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Sean M

IB Trader Workstation for day trading?

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Thanks RTrader for your reply

I actually just signed up today with DAS

at first I wanted to try out IB TWS, I tried their Paper account, I paid for full data a total of $65 (no options-futures). after a few minutes of sim-trade I realized that execution is delayed a good few minutes and is not accurate.

customer support suggested its only in paper mode, but real account has no issues. but I lost fate in them, plus i needed sim-trading high speed so i decided to go over to DAS and pay the $150 a month.

going back to your suggestion about TRADE-STATION, i see they work together with Trading-View charts which is great. on the other side they only have 24 reviews on https://www.tradingview.com/brokers/ 

ANYONE ELSE HAD EXPERIENCE WITH TradeStation?     PLEASE SHARE

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On 12/9/2019 at 3:46 PM, RTrader said:

Another option is to use TradeStation.  The platform is excellent, and I’ve always had great execution with them. They are now commission free as well, so you don’t need to worry about that. You just pay the finra/exchange fees which are very low. They got rid of their platform fee as well. So with that including the commission savings, your business costs will be at least 500$ less each month. If you trade big size then you might save thousands per month in fees, lowering your break even.

I'm migrating from ThinkOrSwim to Tradestation so I can get more flexibility entering orders and automate more of my trading. There's a fee for Level II data (free with TOS), but it's only $11/mo.

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On 12/9/2019 at 5:46 PM, RTrader said:

Another option is to use TradeStation.  The platform is excellent, and I’ve always had great execution with them. They are now commission free as well, so you don’t need to worry about that. You just pay the finra/exchange fees which are very low. They got rid of their platform fee as well. So with that including the commission savings, your business costs will be at least 500$ less each month. If you trade big size then you might save thousands per month in fees, lowering your break even.

Hello RTrader,

I finally found someone else who uses TradeStation besides me! I'm on v9.5 though; won't go to v10 for a while.

Regarding hotkeys, have you considered using the Elgato Stream Deck XL, which has 32 customizable LCD keys? Although I know my hotkeys fairly well, I've made mistakes in the heat of the moment. Looking at a key and seeing "Buy 300 at Ask + .05" would be a lot easier to do. The XL version is a little pricey (although not compared to the rest of the hardware), but the cost could be recouped in a short while. I just don't know how to program the thing (yet).

Also, I don't use TradeStation's Level 2. I prefer the matrix, which also shows Level 2 data. Most of the stocks we trade don't move fast enough to justify a hotkey for Buying shares, etc. I've been in the TS sim and the matrix seems to work for me just fine. I have 4 24" Dell monitors, but only 2 have TradeStation data (I make liberal use of workspaces instead). What's your setup like?

Thanks,

William

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Tried TWS and TradeStation and bailed on both. Never got the hang of them, too complicated and little support. Found Das to be the best!

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On 12/9/2019 at 2:46 PM, RTrader said:

Another option is to use TradeStation.  The platform is excellent, and I’ve always had great execution with them. They are now commission free as well, so you don’t need to worry about that. You just pay the finra/exchange fees which are very low. They got rid of their platform fee as well. So with that including the commission savings, your business costs will be at least 500$ less each month. If you trade big size then you might save thousands per month in fees, lowering your break even.

Hi RTrader it would be great to hear more about your experience using TradeStation since you signed up last year.

 

I am considering TradeStation as well, only heard great things about it and they use EL (easy language) so everyone can program stuff themselves w/o being a C+ programmer. DAS is great but it has a few issues that are starting to weigh on me a bit and so far I am pretty impressed from watching some videos about TS platform as well as their pricing structure for platform, commissions, data feeds. They have more market depth data than DAS offers, e.g. on futures. I started adding data feeds on TWS to compensate for the lack of some of those features in DAS but it's very inconvenient switching between TWS and DAS.

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Hi Guys,

Topic is quite old, but I thought I will give my feedback. I started with TWS, then moved to DAS and again I'm back to TWS. For me TWS is simply better for they style I like to trade. I mostly use hot-keys, hot-buttons and chart (orders on chart that look like lined) to trade. On top of that I use API, so that my algo can connect and place orders (but that's just a side benefit). I can prepare my entry, exit and profit targets, even before trade will actually trigger (if my entry is a Stop Limit order for example). And I can do it visually on the graph (like on the attached image). When my trade triggers I can easily transmit (activate) trades and adjust them to the price action. Then of course I have hotkeys to "close" position and cancel orders.

I don't have any CPU/memory issues as I have really powerful machine (24 logical CPUs, 32GB or ram and super fast SSD drive). In the last 6 months it has not crashed on me.

I know that BBT is mostly using DAS, but for me it was not ideal. I hope I will not get casted-away from BBT due to my platform choice ;). 

Couple of positives that I see when I moved back from DAS to TWS:

1) Trading on chart is much easier on TWS

2) Hot-buttons / (DAS hot-keys) can be used with additional confirmation. E.g. I have buy and sell hot keys, I can setup hot-keys to prepare orders, and then use a different key to "transmit" the order. This way I have a lot less "misclicks" compared to DAS. This is thanks to that "additonal" level of confirmation.

3) Placed order modification is way easier in TWS compared to DAS. It is easy to create "range" (aka bracket) orders using OCA groups. This way I can pre-plan my entire trade, and "go out". I don't have to worry about adjusting stop losses / profit takers etc. It can be put to "automatic" mode.

 

Example of my orders if I would like to take a trade at 15:33 market time (reversal). 

Green would be my entry, bottom red would be my stop loss, 4 red lines that are above green line would be profit targets.

Then if I would be in the trade I would switch profit target orders to range orders and I would shift my attention to search for another setup.

Hope this helps someone.

Cheers and see you in the chat room,

Radek (algo trader).

1381936000_screenshot.2020-10-24(1).thumb.png.ac8b3b05cb286909660a0610db3f853d.png

 

 

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what i did not like at TWS is that if you update it, some things just works differently. like the orders for static risk were suddenly impossible because they changed the order types.

the missing of risk controls was the biggest con. i tried to replace the risk controls with some automation sw over the API but it was not working do i switched to DAS and despite the monthly price it saved me a lot of money

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@Radek thanks for sharing.

Do you use level II for trading ? Because it seems that TWS level II data feed is slower than DAS one.

 

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Hi tardi44,

Yes, I use it a lot. Refresh rate is 4 times a second, but that's good enough. For the signals I'm interested in (e.g. large bids/large asks), it does not really matter that much. I think it's even better as you don't have too much number changes on the screen.

I trade with the following "main screen" setup (sorry for lack of data in the charts, but we are before market open).

From top left:

- 5 sec chart - I think this is super cool chart that is underutilized, I use it instead of "time and sales". I see on the chart "big orders" as volume spikes. This gives me perspective if there is "a lot of small orders" or there was a big order etc. It shows as well when the stock has problems to "break out" and if I'm counting on breakout, it might be a signal to get out early at break even or with a small profit.

- 5 min

- 1 min (with chart trading) + hot buttons + active orders

- L2 data

bottom:

- Spy 2min

- daily

 

image.thumb.png.2ea8a85a45ed9bef4c07ee02a5f8f424.png

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