Hi I am looking for a good software tool that supports backtesting strategies and also allows automation. I plan to trade in stocks, options, and futures. Tradestation seems to fit the bill but it is expensive and they don't even allow a demo account for trying it out. I would prefer something that is either free or has a one time cost instead of a monthly fee plan. Any pointers and tidbits on your own experience about their pros and cons will be appreciated. Cheers. -m
Tradestation becomes free from September if you do just 50 RT on E-Mini per month or similar on stocks etc.
You can find many backtesting software in the software section. Many are good. It all comes down to personal preference and how compatible you are with the software's usage experience. You may use one software in the beginning and then outgrow it in a few months, then switch to another one for more power.
There is a directory of analysis and automation software at http://www.tradingmachines.net/Directory.html
I'm partial to wealthlab, but they're owned by fidelity so you're locked into trading with them. However you can still do a lot of stuff on their web site for free, and they have a lot of decent systems available posted on their site and ready to be run. SSB
try amibroker you can backtest stocks indices and futures. Intraday and EOD. Very cheap to get started and for equites you can use free yahoo or msn data