I tried for a long time to discover an off-the-shelf analysis/automation program that would both do the numerical/stat analysis and then allow me to develop trading signals and automated triggers based on the results. In the end, there was no such program, even for $$$$. The retail programs really just provided tools to backtest the same types of strats that everyone loses money with. Like Tenthousandmen suggested, these programs are incapable of developing an automated system better than discretionary.
Basically, no retail software is going to have a packaged analysis platform that will provide an edge in trading. Every Joe out there is running MAs, bands, channels, S&R, Stochs, with these retail apps. There is no edge there. If you want an edge you must be more creative and determined than that, and this means using tools without built in boundaries. Any app offering built-in scanners and analysis packs is imposing the exact boundaries that you must avoid.
Well-stated. Clearly, if becoming a profitable trader were just a matter of shelling out dollars for a trading platform, there would be a lot more profitable traders. In fact, for me, I had to break the boundaries of an approach of a mentor of mine, which, although it worked, i.e. had positive expectancy, left me wanting more.
Due to the unconventiality of my approach (I use that word reservedly because I am not really the proper judge of whether my approach is unconventional, but I use it also because I've never seen any discussion here of the things I consider most important in trading, so I take the absence of those discussions as indicative that they are not important to others, which is fine by me), I had to build my own tools from scratch and Excel is my program of choice. Nothing I do is visual nor does it require any real-time analysis beyond some simple math. I also have Excel databases which houses all of the background data which drives my trade logic and my past trade results for post-trade analysis, but even for that Excel is more suited than a relational database would be.
Well-stated. Clearly, if becoming a profitable trader were just a matter of shelling out dollars for a trading platform, there would be a lot more profitable traders. In fact, for me, I had to break the boundaries of an approach of a mentor of mine, which, although it worked, i.e. had positive expectancy, left me wanting more.
Due to the unconventiality of my approach (I use that word reservedly because I am not really the proper judge of whether my approach is unconventional, but I use it also because I've never seen any discussion here of the things I consider most important in trading, so I take the absence of those discussions as indicative that they are not important to others, which is fine by me), I had to build my own tools from scratch and Excel is my program of choice. Nothing I do is visual nor does it require any real-time analysis beyond some simple math. I also have Excel databases which houses all of the background data which drives my trade logic and my past trade results for post-trade analysis, but even for that Excel is more suited than a relational database would be.
For a long time Excel was my program of choice too, but mainly because I was familiar with it. Most tasks don't require coding work, although some VBA would make them less convoluted. It is also very simple to learn VBA, record some macros, and get things moving along. If that is all that is needed, then there's no problem.
At a certain point though, you might start adding to your trading repertoire in a way that might require real-time analysis. For example, there isn't any reasonable way that one of my "indicators" could function from a simple database. This is because there is no realistic way to compile a reference list of every particular outcome from a bunch of Monte Carlo sims. The database would just be too massive. Better then to simply run the sim in real time. This is just not possible in Excel.
For a long time Excel was my program of choice too, but mainly because I was familiar with it. Most tasks don't require coding work, although some VBA would make them less convoluted. It is also very simple to learn VBA, record some macros, and get things moving along. If that is all that is needed, then there's no problem.
At a certain point though, you might start adding to your trading repertoire in a way that might require real-time analysis. For example, there isn't any reasonable way that one of my "indicators" could function from a simple database. This is because there is no realistic way to compile a reference list of every particular outcome from a bunch of Monte Carlo sims. The database would just be too massive. Better then to simply run the sim in real time. This is just not possible in Excel.
Right, Excel definitely has it's limitations, as I think any single tool would.
Listen up guys: Excel (especially 2010) is a heckuva flexible data analysis tool.
However, it's NOT APPLICATION SPECIFIC...aka "trading".
Your high level tool for that is either Tradestation or Multicharts.
These are trading-specific programmable platforms. Each has a robust language with a strong framework.
I would include Ninja Trader but it's had a rough release history.
It took them almost 2 years to pull-off release 7 and I think it's still unstable.
Listen up guys: Excel (especially 2010) is a heckuva flexible data analysis tool.
However, it's NOT APPLICATION SPECIFIC...aka "trading".
Your high level tool for that is either Tradestation or Multicharts.
These are trading-specific programmable platforms. Each has a robust language with a strong framework.
I would include Ninja Trader but it's had a rough release history.
It took them almost 2 years to pull-off release 7 and I think it's still unstable.
Let me know when I can open 100 charts in NT. Without workspaces only an idiot would ever use nt.
Listen up guys: Excel (especially 2010) is a heckuva flexible data analysis tool.
However, it's NOT APPLICATION SPECIFIC...aka "trading".
Your high level tool for that is either Tradestation or Multicharts.
These are trading-specific programmable platforms. Each has a robust language with a strong framework.
I would include Ninja Trader but it's had a rough release history.
It took them almost 2 years to pull-off release 7 and I think it's still unstable.
Sure, if you're looking for something "free". But if you want quality and aren't afraid to pay for it, there are simply better platforms out there than TS and MC.
