Need help with TradeStation software

Discussion in 'Trading Software' started by Sampharo, Mar 16, 2004.

  1. Sampharo


    I need to ask the elite traders of this forum about trading software.

    I am at the stage where I am just about beginning to explore devising a solid trading strategy, and I needed good-value software to help me with research and backtesting systems. Which one would be most suitable as to provide me with that as well as a real automatic trading capability? And do they these software packages work with simply any company or broker or do they force me to deal with a specific financial firm?

    I heard about Tradestation being one of the best, would you agree, or is that just good PR and marketing on their side?

  2. maxpi


    The thing is, software is like automobiles. You can pick out the absolutely best car for you and yours and when you test drive it, nobody likes it. I have used a few of the available packages, mostly Tradestation, and I stay with them probably because I started with them. I have seen things done by other packages that I could not do without a lot of programming. You may not find one package that does it all.

    There will be a Wealth Lab informercial here within minutes I am sure. They might be good, I never tried that one.

    Get a copy of Technical Analysis of Stocks and Commodities magazine and look at the traders tips section. It has the code for doing the same thing in a dozen different packages, you can compare how much or little code it takes to program something. That might be important for you.

    The lowest priced one is Sierra Charts, which is an amazing little package, Tradestation 8 is $270/month unless you have an account with them, probably the priciest.

  3. Sampharo


    I tried Tradestation and their website seems to only offer the option of opening an account with them, although the hype of the website was about the software. In all cases I wouldn't think that I need something as complicated or expensive as a $270/month kind of software. (I actually don't like the idea that I am paying for a software by the month to start with!)

    I am exclusively trading FX, SO I don't believe it will be an advantage to open with Tradestation when that is obviously not their forte. Is there a way though to get a decent back-testing programmable auto-trade-executing software that can work on FXCM for example?
  4. I don't like paying per month either that's why I use an older version of TS (2000i). Allthough it is not cut out for FX specifically you can develop some strategies for FX there.

    Do you allready have an idea which broker to use?

    Good fortune!
  5. maxpi


    Actually, I always thought that TS2000 was only good if you were trading just one instrument. Too much hassles keeping the data current otherwise.

    That may be an inexpensive way to go but believe me, it is not an easy package to learn. The power is there, it can do things that TS8 cannot, like backtest with bid and ask history. The Buyers versus Sellers paint bar uses bid and ask and it's pretty interesting. PM me for online resources regarding getting help and add ons for TS2000 if that is your interest.

  6. Sampharo


    I am already with FXCM. I realize they have a wider spread than other companies but the service and the standing is high considering I will also act as an introducing broker. I know also that it's not the spread that makes or breaks except if someone is consistently scalping or swingtrading, I knew a guy who worked the forex market on a lousy 12 point spread Singaporean company and he still made loads of profitable winning trades consistently following a stable and consistent trading system.

    Regarding the TS2000, where can I get it? I can't even find the tradestation 7 on their website anymore.

    And like Max said, would it inhibit my trading the fact that it has problems iwth data streams?

    Max: Sorry I am new to these forums. How do I PM you? :)


  7. Sampharo


    Read on another thread that amibroker is a good program. Would you recommend it for backtesting and creating the strategy at least if the market is strictly forex?