped it after free trial.

I am not gifted at programming, even though I made a feeble attempt at that, so I cannot say much about automating trading and am unable to take advantage of automation that many traders go to TS for. But I will stay with TS for now because it is a trading platform, not just a charting software and the commission is only 1 penny a share.

Well, this is the 2 pennies worth of opinion on TS, from a trader in US. I am not sure if TS is also available in UK as a trading platform, i.e., as a broker. Perhaps someone can shed some light?

 

[TheBramble]

Yes 7.2 is available on the same broker/non-broker basis, but many European traders prefer TS2000i (which is no longer supported).

The reason being that TradeStation as a brokerage operation (as integrated into 7.2) do not support the full range of European stocks and instruments.

Traders using TS2000i though can plug in whichever datafeeds best support their trading activities - something you can't do with 7.2

 

[dclinton]

glamllc - can you comment on the speed and reliability of the order execution in TradeStation 7.2? I am considering it for Nasdaq Level II trading and the ability to get in and out of trades fast is obviously crucial. I'm particularly interested in wheter trades paced via the Matrix are as fast as those placed in the order bar.

Doug

 

[glamllc]

Doug--I am more of a swing trader, and occasionally scalp some, so have not used Matrix for order entry. But I don't see why it will not be as fast since orders are placed through the same routing server or mechanism. But I will do some experimenting and let you know. As far as speed and reliability of execution, it is instantaneous with NASDAQ stocks, if you sell at bid and buy at ask, long or short. Of course, there are instances when a crazy stock moves fast away as soon as you put in your limit order, as it happens with any trading platform. I never use market orders on fast moving stock, so I cannot comment on execution of market orders. With NYSE listed stops, it is not as instantaneous for obvious reasons, unless you route the order to an ECN. So I avoid scalping on listed stocks on the short side. Hope this helps.

GL

 

[dclinton]

Thanks glamllc. That's really useful. The more I use TS as a data platform the more I like it so I'll probably adopt it for trading as well.

The programming language has its quirks, but I'm starting to get some useful results out of it. Not so much for automated trading yet, but creating ShowMe 's to spot breakouts and the like.

Doug