What is the difference in data packages with IB?

[Cindy Blankenship 1]

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!

[Abiel 475]

Hi Cindy, I would highly recommend getting the sim with L2 so you get used to using it from the beginning. Get deluxe $150 and ask for this switch

[Daniel Thomas 23]

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!

[Cindy Blankenship 1]

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 July 26, 2019 by Cindy Blankenship

[Abiel 475]

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.

[Cindy Blankenship 1]

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...

[Daniel Thomas 23]

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!  

[Cindy Blankenship 1]

Thank you!!  The video helps a lot!!  🙂