Ross Cameron - Warrior Trading - How to use DAS Trader for Day Trading (Platform Demo & Honest Review)
The video offers an in-depth tutorial on setting up and optimizing Dash Trader for day trading. It explains the distinction between Dash Trader as a software company and broker dealers, emphasizing that Dash Trader connects with multiple brokers to provide a better front-end experience. The speaker demonstrates how to customize settings, such as hotkeys and layouts, to enhance trading efficiency. Practical insights include using Dash Trader for order execution, level two data, and hotkeys, while relying on other platforms for charting due to Dash Trader's less intuitive chart features. The video also compares Dash Trader with other platforms like ThinkorSwim and WeBull, highlighting the advantages of using Dash Trader for faster trade execution and better market data access, despite its higher cost.
Key Points:
- Dash Trader is a software platform that connects with multiple brokers, offering a customizable front-end experience.
- It is not a broker dealer; users need a separate broker account to trade.
- Dash Trader allows for advanced hotkey customization and fast order execution, enhancing trading efficiency.
- The platform is best used for order execution and market data, while other platforms may be better for charting.
- Despite its cost, Dash Trader provides valuable features like halt levels and resumption prices, making it a preferred choice for serious traders.
Details:
1. 📊 Introduction to Dash Trader and Broker Integration
- Dash Trader offers an interactive platform demo tailored for day trading, enabling users to optimize settings according to their personal trading styles.
- The platform is distinct from broker dealers, serving as a software company that provides subscriptions rather than brokerage services.
- Dash Trader allows integration with various brokers, though specific examples of compatible brokers and integration steps are not detailed in this section.
- To maximize platform effectiveness, users are encouraged to adjust the platform settings to align with their unique trading strategies.
2. 🔗 Broker Connectivity and Platform Advantages
- Dash Trader provides connectivity to over a dozen brokers, including popular ones like Interactive Brokers and TD Ameritrade, giving users the flexibility to choose their preferred service while maintaining an advanced platform interface.
- Users can integrate Dash Trader with existing brokerage accounts via API, enabling a superior front-end trading experience compared to native platforms such as ThinkorSwim or Interactive Brokers' Trader Workstation.
- The platform offers advanced trading features like customizable layouts, real-time data analytics, and superior charting tools that enhance decision-making and trading efficiency.
3. 💡 Custom Trading Platforms and Licensing
- Smaller broker dealers face financial barriers in building custom trading platforms, which can cost tens of millions to build and millions annually to maintain, similar to platforms like ThinkorSwim.
- Many smaller broker dealers, particularly those offshore or in niche markets like short selling, high-frequency trading, or serving professional traders, overcome these barriers by licensing software from providers like Dash Trader.
- Licensing platforms like Dash Trader allows these broker dealers to offer sophisticated, customizable trading tools under their brand without the substantial investment required for custom development.
- This approach provides strategic advantages, enabling smaller firms to compete by offering advanced trading features and personalized services tailored to specific trading strategies.
- Challenges associated with this model include dependency on third-party providers and potential limitations in customization compared to fully bespoke platforms.
4. 🚀 Trading Speed and Execution
- Different brokers offer varying routing options; for example, Charles Schwab lacks some advanced routing options compared to other brokers, which can impact trade execution efficiency.
- Using Dash Trader does not necessarily speed up trade execution as it still connects to the same broker dealer backend, meaning execution speeds remain similar regardless of the platform used.
- Choosing the right broker and platform can significantly affect trading efficiency, highlighting the importance of understanding each broker's routing capabilities and backend connections.
- For traders seeking faster execution, platforms with direct market access and advanced routing options could provide a competitive edge over those with limited functionalities.
5. 🔧 Platform Setup and Chart Customization
5.1. Execution Speed Optimization
5.2. Platform Setup Customization
6. 📈 Advanced Features and Configurations
- Dash Trader is preferred for its fast order execution and advanced hotkey capabilities, which are lacking in platforms like Charles Schwab's thinkorswim.
- Many users prefer using Dash Trader solely for order execution and rely on other platforms such as TradingView for more intuitive charting.
- Customization options in Dash Trader include setting default share size, facilitating a personalized trading experience.
- Resetting share control to default is crucial for day trading to prevent unintentional position size increases.
- Advanced market data features, such as halt levels and resumption prices, require a separate subscription costing approximately $175 per month, providing essential data not available in other platforms like thinkorswim.
- The cost of Dash Trader is justified by the comprehensive market data provided, essential for advanced trading strategies.
- Hotkeys in Dash Trader are extensively customizable, offering efficient order execution not matched by thinkorswim.
- To maximize Dash Trader's capabilities, selecting the appropriate market data subscription is necessary.