Recommendations Fof Trading Programs for Someone Starting Out

[Trader Nick 10]

Hey guys.

 

I primarly use scottrade's platform to trade. Would like to get into something a bit more hands on and not have such an investors approach.

 

I've heard about Ninjatrader, Esignal and various other applications of different software to use for trading.

 

if anyone out there would give a few recommendation/feedback/share some experiences of the various software you've tried and/or a good place to start..

 

I'm also aware there's a significant amount of time that's required to invest into learning the software also.

 

Thanks

Nick

[brownsfan019 17]

What are you trading or planning to trade?

 

A few of us here use Open ECry for futures trading and they are getting into stocks/options and also have forex.

 

You can download a demo version and give it a test drive.

[Trader Nick 10]

Hi Brownsfan-

 

As of now I just plan on trading general stock.

 

I understand I need a platform and live streaming data feed (ha, goes to show how wet behind the ears I am).

 

I heard of combinations like sierra charts with an interactive brokers connection for data.

Or Ninja trader with a IB feed.

 

I know providers like eSignal has it all in one..

 

I've heard of thinkorwim also.. Not sure what it is.. Looks like an eSignal (all in one I mean), for a monthly fee.

 

I'd like something to start out with that's somewhat easy to figure out (software), also if it could be fairly inexpensive. I've heard there are some that are 150 a month for that use.

 

Something to get my hands on, play around.. Get a feel for it before I dive in..

 

Just getting started with all this and not sure where to go in terms of software. Thanks a bunch.

 

Nick

[BlowFish 10]

Ninja usually gets recommended a lot but in its free version (sim only) comes with zenfire dta feed which is futures onl (I think).

 

I guess a lot depends on what you really need from your charts? If it is simply time based bars with maybe a traditional indicator or two then pretty much anything will do (the recommendations you mention above are fine). Like any starting business managing costs is really important. Don't go for expensive software and data feeds unless you absolutely need it.

[zdo 20]

TradeStation is worthy of consideration. The order entry "Matrix" is adequate. I'm not so enamored with the TradeManager / accounting interface... but all of these things are subject to individual taste and needs anyway. Charting excellent (for most formats/frames). Good for prototyping and testing.

 

Most likely you can get a free month trial by just asking. Platform monthly fee is waived by doing a minimum number of trades.

 

hth

[Dinerotrader 10]

If you are just looking at stocks, I like freestockcharts.com for getting started unless you are imploying some sort of fast scalping method. Very easy to customize, add indicators, and it is free. It is a great place to start learning the basics of support/resistance and easy to annotate charts. It also depends on what kind of strategy you will end up using which will constantly evolve over the next few years of your education. I use OEC for futures and have looked at stock on their platform a few times but don't have much experience with stocks on OEC.

[HI_THERE 10]

Look into thinkorswim. There's a good expose about it here:

 

http://www.thinkswimindicators.com/previously-tutorials/the-tos-platform.html

[Trader Nick 10]

so after significant research between the supporting charting softwares and data feed providers I think i decided on interactive brokers while using the ninja trader platform.

 

It seems like the two most popular are IB and Think or swim.

 

IB you need a minimum of 10,000. Something like 1 dollar a trade with TOS being $7 to $10 dollars a trade.

 

Even though the customer service with interactive brokers wasn't the best, it can be used

3rd party software hence ninja trader which I found there service to be exceptional.

 

Anyone here familiar with Think or Swim?

 

What do you guys think..

 

I know most on here trader futures. Starting out i'm looking to focus on common stock.

[emg 12]

Ninja usually gets recommended a lot but in its free version (sim only) comes with zenfire dta feed which is futures onl (I think).

 

I guess a lot depends on what you really need from your charts? If it is simply time based bars with maybe a traditional indicator or two then pretty much anything will do (the recommendations you mention above are fine). Like any starting business managing costs is really important. Don't go for expensive software and data feeds unless you absolutely need it.

 

u mean ninja ritimic. the zen fire is a repackage name for rithimic. i think the people who are using the zen fire are paying a bit more for the name only vs people using ninja rithimic.

[BlowFish 10]

No ninja comes with zenfire. As you point out it is based on R|thmics technology but it is branded as Zenfire by Ninja, always had been. Ninja was the first platform on Zen (and the only one for a long time). I don't know how the licensing agreement works but Zen is Ninjas product (based on R|thmic technology). I am lead to believe the API is a little different too.

 

Ninja does support R|thmic for options. This is through Vision Financial Markets (an that is the data feed you need to select in NT).