2007 Jan 21 - Sun
Trading Site of the Day -- Elite Trader: Opinions, Facts and Heresy
Elite Trader is predominately a
forum based site. It caters to traders of all types, where type may be newbie/experienced,
forex/equity/commodity, day-trader/swing-trader, to name but a few combinations.
The forums include coverage for a variety of topics. Here are but a few: Trading,
Stocks,
Wall Street News, Economics, Trading Journals, Psychology, Order Execution, Automated
Trading, Technical Analysis, Retail Firms, Prop Firms, Software, Educational Resources,
Futures (many categories here), Currency, Options, and Politics.
In addition to the forums, the following are rated, reviewed and commented upon, pretty
much on a daily basis: books, brokers, and software.
There is also an ability to chat in
realtime. There are quite a number of interesting Chat Room Transcripts.
Forum search is comprehensive but could use some improvement from a user-usability
perspective. Even so, I do find myself getting side tracked on to other threads,
finding useful pieces of information in most every forum I visit.
In a nutshell, even though there are the usual cranks and heretics, the site is rich in
content. I do visit the site regularily for the knowledge as well as the laughs. And
talking about humour, hidden away in there somewhere is a decent compendium of trading
and related and not so related jokes.
[/Trading/SiteOfTheDay/D200701]
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IQFeed Level II Order Book
DTN IQ has a Level II feed for NASDAQ. I
wouldn't classify it as a complete Open Book type of feed. Interactive Brokers has
something a bit better in that regard. The draw back with Interactive Brokers Level II Feed
is that they will only provide a maximum of three instuments simultaneously. They do
provide Level II for NASDAQ as well as for NYSE.
Anyway, back to IQFeed. They provide a type of LevelII for NASDAQ, but nothing similar
for NYSE. And as mentioned before, it is not a full OpenBoook. Instead, they supply the
best inside price provided from each Market Maker.
I've provided a sample
LevelIIOrderBook.cs module to show how to process IQFeed's Level II stream.
I use that code in the demo ticker program I mention in my post at IQFeed Provider for
SmartQuant. If there are non-SmartQuant users interested in trying this utility, I'll
look at licensing the dll's into the distibution.
There is an interesting Elite
Trader chat room
capture from a while back as it relates to scalping, program trading, and how to make
use of Level II type data. I'm not sure if the strategies still hold, but there were some
ways mentioned that could be used to beat some of the automatons on the small scalps.
I'm realizing that for we mere mortals, we'll have to work with slightly larger ranges,
but with some sort of decent short term predictor and good money management, it should
still be realizeable goal.
The chat was sponsored by Genesis
Securities, who have a data/trading interface in QuantDeveloper.
[/Trading/SmartQuant/Articles]
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