I’m curious- does anyone here trade order flow via DOM?
I recently picked up the JIGSAWTRADING platform, and must say it is excellent. Not advertising, just looking for potential discussion.
Jake
G’day my friend. Cant add anything except interested in responces. By chance I purchased a mt4 pluggin that gives me Currenex order book info. So DoM, limit orders, bid and ask real volumes and delta real volumes. We know how I like to trade and hoping this adds an extra level of analysis.
All the best for the week my friend.
Bob
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Would you mind sharing a screenshot of that? I’m curious to see how it looks.
Thanks for responding though…
I’m not 100% familiar with your trading style- are you primarily a scalper? Or, are you looking to read live order flow around price points for entries to take med/longer term positions?
With the FX market being so massive, and the inability to truly capture centralized volume (bids/offers and executed trades) have you ever considered moving to a futures-based market w/ a contract system like a pure auction?
Well looks like I have a bit off egg on my face bro. So I purchased this “MT4 Forex depth” pluggin from iticsoftware MT4 Forex Depth on monday morning only to get a email today with a full refund. Dont know whats happening there so have to get in contact with them and find out whats happen. Pity cause I was really looking forward to the data from Currenex. I’ve got data fram Lmax via Protrader 3 plateform and the quality is impressive vs my broker. Quality data quality trade I s my reckoning.
Yeah I primarily scalp the tick charts (although its really low frequency day trading) so I’m very much in the market to see order flow n volume. Can you tell me any pros or cons to jigsaw
Also can you go a bit more into futures for me. Again got got quality data from Lmax via Protrader3 which includes futures (and a pretty amazing piece of futures scalping chart) and would definately like to know if it can add an extra or better element to my trading
That Currenex software (just being honest) looks like crap and is most likely useless…
The ProTrader software looks pretty decent- looks similar to the thinkorswim platform.
If you really want to trade orderflow though, that “Bid/Offer Matrix” is not going to cut it. You’re only seeing the liquidity, and from what I can see by quickly glancing @ it you’re not seeing orders being pulled/stacked and what is actually hitting the bid/offer.
Jigsaw is legitimate. Just check out their website- I think Peter offers a 7 day free trial or 100% money back guarentee type of thing. It’s for Ninjatrader though- it’s an indicator.
As far as futures trading: I’ve abandoned the FX market completely. It was a personal decision I made, and to be quite frank, one which was long overdue. When the CHF debacle hit, that just really put the nail in the coffin for me. The FX market (to me) just seems like such a shady venue and is becoming tougher and tougher to trade. It wasn’t an easy decision to make, given the incredibly low costs associated w/ trading FX.
Futures trading (again- to me) just “feels” more “legitimate”.
I can see the bids/offers, I can see the volume, I can see open interest and the market is incredibly regulated (for the most part). However, the costs are much more steep- commissions, clearing/exchange fees, potential platform fees (i.e. Jigsaw was $400 + 50$ / month to live trade), data fees, software fees, etc etc. These all add up VERY quickly- and if you don’t have a legitimate broker, you will get smoked in paying commissions- even if you are 70% accurate.
I see the DOM as the pit. Order flow trading is nothing new, it’s just different now that the order flow comes across on a screen- rather than the majority of trades taking place in a pit.
There are tons of great documentaries on youtube and free materials on the web regarding order flow trading/scalping.
Another thing that really cemented my decision: I really have yet to interact w/ a professional trader who solely trades FX and used to be a major player in Chicago/New York/London etc… All the big pit guys / professionals I’ve come across never talk about spot FX. They all trade either futures or equities/commodities- that’s it.
This is all my opinion, and just my own personal journey as I evolve as a trader. Folks are free to disagree 100%. I’m not saying money can’t be made trading candlestick charts in FX- for me, it just wasn’t “clicking” any more.