Omnitrader / daytrading advise?

Discussion in 'Trading' started by Pack, Apr 5, 2001.

  1. Pack



    I just finished a web/phone based trading course on technical analysis. My coach has a very specific strategy,
    borrowing heavy from Jack Schwager. but I'm just starting the learning process. The course was not day trading, just tech Analysis, more day to day trades.

    ultimately, I don't want to sit in front of a monitor 8 hours/day for a living. I do now every chance I get, as I love trading, but my goal is to perhaps pick the better opportunities, win (& golf)more & trade less. I'm cool with day trading all day, but would hope to cut back once up to speed.

    2 questions.

    1) How much time does a good daytrader spend in front of the computer/day? I'm thinking of playing options, don't know much about scalping/ level II yet.

    2)I like the spiel for Omnitrader software. I want to investigate my trading system, & others as I learn. I play for real, not just paper, so I know the diff. is Omnitrader a good way to gain a feel for patterns & indicators? Also seems a great way to find trade setups without the drudery of searching countless stock charts & indicators. Also test results for trends, & which indicators & systems seem suited to which stocks. Let the computer save me tons of time, & show me how indicators worked out. Most Tech analysis can be done by a computer. Seems logical to me....

    Can save time to focus my time on learning the Psychology part of trading.

    Seems like Omnitrader must work. Anyone traded with it?

    Also advice for getting daytrading started asap. I'm reading Van Tharp's EDAT book. Sound's exciting. What kind of money do serious full time trade at home daytraders
    expect to make?? Seems like a successful system, once
    grooved, could be pyramided up in a reasonably short period of time. Any comments or critiques welcomed.