Hi I am new to trading and have been trading only a month or two and I'm up 4%($2000) using charts,news and my gut feeling on things. I have done a lot of reading the past couple of months and was just wonder is trading software really works and can it help out your percentage that much. If so which one is the best? I am willing to pay if it can help me out and increase my percentages from what I'm doing now. Here are some of the programs I am looking at. StrataSearch OmniTrader Stock-Signal-Pro Cooltrade Peter Leeds DoublingStocks Powerrating Hotsignals Any Information on trading software will help. Thanks Flats
A thread from several months ago that could be of interest to you: http://www.elitetrader.com/vb/showthread.php?s=&threadid=96974
Stick with the ones that are backed up by strong companies for years with NO history of disrupted and discontinued support and service such as Metastock, Esignal, and if you can afford the cost, CQG, Reuters, and Bloomberg. Anyone else, IMO, are just plain flacky. Do not buy into particular software just because it offers some exotic functions like Neural Network, Artificial Intelligence, or Genetic Algorithm. Most of the time, the softwares purported to have these features are supported by companies that are weak in terms of financial strength. That is, their longevity in the future is uncertain.
Omnitrader Professional would be your best choice. You will be blown away by all the easy to use features available including trading directly from your charts with auto order entry. OmniPilot software supports Interactive Brokers and MB Trading and will auto trade your systems if you want. You can code your own systems or use built in strategies in OT Pro. Backtest and Forward test using Omnitraders Portfolio simulator. Nirvana Systems has been in business for a long time (late 80's I believe) and the software has come a long long way in the past 14 years, keeps getting better and better. Support is excellent and available by phone or on their website forums.
Well its a good thing you like that program so much cause that is one of two i was thinking of the other was StrataSearch but OmniTrader 2007 I really like. What things do you recommended buying first from OmniTrader. should i just start out on the professional version. and is there any add ons I should buy. thanks
Flats, Check your Elite Trader inbox. I would start working with the Pro version for a couple months, then add plugin(s) that suit your trading style, if you want.
I can not always find answers to my questions by reading books, magazines or on the internet. Trading simulation software allows me to answer questions about how much risk to use, position sizing, volatility and draw downs, and if my method shows profitable results when tested with historical price data.
One more note, Flat. Do not expect any softwares to make money for you. Always remember this. It's you that's going to make money. In order for you to do that, You need to do your homework(i.e. study) to find out what works and does not. On the contrary to what others are claming, I believe there are only handful solid ways to make money in the markets because there are just few valid technical concepts that are in line with sound market principles. Therefore, getting heavily involved in testing could lead you into data mining traps known as curve-fitting and optimization. Also, keep it simple for yourself. This does not necessarily mean simple for others because everyone has different understanding of simplicity.
I have checked in from time to time and I have never heard anything about Esignal. Does anyone here use Esignal ? Just curious