Jump to content
Cindy Blankenship

What is the difference in data packages with IB?

Recommended Posts

There is Basis ($100), Standard ($120) and Deluxe ($150).  This is an unexpected expense so I want to keep costs down.  I’d like to switch from the broker I have now to IB/DAS - with BBTs - bc their commission fees are so much lower.  But now I’m looking at a monthly data fee!  Yikes!!!!  Can I get by with $100?  I’m using the DAS sim now and like it.  What will I lose if I go with the cheaper plan?

Thanks!

1CBC8790-6311-4455-9E7A-FE2A2B98ACFD.png

Share this post


Link to post
Share on other sites

You need Level 2 as a DayTrader.  In my humble opinion, it's just as valuable-- if not more -- than the actual charts.  I would gander that 85%+ of my entries and exits are motivated by/through hyper-focusing on level 2.  The charts get me interested, patterns direct my flow, but Level 2  is almost always responsible for my opening/closing a trade.  I HIGHLY recommend you subscribe to the $150 package...

GL; STAY GREEN!

Share this post


Link to post
Share on other sites

What does Level 2 mean?  I am new to DAS.  I hear things like Level 1 and Level 2 - I think of the Montage window where level one is the top part and level 2 is the middle section.  Are we talking about the same things?  How does the 2nd section (Level 2) give you more value in your trades than the charts?  Is t that the part that shows who is bidding and selling and how much. 

Abiel - I currently have the sim.  I bought the Lifetime membership 3 weeks ago WITH the 3 months of DAS sim.  I don’t use the montage window bc I have another broker.  I like the charts they have and like setting them up like William does.  Now I am thinking of switching to IB bc their commission fees are much cheaper.  So I want to get those fees PLUS the charts of DAS.  So obviously I will need to learn the montage window so I can trade and use the hot keys.  So I’m looking at DAS and wondering which data package I should get - on a very limited budget.  Can I set up my 6 charts like William does with the $100 data package or do I really need the $150??  I want to be super clear what I am driving at and what I want to know. 

Edited by Cindy Blankenship

Share this post


Link to post
Share on other sites

Level 2 the service that provides real-time access to the order book with price quotes from market makers. It shows the bid prices and sizes on the left side and ask prices and sizes on the right side.  Level 2 is explained in Class 3 and this is a youtube playlist were Andrew show how to use L2 to get bullish and bearish signals.

Share this post


Link to post
Share on other sites

I’ve just completed all 5 classes.  I just didn’t know what he was referring to as “Level 2” and how that is more important than the charts, to him.  That kinda threw me...

Share this post


Link to post
Share on other sites
11 hours ago, Cindy Blankenship said:

What does Level 2 mean?  I am new to DAS.  I hear things like Level 1 and Level 2 - I think of the Montage window where level one is the top part and level 2 is the middle section.  Are we talking about the same things?  How does the 2nd section (Level 2) give you more value in your trades than the charts?  Is t that the part that shows who is bidding and selling and how much. 

Abiel - I currently have the sim.  I bought the Lifetime membership 3 weeks ago WITH the 3 months of DAS sim.  I don’t use the montage window bc I have another broker.  I like the charts they have and like setting them up like William does.  Now I am thinking of switching to IB bc their commission fees are much cheaper.  So I want to get those fees PLUS the charts of DAS.  So obviously I will need to learn the montage window so I can trade and use the hot keys.  So I’m looking at DAS and wondering which data package I should get - on a very limited budget.  Can I set up my 6 charts like William does with the $100 data package or do I really need the $150??  I want to be super clear what I am driving at and what I want to know. 

Hi Cindy...  I just recorded a lethargic video specifically to answer your question.  Use the 1.5x button to speed it up...  Let me know if this helps.  I haven't seen Andrew's video yet, but it's probably a much better explanation.  Here's the link:  

 

 

GL; STAY GREEN!  

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.