CQG Platform

[smwinc 20]

Hello,

 

Anyone out there use CQG as their primary charting application?

 

Currently switching over to it in the office.

 

It is heavily used institutionally, but I can't seem to find much of a community as far as examples where the API has been used, custom indicators, etc.

 

Interested in other's opinions of the software.

 

We are switching over from predominantly using Esignal. CQG has the premium data quality and reliability, but you pay premium for it.

 

 

SMW

[smwinc 20]

No one uses CQG!?

[treadstone 10]

You pretty much summed it up already.

 

Fantastic data, flawless and reliable. Put it side by side with esignal or DTN IQ or IB or Transact etc and you will see the difference on an intraday basis.

 

At $600 a month however, it's not aimed at the average (read unprofitable) retail trader.

[cborjon 10]

It is by far the best charting system out there. I used it exclusively when I was working with an institution - and sorely miss it.

[Soultrader 12]

I started using CQG recently. It is by far the best charting platform I have ever come acrossed. I never even understood EL for TS but creating studies, conditionals on CQG has been a piece of cake.

 

You get what you pay for. CQG can run up to $2,000 per user /month depending on what you need. But definitely worth the price imo.

[brownsfan019 17]

You get what you pay for.

 

James,

While I would agree that CQG is a nice platform, the 'get what you pay for' thing does not always apply in futures.

 

Example - depending on what the person needs to trade, the charting that an Open Ecry, Infinity, etc provides can be more than enough and free. It does not mean you are using an inferior product, it means you do not need what CQG offers and charges for.

 

Any trader considering a package as expensive as CQG should make sure that they NEED this. An expensive charting package does not equate to being a good trader. Keep that in mind.

[torero 10]

I agree with BF on that. When you have such high expenses, you either make more than that to offset, that means you must be trading large positions. If you're experienced in making year in year out, the costs I assume are reasonable but for beginners or someone who needs little, it's overkill.

[smwinc 20]

Yes, if you're still progressing with your learning as a trader, the last thing you want to do is increase your variable/fixed costs.

 

Let's be real here. Imagine you were jumping out of an aeroplane tomorrow, and you're buying your parachute gear today. Do you go to Wall-Mart, and buy the cheapest brand, super-basic, 'generally works' parachute gear? Or do you get the worlds best, most reliable, safe as possible, gear?

 

I use TT & CQG. They are both expensive, but I can 100% rely on them. If something goes wrong, I can call someone who knows me personally, to fix it, NOW.

 

$2,000 / month is a lot of money, but keep it in perspective. It's less than the median salary in many countries. If you are an experienced trader, and making less than the median salary, something is wrong here.

 

Last night was a very nice day in the markets. I have a backup account with TransAct Futures, and received an email that they were having data outages right on the US Session open.

 

I was notified 42 minutes later (to be exact) that the TransAct data issues were resolved.

 

In the space of those 42 minutes, we had a 15 point move up off the open in the S&P e-mini. On 10 contracts, you just paid for nearly 4 months worth of data fees with CQG. Or worse, if you were trading with TransAct data, think about how much you might have lost if you were in a position.

 

I rarely use anything sophisticated in CQG - I'm paying for reliability.

 

Like any business, if you are always trying to cut costs, and choose the cheapest option, it WILL come back to bite you.

[Infinity_Tom 10]

Yes, if you're still progressing with your learning as a trader, the last thing you want to do is increase your variable/fixed costs.

 

Let's be real here. Imagine you were jumping out of an aeroplane tomorrow, and you're buying your parachute gear today. Do you go to Wall-Mart, and buy the cheapest brand, super-basic, 'generally works' parachute gear? Or do you get the worlds best, most reliable, safe as possible, gear?

 

I use TT & CQG. They are both expensive, but I can 100% rely on them. If something goes wrong, I can call someone who knows me personally, to fix it, NOW.

 

$2,000 / month is a lot of money, but keep it in perspective. It's less than the median salary in many countries. If you are an experienced trader, and making less than the median salary, something is wrong here.

 

Last night was a very nice day in the markets. I have a backup account with TransAct Futures, and received an email that they were having data outages right on the US Session open.

 

I was notified 42 minutes later (to be exact) that the TransAct data issues were resolved.

 

In the space of those 42 minutes, we had a 15 point move up off the open in the S&P e-mini. On 10 contracts, you just paid for nearly 4 months worth of data fees with CQG. Or worse, if you were trading with TransAct data, think about how much you might have lost if you were in a position.

 

I rarely use anything sophisticated in CQG - I'm paying for reliability.

 

Like any business, if you are always trying to cut costs, and choose the cheapest option, it WILL come back to bite you.

 

Hello smwink,

 

I have nothing but the utmost respect for CQG & TT as both are great platforms albeit somewhat pricey.

 

Just to set the record straight the problem experienced by some on 3/7/08 was a GLOBEX problem having to do with system gateways and had nothing to do with TransAct or AT.

 

I think it's slightly unfair to place AT in the "cheap / unstable" group as most industry insiders would consider AT to be one of the top platforms in regards to speed and stability.

 

I do agree with the main point of your post: Cheaper is not always better. Quality of product and service is important.

 

Best regards,

 

Tom

 

The exact email sent sent by CME GLOBEX to their FCM network and forwarded by TransAct to their customers is quoted below.

 

--------------------------------------

 

"-----Original Message-----

From: CME Globex Control Center [mailto:swnalert@sendwordnow.com]

Sent: Friday, March 07, 2008 1:45 PM

To: TransAct Futures Support

Subject: Market Data Issue

Importance: High

 

Some customers are reporting the inability to receive market data in some markets. Operations is investigating.

 

If you have any questions, please contact the CME Globex Control Center at 312-456-2391 or in Europe at 44-20-7623-4708."

 

"-----Original Message-----

From: CME Globex Control Center [mailto:swnalert@sendwordnow.com]

Sent: Friday, March 07, 2008 2:20 PM

To: TransAct Futures Support

Subject: Market Data Issue Resolved

Importance: High

 

The issue affecting market data has been resolved. Market data replay gateways will not be available through the end of today's session.

 

If you have any questions, please contact the CME Globex Control Center at 312-456-2391 or in Europe at 44-20-7623-4708."

 

---------------------------------------------

 

 

Best regards,

 

Tom

Edited May 13, 2008 by Infinity_Tom
clarification

[smwinc 20]

Hello smwink,

 

I have nothing but the utmost respect for CQG & TT as both are great platforms albeit somewhat pricey.

 

Just to set the record straight the problem experienced by some on 3/7/08 was a GLOBEX problem having to do with system gateways and had nothing to do with TransAct or AT.

 

I think it's slightly unfair to place AT in the "cheap / unstable" group as most industry insiders would consider AT to be one of the top platforms in regards to speed and stability.

 

 

Best regards,

 

Tom

 

Hi Tom,

 

No issues. Was just telling it how I saw it from my end.

 

To be clear, I wouldn't put infinity AT in the unstable group either. I can see how my post could be read that way though.

 

Cheers

[GammaJammer 10]

No-one on these types of boards seems to use tradermade. I know a fair few pros I speak to like it.

 

I like ProRealtime myself, but as I'm so old school, I find that for anything really flash I use my bloomberg (reluctantly), otherwise I actually use Netdania perfectly happily. If they stop making it free to use then I can always go elsewhere, but for now it does what I need. If I get to the point where I need stuff it doesn't offer imho that means I'm over complicating things.

 

GJ

[rsagi 10]

Hi Guys,

 

How is CQG compared to Redi? I know the bright guys use it with Goldman Sachs as the clearing firm.

 

Also, what do the BIG GUYS use ?(Hedge Funds/Institutionals)?

 

Best,

Steve

[Soultrader 12]

Hi Guys,

 

How is CQG compared to Redi? I know the bright guys use it with Goldman Sachs as the clearing firm.

 

Also, what do the BIG GUYS use ?(Hedge Funds/Institutionals)?

 

Best,

Steve

 

They use high end platforms that cater for algorithimic trading. I think its around $150,000/year per system.

 

CQG is being used alot for prop trading and insitutional technical based trading. I would assume alll other types of insitutional traders stick with Bloomberg terminals at roughly $2,000 a month.

[rsagi 10]

Thanks for the input James.

[MoreYummy 10]

Is the execution of trade and data being done throught CQG, or CQG just for data, and execution is separated?

 

This might be off topic, Is the TT package include data and trade execution?

 

Has anyone tried both and compare the accuracy and speed of execution?

[kool 10]

CQG routes trades through what they call Futures Commission Merchants (FCM) Partners. For a list of FCM partners, checkout Trade with FCM Partners. This is essentially what TT does. I have used both products and I can honestly say that CQG is a far superior product. It is more integrated, robust and user friendly. TT is a product joined togather by sub-applications. It was created for market makers and hence the focus of the entire product is different. Of late, they have tried to make amends but still it is the same product. They are well known for patenting their Static DOM product and then later going after other vendors including CQG for copyright infringement. CQG got around the problem by making cosmetic changes to their DOM and it works well. BTW, CQG charting product is very good and it also comes with a backtesting and trading tool which is great for technical traders. There is no backtesting tool as I know it in TT when I last used it in July of this year. TT's charting is dependant on FCM's providing a server to hold data for the charting. CQG provides all data from their data store independent of FCMs. It's a big difference.

[diablo272 10]

Is the execution of trade and data being done throught CQG, or CQG just for data, and execution is separated?

 

This might be off topic, Is the TT package include data and trade execution?

 

Has anyone tried both and compare the accuracy and speed of execution?

 

I believe both are data and platform.

[AgeKay 10]

smwinc, any opinion on CQG's API? I've been looking into it to do order book analysis where I want to see every little order book update in the order it occured. I know this wasn't possible with TT's COM API (their FIX API supports it though).