I use Investor/RT along with IQFeed as my quote provider and I trade on the EUREX exchange based in Frankfurt.
Order execution is done through my current Broker using a separate data feed (not Rithmic or CQG). Unfortunately, my Broker's data feed from EUREX is often badly delayed, so that there is at times a difference of 5 ticks or more between IQFeed and my Broker's data feed, which makes trading impossible.
So I need to find a new Broker with whom I can use IQFeed both as a quote provider and for order execution, because it's always best to use one data feed for both charting and order execution.
I want to execute orders using the Investor/RT DOM which will presumably ensure that the orders are executed via IQFeed.
Any feedback on this issue, including Broker recommendations, will be much appreciated.
IQ Feed is not execution based, however you can route an order to your clearing firm via IRT/IQ Feed. I.E. I have done this with my broker when I didnt want to pay for thier data feeds on top of what I was already paying for from IQ_Feed.
-joe
Thanks Joe.....it wasn't until the beginning of June that I discovered that IQFeed is a dedicated data feed, providing only data and not, as you say, the ability to route orders to an Exchange. So I opened a new broking account with AMP CLEARING, which means that I should now be able to use the IRT/IQFeed DOM along with Rithmic as my brokerage feed.
I have yet to test this new setup, as I am now in the process of funding the new account.
Apparently the reason that the data feed from my former broker (TradeStation) was often way out of synchronisation with IQFeed is because my former, broker's data feed was filtered, whereas IQFeed and Rithmic provide unfiltered data. This is the explanation that I was given by someone in the industry.
Rithmic will work however what I was talking about was to use your broker to CLEAR ONLY. You dont have to have a data feed with them. Rithmic is $25 per month plus routing fees (.25 per). Like I can use IRT to wach the DAX and send the order to my broker and they just send it on. I dont know how AMP works but I can still see the open P&L from my broker.
The more conventional way is to run IRT with the broker feed and backfill with DTN ($15 per month) then you have everything in one package and it is MUCH cheaper
You are correct about the filtered data, they save bandwith by combining data and sending it out several times a second instead of transmitting each trade
If your running DTN on a EUR exchange the costs can run up fast . In my option I would not go your current setup. It will still add up in monthly costs. What are your all in monthly costs? Give me your planned product to trade and I can see what my broker charges their service and knowledge is one of the best IMO
Joe, let me come back to you tomorrow and thanks for responding so quickly. I have got to leave the office now and I can see that I need to study what you have said carefully. Thanks for taking the time to respond. Wayne
Joe, your suggestion to run I/RT with Rithmic and backfill with DTN is good! AMP charge $20 per month plus 25 cents per side on every filled order when using Rithmic.
At the moment I am paying $160 per month to DTN for IQFeed..............not cheap at all! So if I use DTN to backfill only, as you have suggested, I will be saving $145 per month, which is a significant amount. I am assuming that Rithmic will be able to power the I/RT platform to the same degree that IQFeed does - for example I can download tick data from IQFeed at any time that I want to.......it really is a good feed.
Thank you for offering to check with your Broker regarding his charges. I will be trading the Euro-Bund 10 year(FGBL) on EUREX, but I am committed to AMP Clearing now because I have just gone through all of the account opening procedure and the money is due to leave my account shortly.
One thing that I didn't understand though is what you meant when you said that you don't have to have a data feed with your Broker, but you just use them to Clear Only?
You are only using Rithmic for the current data, Remember it is an execution feed, not a tier one data feed like DTN. However you can get around this by downloading DTN history throughout the day. You can set up a schedule inside of IRT to do this. This is mainly if you are using volumeprofile tick data or footprint Delta to trade. This way it backfills any holes from your broker with correct data.
When I first started to trade the DAX I was sending the buy/sell limit orders to my broker without having a datafeed enabled. I was using the delayed data from IRT to run IRT and using a CFD real time DAX chart to see what was happening (realtime). Not ideal but it got me looking and working with the DAX before I pulled the trigger on all the extra "real-time" fees. The broker just gets the order and sends it on, they dont care what you have enabled on your account. They only see a limit order that needs to be forwarded to the clearing firm, on to the exchange. Make sense? Another way if you use Rithmic's "demo" it has all the feeds enabled (at least last time I checked their 30-day demo)... This way you have free 30days to get a feel.
Google" convergenttrading(dot)com" we have an #European_Markets room that is quite active. Most of us use IRT so you will be at home there. It is NOT a trade service room but more of a group effort trading room. BTW I'm NOT one of the more knowledgeable ones there so you should be able to some insight. Just tons more information there
OK Joe, thanks for your input to this thread.....hopefully it will prove useful to some of the other traders on the forum.
I have just finished building a full blown, Value based trading system (I am using James Dalton's terminology). I use a TPO chart, Volume Profiling and Footprint charts, so I will definitely need to download DTN history throughout the day, to backfill any holes left over by the Broker feed, as you have recommended.
I think that I understand what you were doing when you first started on the DAX, by using a CFD realtime DAX chart, so that you didn't have to pay Exchange and data fees for EUREX. I will now start to look at Rithmic's DEMO in order to get some hands on experience with it, as you have suggested.
I see that you trade the DAX and, of course, there aren't too many symbols around like the big DAX, 25 euros/point and often the trades are 40 points or more. However, you might like to have a look at the EuroBund (FGBL)..........it's not in the same league as the big DAX, but you can trade ten contracts (100 euros per point) on FGBL, while the day trade margin on AMP is only $5,000 ($500/contract). It's not a bad mover either and the day trade margin offered by many of the brokers is relatively low, compared to the big DAX.
I have had a quick look at convergenttrading.com - that's very interesting and thanks for the link.
I use the DAX charts and levels to trade the mini-DAX this way I can scale in better. The large contract has to much margin for me to scale a position with some of the DAX swings