Trade Ideas Automated System/Odds Maker

Discussion in 'Automated Trading' started by Dr. No, Sep 2, 2009.

  1. BTW,
    Trade-Ideas is free with a Scottrade account. Certain funding amounts required.
     
    #11     Sep 8, 2009
  2. As a long time user of both products I'd like to offer my thoughts as well. I helped beta test the Stocktickr bot and have extensive experience with both the bot (IB version) and Trade-Ideas. Like mentioned by another poster, the best way to use Oddsmaker is as an initial backtest tool, not as an infallible proof of a systems expected success. If your setup can't get high marks in Oddsmaker, than it more than likely won't do well in live trading. Oddsmaker has its flaws, but its still a good tool to quickly validate a setup.

    The way I have been testing systems, is to develop it first using Oddsmaker, and then running it using IB's paper trading account with the Stocktickr Bot and Stocktickr journal. This gives me a realistic forward test (IB real time data with actual fills) and extensive data in the journal from which to analyze the performance. Once a system is ready (forward tested at least three months, maybe more depending on market conditions), I use it with my "live" IB account. I wholeheartedly recommend forward testing in some fashion and not relying on oddsmaker solely.

    Also, regarding Stocktickr, they have built out extensive tools to supplement Oddsmaker. For instance, you can combine multiple sets of backtest data to get around the 14 day limitation. You can trade live and then compare backtest data to actual live fills to determine discrepancies and then run simulations on your actual trades. I can't say I use all these Oddsmaker tools, because like I mentioned, I only use it to screen my setups, but there are some who might find these tools useful.

    I do think the ability to analyze which systems are working at which times of the day, or day of week, or depending on market trend, etc. is certainly valuable and all are available as part of the Stocktickr service. Also, Trade-Ideas is a great product as well, and there are a lot of creative ways to put their filters and alerts to use in an automated fashion. As a non programmer, this was my only realistic option for an auto trading system, and I have been happy with the results.

    Full Disclosure: I am a friend of Dave (founder of stocktickr) but I get no compensation for promoting his service and I have been a paying customer for years.
     
    #12     Sep 8, 2009