As an active day trader, I am wondering if it would be worth it to shell out for some paid charting. What are the major advantages of using paid charting over the broker supplied data? Is there less latency? (Not saying I am planning on latency arbitrage - but the edge provided by fast and accurate data seems like it could make sense) My current method is a selective scalping style executed on faster charts, but in the context of viewing the longer time frames.
I am currently using IC Markets and cTrader, which I believe spotware supplies the charting data. Would there be a potential and significant advantage using some paid charting over this?
Any advice from those with knowledge is greatly appreciated!
Only if you are an Analyst covering Global Equities including Emerging markets like Vietnam, Egypt, Sri Lanka and the likes, then it is not about trading anymore. However if you are a trader, i cant find a reason for you tosubscribe to a charting software if your broker provides a platform with charting execution.
I was thinking of trying out the Pro Real Time Charting. I may test it for a month, just to see how it compares to the cTrader feed. I would like to check out the lag/latency situation and see how the candles end up being printed. Since many of the trades I take tend to be faster scalps, any kind of edge this way could be useful. I am also playing around with tick charts, mainly to get a feel for the volume - and am curious about checking that out with a paid service. It may end up being a waste of money - but even if i find the paid charting to give me the ability to be quicker or more accurately read price action 10% of the time, it may be worth the $$$. Once I try it out for a while, I will post my findings here. May be a little while before I do that since i am currently travelling with my work - and am can’t trade much for the next few weeks.
I used it regularly, about 3-4 years ago, and liked it.
Their EOD charts used to be available as a time-unlimited free trial. I don’t know whether they still are, but you may be able to learn some of what you want to know that way?
So I did use Pro Real Time for a while. The best use of it is just to have an unbiased 3rd party feed to compare to your brokers feed. In my case, it showed my broker data feed is pretty good. Also useful if you wish to go through historical data for testing or to practice training your eye to read price action. I personally wish i could just buy historical data outright instead of subscribing for it - i can’t find anywhere that does that as a one time purchase for the smaller time frame and tick data I want.