Why NOSQL MongoDB is really important to traders and quants who are limited with licenses Multicharts Tradestation Ninja Trader Metatrader
I agreee with what is being said here
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I wish to say that the MongoDB webinar is a must see for anybody who has not become familiar with it.
I learned a lot about how to more easily break out of the proprietary platform software jails. These legacy platforms are generally using proprietary internal data aggregation software making it difficult to escape the “lock-in” trap.
Paying for license buys/hires experts in scalable manner when needed instead of being barrier to entry oriented.
Business model is aligned with software design philosophy for scaling up developers and users alike.
I’ll share my own view as one anecdotal example:
I have had both TradeStation and MultiCharts for a long time, (actually too many different ones) because I am not “big” enough to hire my own software development staff of many employees, and the companies have done a lot of enabling technology work for me as well as others in the trading “community”. Fortunately, the entire TS and MC community have nicely been able to keep way ahead of my forward learning speed as an individual researcher, and sometimes programming consultant with some important exceptions. It is these exceptions which I see MongoDB now addressing, which is why I think MongoDB is so important for me. Additionally, I see huge benefits to other traders who start out at retail level to gain knowledge and experience, and eventually decide to join up with partners and scale up to going Pro. That is evident to me whether it is evident or not to them! If it is evident to them I gain confidence that I am in good company with other analysts and potential trading company partners who are, IMHO, most likely to succeed in the future.
After all, anybody who wisely invests the time to learn this business is a “trader” in human and technical potential, and would not slam doors of opportunity shut on themselves. They will keep as many options open to themselves and their potential partners as possible.
TradeStation has a good database online for a bargain price, but often it tries to update the database while charts are running, rendering the trading functions less than desirable. While not trading, TS becomes quite valuable if building a customized local database can be the task for TS to keep it busy. TS is capable of very large tickdata history acquisition, just not quite in real time! If the data does not have to be acquired redundantly, the value added to your small trader’s infrastructure by TS is much better.
Mongo is more likely to remain viable into the future than, say, a custom 3rd party app designed to supplement only one platform. These supplements exist for each platform, but cause expensive problems when a platform vendor changes its proprietary database formats with newer versions of the basic software and stops supporting the older versions.
If you have used a proprietary retail platform like TS, MC, Ninja, MT4, etc for many years, MongoDB should be a slam dunk choice for you to upgrade your infrastructure for Higher FT trading on your path to actual HFT, or even deciding if HFT has any potential for YOU.